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Allianz Unveils Blockchain .........Application for Captive Insurance (Self-Insurance)

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BLOCKCHAIN TECHNOLOGY is helping to create exciting financial products and services and the Corporate Insurance segment is coming up blockchain applications that will change the old order in Insurance.

Global insurer Allianz has unveiled a new blockchain application aimed at  "captive" insurance policies.  The prototype, the firm announced, is aimed at providing a more streamlined approach for captive or self-insurance policies. 

With the application, 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 Hartmut Mai, a board member for AGCS, "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."

The prototype's unveiling is the latest indication that Allianz sees a potentially positive role for the tech within its services.

Allianz has been testing blockchain use cases as early as 2015, when it revealed that it had brought in a blockchain startup within one of its accelerator programs. 


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