German monetary services Company Allianz global corporate & Specialty SE (AGCS) is developing a blockchain-based ecosystem to facilitate cross-border insurance payments for its corporate customers.

Experimentations with blockchain technology

Allianz is working on a token-based blockchain framework, anticipating that it should streamline global protection instalments for its organization clients, Forbes wrote about August. 8. An Allianz delegate revealed to Forbes that the corporate stays inside the experimentation segment, however the basic centre framework of the biological system has just been built and tried.

The representative additional explained that Allianz can next examine cash transfers with a restricted scope and for a short period of time so as to prove the hypothesis. The representative said:

"AGCS is additional for exploring blockchain technology to change and accelerate cross-border insurance payments for its company customers. A project team is within the advanced stages of development for a token-based electronic payment system to permit for frictionless, clear and fast cash transfers for a range of various types [of] payments."

Controversial stance on crypto assets

Worth noting, the chief executive officer of Allianz Global Investors Andreas Utermann called for crypto assets to be “outlawed” last Dec, saying that he was “personally shocked that regulators haven’t stepped in harder.”

Conversely, Allianz’s Christian Weishuber said last summer that the corporate was exploring the crypto-insurance sphere, saying, “Insurance for cryptocurrency storage will be a big opportunity […] digital assets are becoming a lot of relevant, important and prevailing.”

Meanwhile, U.S. insurance giant State Farm and military-affiliated bank United Services Automobile Association were testing a blockchain-based subrogation solution with real claims data to alter and streamline the subrogation method in insurance claims as of the end of May.

State Farm Innovation govt microphone Fields remarked on the enormous size of subrogation claims, and implied why streamlining the strategy would be alluring:

“In 2018 alone, the whole amount of dollars demanded and issued through the subrogation method was over $9.6 Billion for all insurance carriers. You’ll be able to imagine the time and resources needed to complete these transactions.”

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