Allianz presents blockchain prototype for self-insurance products

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The prototype declared by the company is aimed at providing a more rational approach to the policy regarding "captive" or self-insurance policies. With this type of product, the company will essentially guarantee itself and their subsidiaries a more traditional policy purchase. For Allianz, the complexities associated with this process, which can span multiple jurisdictions, are a strong argument in favor of making a more distributed solution.

According to Allianz, Citi Treasury and Trade Solutions handled the payment process associated with the insurance. The prototype used the software Hyperledger Fabric 1.0, which was published by a consortium of enterprises running the Linux Foundation in July.

Hartmut May, AGCS board member, said in a statement at that moment, they were seeing many blockchain applications in the financial services industry and they were eager to explore the potential of this exciting technology in the corporate insurance segment.

The discovery of the prototype is the last indication that Allianz sees a potentially positive role for digital technologies in its services.

Allianz has been testing the use cases of blockchain in 2015, when it turned out that it had implemented a blockchain startup in the framework of one of its accelerator programs.

Since then, the insurance giant has experimented with applications in areas such as trading bonds in the event of disasters.