Allianz Global Corporate & Specialty SE (AGCS), the German insurance giant, is working on creating a blockchain ecosystem to ease the process of making cross-border insurance transactions for all of its corporate clients. The new ecosystem will be token based and will not yet be used for non-corporate clients.
Blockchain with Allianz
With this, Allianz will be joining an already considerable and growing number of institutions who are making a play for the application of blockchain for their various businesses and services. According to an unnamed Allianz spokesperson, the blockchain system will be token-based and the basic framework has already been created. However, the spokesperson mentions that it is still been tested in its nascent experimentation stage. According to the person:
“AGCS is further exploring blockchain technology to simplify and accelerate cross-border insurance payments for its corporate customers. A project team is in the advanced stages of development for a token-based electronic payment system to allow for frictionless, transparent and instantaneous money transfers for a range of different types of payments.”
Allianz also plans to try its hands on using the blockchain system for fund transfers for limited use cases, as part of its testing and experimentation.
Blockchain but not Crypto?
Allianz position on cryptocurrency hasn’t been exactly clear cut. In December last year, CEO Andreas Utermann called for the prohibition of cryptocurrency, adding that he was quite shocked that regulation hasn’t bitten harder into the sector.
On the other hand, Allianz’s Christian Weishuber has said something different. Weishuber disclosed that Allianz was currently looking into the possibility of using crypto for its insurance services. According to Weishuber, “digital assets are becoming more relevant, important and prevalent” and using digital assets would be a “big opportunity.”