The German financial services giant Allianz Global Corporate & Specialty SE (AGCS) is developing a blockchain-based ecosystem to facilitate cross-border insurance payments for its corporate customers.
Experiments with blockchain technology
Allianz is working on a token-based blockchain system, predicting that it will rationalize international insurance payments for its corporate customers, Forbes reported on August 8th. An Allianz spokesman told Forbes that the company is still being tested, although the basic ecosystem's basic infrastructure has already been built and tested.
The spokesman further explained that Allianz will subsequently examine money transfers with a limited scope and for a short period of time in order to prove the hypothesis. The spokesman said:
"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 developing a token-based electronic payment system to enable friction-free, transparent money transfers and instantaneous for a range of different types [of] payments. "
Controversial position on cryptographic resources
Noteworthy, Allianz Global Investors CEO Andreas Utermann demanded that cryptographic assets be "outlawed" last December, claiming he was "personally surprised that regulators have not taken a step forward".
On the contrary, Christian Weishuber of Allianz declared last summer that the company was exploring the cryptocurrency insurance sphere, saying: "Cryptocurrency storage insurance will be a great opportunity […] digital resources are becoming increasingly relevant, important and widespread. "
Meanwhile, the US insurance giant State Farm and the military affiliated bank United Services Automobile Association were testing a blockchain-based subrogation solution with real-life claims data to automate and simplify the surrogacy claim process at the end of May.
State Farm Innovation Manager Mike Fields commented on the wide range of subrogation requests and mentioned why it would be desirable to streamline the process:
"In 2018 alone, the total amount of dollars required and issued through the surrogacy process was over $ 9.6 billion for all insurance companies. You can imagine the time and resources needed to complete these transactions. "