At the beginning of the month, Allianz Global Corporate & Specialty S.E. (AGCS), a global insurer and financial services firm, revealed that it had been developing a prototype to utilize blockchain technology with a global captive insurance agency. This prototype was designed in order to improve the ways in which nations can make international insurance and financial transactions.
Allianz began experimenting with blockchain technology in late 2015, when it was announced that they had brought blockchain startup Everledger in to work with their accelerator startup program to develop proofs-of-concept. The company continued with their exploration of blockchain technology in June of 2016, when the Alliance Risk Transfer (ART) portion of their business utilized blockchain technology in the transaction of a natural catastrophe swap. In addition, Allianz SE is part of the B3i blockchain insurance industry initiative, which has also been developing (and recently released) a blockchain prototype for reinsurance purposes.
ART has joined forces with Ernst & Young Ltd. as well as the digital agency Ginetta and Citi Treasury and Trade Solutions on this project. Citi Treasury and Trade Solutions has provided the payment processing services for the prototype.
Here are some of the details on the prototype’s development and what it does:
AGCS Board Member Hartmut Mai said in a statement, “We are currently seeing many blockchain applications in the financial services industry, and we are eager to explore the potential of this exciting technology in the corporate insurance segment.”
Caitlin Morgan Captive Services provides clients with captive insurance solutions supported by years of experience in establishing the successful formation and implementation of a wide range of captives. To learn more about how we can help you, please contact us at (317) 575-4440.
Sources: Coindesk, Captive Insurance Times, Business Insurance, Reinsurance, Insurance Journal