Allianz announces Blockchain Prototype for self-insurance products

Allianz has successfully trialed a new blockchain prototype for a global “captive” insurance program that includes cash transfer between countries.

Captive or self- insurance programs, according to Allianz, are the most complicated areas of commercial insurance, as they are established by multinational organizations which self-insure instead of purchasing insurance, and can cover multiple jurisdictions. The firm’s prototype aims to provide a more streamlined approach for captive policies.

Blockchain technology connects the multiple parties involved in the captive insurance program from the management to local subsidiaries and fronting insurer, and creates a faster, more secure and transparent means of distributing information, conducting business processing and recording transactions across multiple parties.