Applications and Use Cases

Blockchain-based Motor Insurance Solution Now Available in 23 Countries

July 29, 2021

European insurance provider Allianz recently announced the release of a new blockchain solution, designed to help process insurance claims by simplifying administrative processes across countries.

Blockchain technology has essentially become synonymous with cryptocurrencies and other elements of finance, but is proving to have broad application potential for a wide range of business purposes. The secure nature of the technology inspired Allianz to develop a new process for speeding up complex insurance procedures. Representatives of Allianz claim that with the latest solution, insurance claims that often take weeks to complete can now be settled in a matter of minutes thanks to a single source audit trail using the Hyperledger Fabric blockchain network.

“We’ve been building quietly for a while,” said Bob Crozier, Allianz Technology’s Head of Enterprise Architecture & Global Head of Blockchain. “We’re just super excited to bring an emerging technology like blockchain and make it real for the business and bring real, tangible business value for Allianz.”

Settling insurance claims in Europe can become a complex task in certain situations, especially when dealing with issues between multiple countries. If an Allianz customer is involved in an accident in one country and lives in another, the settlement procedure can result in a back-and-forth process that takes time to settle. This is due to the fact that, despite Allianz being a single company, each country branch has its own legal identity.

Since launching the solution, the company was able to complete nearly 145,000 transactions within the first six weeks. The current version of this solution is said to have minimal functionality in comparison to an upgraded version, which is set to launch later this year.

“I think we’re really at the beginning now of seeing this technology come to maturity and bring real value to businesses,” added Crozier. “The drumbeat of live production deployments is getting louder.”

Edited by Maurice Nagle



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