Insurance giant Allianz develops a pass-based electronic payment system to streamline cross-border payment processes for corporate customers

According to Cointelegraph, on August 9th, German financial services giant Allianz is developing a blockchain-based ecosystem to facilitate cross-border insurance payments for its corporate customers.

Allianz Insurance Website

Allianz set out to build a blockchain system

Forbes reported that Allianz is developing a blockchain-based blockchain system that the company hopes to streamline the international insurance payment process for corporate customers. An Allian spokesperson said in an interview with Forbes that the company's blockchain system is still in the experimental stage, but the core infrastructure of the system has been built and tested.

The spokesperson further explained that Allianz will next check the system transfer funds within a limited scope and in a short period of time to verify whether it is effective. The spokesman said:

Allianz is further exploring blockchain technology to simplify and accelerate the cross-border insurance payment process for corporate customers. A project team is in the final stages of developing a pass-based electronic payment system that provides a frictionless, transparent and instant money transfer process for a range of different types of payment scenarios.

Allianz executives have different attitudes toward cryptocurrencies

It is worth noting that Andrea Utermann, CEO of Allianz Investment, called for “ban” of cryptocurrency assets in December last year, saying that “persons are surprised that regulators have not increased their intervention in cryptocurrency”.

In contrast, Allianz's Christian Weishuber said last summer that the company is exploring the field of cryptocurrency insurance. He said:

Encrypted currency storage insurance will be a huge opportunity, and digital assets are becoming more mainstream and important.

At the same time, US insurance giant State Farm and the military-affiliated joint bank (USAA) are testing a blockchain-based subrogation solution that will provide real claims data to achieve the end of May each year. Streamlined automated process of insurance claims subrogation recovery.

Mike Fields, director of State Farm Innovation, commented on the large-scale subrogation application and mentioned the merits of streamlining the program:

In 2018 alone, all insurers involved more than $9.6 billion in the amount of subrogation procedures. Therefore, completing these transactions requires a lot of time and resources.