Non-profit insurance advisory organization American Association of Insurance Services (AAIS), has launched openIDL, a blockchain technology-based insurance database and reporting tool.
The openIDL platform was created using Hyperledger Fabriic, an IBM’s enterprise blockchain solution. The platform was built to decrease complex statistical reporting formalities, while reducing costs and saving data processing time for insurers.
Furthermore, openIDL enables simplifying regulatory and compliance requirements while enhancing efficiency and data accuracy for both state insurance departments and insurers. The platform offers great advantage to the entire insurance industry and policyholders.
According to AAIS, openIDL is offering the
“first secure, open blockchain platform that enables the efficient and permissioned-based collection of statistical data on behalf of insurance carriers, regulators and other participating contributors.”
The blockchain-based platform hopes to offer “timely and accurate information,” as well as facilitate regulators to obtain “holistic and dynamic reporting.”
AAIS – American Association of Insurance Services
The announcement also indicates that the openIDL platform consists of an automated data uploading facility, smart contracts that facilitates automatic transactions’ execution, and access to insurance related data on “permissioned basis in near-real time” instead of the huge time-consuming data calls.
The openIDL solution is reportedly offered to carriers and organization of “every size and configuration,” such as blockchain consortium, applications and various platforms.
IBM Global Insurance Industry global manager Sandip Patel said
“Hyperledger Fabric’s support for private and confidential transactions allows insurers to share data with the network, knowing that they own their data and have control over who has access to it.”
Commenting on the launch, AAIS chief executive Ed Kelly said
“the potential for blockchain to streamline the regulatory reporting process for our member carriers, as well as the opportunity to improve security, accessibility and accuracy of data for regulators.”