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Allianz Pioneers Blockchain Prototype for the Captive Insurance Market

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Allianz Global Corporate & Specialty SE (AGCS) has successfully trialed blockchain technology for a global ‘captive’ insurance program including cash transfer between countries.

 

AGCS’s Allianz Risk Transfer (ART) line of business has teamed up with EY (Ernst & Young) as blockchain advisory service provider and digital agency Ginetta to successfully create a blockchain prototype solution (click for demo video) for the existing captive insurance program of a long-standing ART customer with global reach.

 

In connection with this prototype, ART also joined forces with Citi Treasury and Trade Solutions which provided the payment processing services related to Allianz’s blockchain prototype.

 

The results prove that blockchain technology can greatly improve the efficiency of corporate insurance transactions internationally.

 

“We are currently seeing many blockchain applications in the financial services industry and we are eager to explore the potential of this exciting technology in the corporate insurance segment”, explained AGCS Board Member Hartmut Mai.

 

“The captive blockchain prototype is one further example of our commitment to leverage new technologies and drive innovation in insurance.”

 

Captive insurance programs are one of the most complex areas of commercial insurance.

 

They are established by multinational organizations which self-insure instead of purchasing insurance.

 

They create their own self-insurance programs or ‘captives’ which pool together selected assets or insurance exposures from their global operations, collecting premiums from each of their operating companies and paying out claims internationally as they arise.

 

These captives may cover over 100 countries and hundreds of millions of dollars of insured assets.

 

As a “fronting insurer” Allianz partners with the captive owner to administer each program, using the insurer’s international network in 210 countries and territories to fully comply with local regulations.

 

Blockchain technology automatically connects all parties involved in the captive insurance program – the captive management, local subsidiaries and the fronting insurer.

 

Blockchain is a distributed ledger which is shared among a network of participants and can record transactions and data entries.

 

Any updates or changes to the data are shared in real-time across all users. This creates a much faster, transparent, secure and efficient means of distributing information, conducting business processing and recording transactions across multiple parties.

 

Radical acceleration, real-time transparency

The Allianz captive insurance blockchain prototype, built on the Blockchain framework Hyperledger Fabric 1.0, focuses on two types of insurance policies – Professional Indemnity and Property – for a captive insurance program with local subsidiaries in the US, China and Switzerland.

 

The prototype looks at three common process flows in the captive insurance cycle – annual policy renewals, premium payments and claims submission and settlement. It translates these processes into the distributed ledger environment decreasing the time from start to policy, policy to premium and claim to settlement.

 

“Our captive insurance blockchain prototype demonstrates that regular transactions and cash transfer between fronting insurers and clients can be significantly accelerated and simplified”, said Yann Krattiger, Principal at ART.

 

“Automated processing replaces the exchange of thousands of emails and massive data files. Each process is transparent and can be tracked in real-time. Our customers benefit from increased speed, reliability and auditability.”

 

EY Project Manager Isabella Brom said: “The captive insurance blockchain prototype is a prime example of EY’s approach on co-innovating with our clients. It allowed us to demonstrate and trial the power of distribution and decentralization in the transformation of the insurance industry, using the Hyperledger Fabric Composer toolset to achieve fast and flexible prototype results. The project deepened our and our client’s understanding of how applied blockchain technology will not only fundamentally change insurance as we know it but also create new business models.”

 

Enabling money transfer

To process payments related to Allianz’s blockchain solution, Citi Treasury and Trade Solutions leveraged its CitiConnect® Application Program Interface (API) solution to accept payment instructions from Allianz’s captive insurance blockchain prototype.

 

This connection allows Allianz to communicate directly with Citi, beginning with US dollars and eventually extending into more markets within Citi’s global network. “Citi is very proud to have been able to help Allianz achieve this industry milestone.

 

By leveraging innovative, new technologies such as Allianz’s blockchain prototype and CitiConnect® API, we are able to partner to design new business models and rapidly implement them in a matter of weeks”, said Tapodyuti Bose, Global Head of Channel, Enterprise and Account Services, Citi Treasury and Trade Solutions.

 

Simpler processes, convenient user interface

The digital agency Ginetta designed the intuitive, convenient user interface that incorporates the requirements of ART and its captive client.

 

It visualizes core processes, and through real-time information allows tracking their progress by all relevant stakeholders around the world. Before creating the user interface all processes of captive insurance management have been reviewed, redefined and radically simplified.

 

“With blockchain much focus is put on the technology, yet in reality perhaps 10% of the work is related to technology. The other 90% is rethinking the underlying processes and these in the end are all about people”, says Alan Cabello, Project Lead and Innovation Manager, AGCS Central and Eastern Europe.

 

ART has already successfully tested blockchain technology, when partnering up with Nephila Capital Limited to successfully pilot the use of blockchain technology for transacting a natural catastrophe swap.

 

In addition, Allianz SE is part of the B3i initiative, the Blockchain Insurance Industry Initiative, which recently launched a reinsurance blockchain prototype.

 

 

 


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Kaspersky Contributes to Joint INTERPOL-AFRIPOL Operation Combating Cybercrime Across Africa

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Kaspersky has recently assisted its partner law enforcement agencies INTERPOL and AFRIPOL in a joint effort to disrupt cybercrime across the African region.

Dubbed “Serengeti,” the operation has led to the arrest of more than 1,000 individuals suspected of links to cybercrimes such as ransomware operation and business email compromise (BEC) attacks, resulting in nearly US $193 million in financial losses worldwide.

As Africa is going through a rapid digitisation, the threat of cybercrime on the continent is also escalating. In the African region in general and West Africa in particular, ransomware emerges as one of the most prominent attack vectors, targeting critical infrastructure, financial institutions, and manufacturing facilities, among others.

During the first 10 months of 2024, ransomware detections in West Africa surged by 36% year-on-year, according to Kaspersky data. Other noticeable cyberthreats targeting users and organisations in the region include spyware and password stealers.

Conducted from September 2 to October 31, operation Serengeti dismantled 134,089 malicious infrastructures and networks linked to cybercrimes including ransomware operations, BEC attacks, digital extortion and online scams — all identified as prominent threats in INTERPOL’s 2024 Africa Cyber Threat Assessment Report.

Kaspersky has contributed to the operation by sharing information on threat actors, data on ransomware attacks and malware targeting the region, as well as up-to-date indicators of compromise (IoCs) for malicious infrastructure across Africa.

Among the malware targeting African countries was also a well-known Brazilian banking trojan Grandoreiro – Kaspersky recently released new findings on this trojan at its Security Analyst Summit. Additionally, ransomware families detected in attacks on African organisations among others included LockBit, Rhysida, and Medusa.

The operation has also resulted in the identification of more than 35,000 victims of cyber offenses investigated.

Valdecy Urquiza, Secretary General of INTERPOL, said: “From multi-level marketing scams to credit card fraud on an industrial scale, the increasing volume and sophistication of cybercrime attacks is of serious concern.

Operation Serengeti shows what we can achieve by working together, and these arrests alone will save countless potential future victims from real personal and financial pain. We know that this is just the tip of the iceberg, which is why we will continue targeting these criminal groups worldwide.”

Ambassador Jalel Chelba, AFRIPOL’s Acting Executive Director said: “Through Serengeti, AFRIPOL has significantly enhanced support for law enforcement in African Union Member States. We’ve facilitated key arrests and deepened insights into cybercrime trends. Our focus now includes emerging threats like AI-driven malware and advanced attack techniques.”

“We are proud to contribute to this multi-stakeholder operation orchestrated by INTERPOL and AFRIPOL,” comments Yuliya Shlychkova, Vice President, Global Public Affairs, Kaspersky. “The emerging dynamics of the threat landscape in Africa requires a stronger regional dialogue on mitigating acute cybersecurity risks.

Kaspersky firmly supports INTERPOL’s and AFRIPOL’s efforts to prevent and disrupt cybercrime attacks across Africa and shares the holistic approach towards creating a more cyber-resilient environment within the continent.”

Thanks to the cooperation with INTERPOL and AFRIPOL, Kaspersky has been an active contributor to fostering a more cyber-savvy environment in the African region.

In addition to the vast record of joint operations in Africa, with the latest being INTERPOL-led operation Synergia II, Kaspersky has recently sealed a five-year cooperation agreement with AFRIPOL to further strengthen its role in creating a more cybersafe climate on the continent by sharing Kaspersky’s extensive data on local cyberthreats and cybercrime trends with the organisation.


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NITDA Alerts Nigerians on Cybersecurity Risks Linked to Spotify

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National Information Technology Development Agency (NITDA) has issued a public alert warning Nigerians about a cybersecurity threat involving the use of Spotify to promote malicious activities.

NITDA Alerts Nigerians on Cybersecurity Risks Linked to Spotify

The agency, in a public notice issued on Tuesday, disclosed that threat actors are exploiting the popular music streaming platform to advertise game hacks, pirated software, and spam links that could expose users to cyber threats.

According to NITDA, cybercriminals embed malicious promotions in playlist names and podcast descriptions on Spotify, explaining that these promotions are used to advertise game hacks for popular video games such as Fortnite, GTA, Apex, and Roblox. Additionally.

They also promote pirated software (commonly referred to as ‘cracks’), spam links, and other malicious sites.

This abuse is said to leverage Spotify’s web player results to improve the search engine visibility of these harmful websites, putting unsuspecting users at risk of malware, scams, and other cyber threats.

NITDA warned that the exploitation of Spotify could lead to exposure to scams and phishing attacks, downloading of malware that can compromise user devices and Loss of personal and financial data through interactions with malicious websites.

To manage the risks, NITDA advised users to exercise Caution with suspicious playlists and podcasts and avoid engaging with playlists or podcasts that feature unusual or suspicious text in their descriptions.

It also warned users not to click Unknown Links, and also ensure the Spotify app is updated to the latest version to minimise vulnerabilities.

The agency further advised Spotify users in Nigeria to remain vigilant and adhere to cybersecurity best practices to safeguard their personal information and devices.

According to the agency, the websites posing as OpenAI’s popular AI, ChatGPT, are tricking users into downloading malicious files or software to their devices.


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Konga Yakata’s Last Week: Don’t Miss Out on Incredible Deals

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Excitement is reaching a fever pitch among shoppers as the Konga Yakata Black Friday shopping fiesta enters its final week. Shoppers nationwide are gearing up for a rain of last-minute deals and irresistible offers, with the promotion set to end on Saturday, November 30, 2024.

The month-long Konga Yakata campaign, which kicked off on Friday, November 1, has delivered an unparalleled shopping experience, treating customers to incredible discounts, engaging promos, and unbeatable incentives.

In addition to massive price cuts across a wide range of products, Konga has thrilled shoppers with exciting events such as Treasure Hunts, Flash Sales, Bargain Bash, Brand Days, and specialized Black Friday packages like the Budget Store, Under 50k Store, and TGIF Epic Drop.

The highlight of the Yakata 2024 season will be this year’s Black Friday, which takes place on Friday, November 29. Thousands of customers will be able to score exclusive discounts on items including electronics, clothes, home appliances, computers, and groceries.

Reflecting on the experience so far, a satisfied anonymous shopper who snagged a TV at a discounted rate said, “Konga Yakata has been nothing short of amazing this year. The discounts are unbelievable but true, and the convenience of shopping online is unmatched.

“I’ve already made several purchases, and I’m excited to see what other deals are in store for the final week.”

Konga’s Black Friday sale has been a boon for consumers, offering respite from the economic challenges many Nigerians face. By providing access to affordable products and services, Konga has empowered shoppers to make the most of their money.

Despite the prevailing economic challenges, shoppers have embraced the Yakata season, targeting high-value deals and leveraging Konga’s tailored offerings to make significant savings. With the countdown underway, the excitement is expected to hit its peak on Friday as customers traditionally wait for that day to grab the most exclusive deals.

Speaking on the heightened anticipation, Kunle Ajani, Group Head of Marketing at Konga, stated, “We’re thrilled with the overwhelming response to Konga Yakata this year, and we’re committed to ensuring the final week delivers the biggest surprises yet.

“We are proud to offer a platform where shoppers can enjoy exceptional value, despite the economic realities.”

As the curtain closes on the 2024 Yakata season, shoppers can look forward to a flurry of last-minute deals, culminating at midnight on November 30. From tech enthusiasts to lovers of electronics and deal hunters, Konga Yakata continues to redefine the shopping experience, making it a season to remember for all Nigerians.

Take advantage of the final week of Konga Yakata. Visit Konga.com and experience the thrill of shopping at unbeatable prices.


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