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Report: Allianz Global explores blockchain tech for insurance payments

Allianz Global Corporate & Specialty SE is exploring blockchain technology to develop a token-based ecosystem for cross-border insurance payments, Forbes reported.

A token-based electronic payment system is in the advanced stages of development, a spokesperson for the company confirmed. The company has built and tested the basic core infrastructure for the system, but it is still in the experimentation phase. The spokesperson added that the next stage will be trial money transfers in a limited scope for a short period of time.

The spokesperson said the "internal token" could help improve global transactions, benefiting both Allianz Global and its customers, according to the report.