Global insurer Allianz unveiled a new blockchain prototype focusing on captive insurance policies.
The prototype, the firm announced today, aims to provide a more rational approach to captive or self-insurance policies. With this type of product, a company will essentially provide itself and its affiliates with a more traditional policy purchase. For Allianz, the complexity of this process – which can span multiple jurisdictions – strongly supports a more distributed solution.
According to Allianz, Citi Treasury and Trade Solutions has managed the payment process related to insurance. The prototype used the Hyperledger Fabric 1.0 software, released by the Linux Foundation-supported consortium of companies in July.
Hartmut Mai, a board member of AGCS, said in a statement:
“We currently see many blockchain applications in the financial services industry and we look forward to exploring the potential of this exciting technology in the commercial insurance segment.”
The unveiling of the prototype is the latest indication that Allianz sees a potentially positive role for technology in its services.
Allianz tested blockchain use cases as early as 2015, when it revealed that it had introduced a blockchain startup into one of its accelerator programs. Since then, the insurance giant has been experimenting with applications in areas such as catastrophe bond trading.