Allianz is an international insurance company that has launched a blockchain prototype as one of its latest insurance policies. This is an example of policies that are commonly referred to as “captive” policies.
The firm announced that the prototype would play a critical role in ensuring that all the self-insurance or captive policies are streamlined. As a way of going against a traditional policy purchase, the insurer will be able to insure itself and its subsidiaries using this product.
According to Allianz, it is possible to come up a solution that is more distributed by making a strong case since multiple jurisdictions are covered by the difficulties involved in the process.
Allianz stated that the payment process was handled by Trade Solutions and Citi Treasury. The Hyperledger Fabric 1.0 software was used by the prototype. The software was published in July by a consortium of enterprises that were fully-backed by the Linux Foundation.
About the Blockchain in the Financial Services Industry
In a statement released by an AGCS board member known as Hartmut Mai, the financial services industry has been witnessing many blockchain applications in the recent past. He further argued that the company is eager to ensure that its latest corporate insurance segment takes advantage of the new technology.
The launch of the prototype is a clear indication that the company has begun to realize that technology plays a critical role in its operations and processes.
Since 2015, Allianz has been experimenting with cases involving blockchain use. The company revealed that it had introduced some changes in one of its accelerator programs in 2015 by bringing in a blockchain startup.
After the first experiment, the insurance company has been trying new technologies. Catastrophe bond trading is one of the new areas that the insurance giant has decided to explore. The company is more likely to launch new products in the near future.