Insurance Firm Allianz (AGCS) is Devising its Very Own Token-Based Blockchain Ecosystem

As many of our regular readers may recall, US insurance giant State Farm recently revealed that it was making use of a blockchain platform that could help the firm manage its subrogation claims in a completely automated/ hassle free manner.

  • The new platform will allow Allianz’s corporate customers to facilitate their cross border insurance payments with ease.
  • It bears mentioning that the system is currently in its beta testing phase even though the platform’s core infrastructure has been fully developed.

German insurance giant — Allianz Global Corporate & Specialty SE (AGCS) — is currently in the process of creating its very own blockchain driven ecosystem so as to make cross-border insurance tx’s for its customers more streamlined.

In relation to the matter, it bears mentioning that this token system will initially be made available only to Aliianz’s corporate customers (because the system is still in its beta testing phase even though the platform’s core infrastructure has already been built)

Following the launch of the above mentioned blockchain platform, Allianz plans on exploring a technology that will make money transfers more hassle free for its global customers.

Late last year, Andreas Utermann — the CEO of Allianz Global Investors — released a statement in which he called for an umbrella ban on all cryptos available in the market at the time. However, Christian Weishuber — one of Allianz’s top executives — had claimed last summer that the firm was in the process of exploring the crypto insurance sphere.

US-based insurance company State Farm and the United Services Automobile Association have been testing out a blockchain based subrogation solution that will apparently help the firms with their day-to-day tx processes.