Global insurer Allianz has unveiled a new blockchain prototype focused on “captive” insurance policies.
The prototype, the firm announced today, is aimed at providing a more streamlined approach for captive or self-insurance policies. With this type of product, a company will essentially insure themselves and their subsidiaries versus a more traditional policy purchase. Per Allianz, the complexities involved in this process – which can cover multiple jurisdictions – make the strong case for a more distributed solution.
According to Allianz, Citi Treasury and Trade Solutions handled the payment process involved with the insurance. The prototype utilized the Hyperledger Fabric 1.0 software, which was published by the Linux Foundation-backed consortium of enterprises in July.
Hartmut Mai, a board member for AGCS, said in a statement: […]
Read Full: Allianz Unveils Blockchain Prototype for Self-Insurance Products
