One of the world’s largest insurance companies, Allianz started to use a “token Allianz” to transfer funds to its international affiliates without conversion in the currency of the respective countries. The decision, which was a logical continuation of the application of blockchain technology in a captive insurance company started business in November 2017, was developed by startup Adjoint.
Specialist in the implementation of blockchain technology in Allianz, Oliver Wolf (Oliver Volk) confirmed that the company is working on implementation of tokenization of incoming funds, but this task is very large, and it is unknown what regulatory limitations may get in the way of its implementation. According to him, it makes sense to rely less on the banking system, as the new solution leads to a reduction of expenses on payment of commissions and acceleration of the translation process, and can also be used but around the world.
Recall that the international company of Marsh, a leading insurance broker and risk consultant, has announced the introduction of the world’s first commercial blockchain solutions for the digitalization of certificates of insurance.