Insurance Giant Allianz Exploring Blockchain Technology to Simplify Payment

Updated On Jan 27, 2020

During the last two years, a large number of mainstream enterprise players have put a foot ahead into blockchains to improve their existing functioning with the technology. Considering the latest trend, it can be judged that many players are now learning blockchain in order to develop tokens of their own and value transfer systems. AGCS (Allianz Global Corporate and Specialty SE) is an insurance giant that is creating a ‘token-based’ ecosystem, using blockchain to make global insurance payments.

In India, Allianz SE along with Bajaj Finserv Ltd. forms one of the most trusted and preferred insurance providers, i.e. Bajaj Allianz General Insurance Company.

As explained by a spokesperson for Allianz, "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."

Nevertheless, developing a blockchain based token is not Allianz' first endeavour. Back in 2017, Bajaj Allianz General Insurance Company leveraged the blockchain application in its Travel Ezee Solution. Travel Ezee is a travel-based insurance offered by Bajaj Allianz, only available in India. This solution utilizes blockchain to smoothen and quicken the process of claim settlement during flight delays.