As the growing adoption of blockchain technology approaches the mainstream enterprises, the insurance giant, Allianz has also entered the blockchain sector. Allianz Global Corporate & SpecialtySE (AGCS) has progressively been developing a token-based ecosystem utilizing blockchain technology.
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.
Global Enterprises and Blockchain Adoption
Recently reported, the US insurance giant, State Farm, and the United Services Automobile Association were testing a blockchain-based solution to streamline the insurance claims process.
Other large mainstream players have also been experimenting with blockchain in 2019. JP Morgan Chase announced its JPM Coin, Facebook introduced Libra, and Walmart has been taking a step towards developing its own digital currency as well.