Home News Insurance Giant Allianz Is Working on a Token-Based Blockchain Ecosystem

Insurance Giant Allianz Is Working on a Token-Based Blockchain Ecosystem

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German monetary providers large Allianz Global Corporate & Specialty SE (AGCS) is growing a blockchain-based ecosystem to facilitate cross-border insurance funds for its company clients.

Experimentations with blockchain expertise

Allianz is working on a token-based blockchain system, anticipating it to streamline worldwide insurance coverage funds for its company clients, Forbes reported on Aug. 8. An Allianz spokesperson advised Forbes that the corporate continues to be within the experimentation part, though the essential core infrastructure of the ecosystem has already been constructed and examined.

The spokesperson additional defined that Allianz will subsequent study cash transfers with a restricted scope and for a quick time frame as a way to show speculation. The spokesperson mentioned:

“AGCS is further exploring blockchain technology to simplify and accelerate cross-border insurance payments for its corporate customers. A project team is in the advanced stages of development for a token-based electronic payment system to allow for frictionless, transparent and instantaneous money transfers for a range of different types [of] payments.”

Controversial stance on crypto property

Worth noting, the CEO of Allianz Global Investors Andreas Utermann called for crypto property to be “outlawed” final December, saying that he was “personally surprised that regulators haven’t stepped in harder.”

Conversely, Allianz’s Christian Weishuber said final summer season that the corporate was exploring the crypto insurance coverage sphere, saying, “insurance for cryptocurrency storage will be a big opportunity […] digital assets are becoming more relevant, important and prevalent.”

Meanwhile, United States insurance coverage large State Farm and military-affiliated financial institution United Services Automobile Association have been testing a blockchain-based subrogation answer with actual claims knowledge to automate and streamline the subrogation course of in insurance coverage claims as of the tip of May.

State Farm Innovation Executive Mike Fields commented on the big scale of subrogation claims, and alluded to why streamlining the method could be fascinating:

“In 2018 alone, the total amount of dollars demanded and issued through the subrogation process was over $9.6 Billion for all insurance carriers. You can imagine the time and resources required to complete these transactions.”

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