AAIS pilots open insurance data link on IBM Blockchain
AAIS (American Association of Insurance Services), a not-for-profit advisory organisation, is piloting its openIDL (open insurance data link), built on IBM Blockchain, to help automate insurance regulatory reporting.
“This is an ideal use of blockchain”
Using openIDL, AAIS says it will help streamline compliance requirements for insurers and state insurance departments, “ultimately benefiting the entire industry”, including policyholders.
AAIS explains that insurance carrier data needs to be shared among multiple parties in a safe, secure manner. “This is an ideal use of blockchain.”
Data is stored on a blockchain ledger where historical and current information is recorded. Regulators are provided permissioned access to view only the information they need.
Participating carriers will also be able to see their own data profile to understand how they compare to the market.
AAIS states that it has established its own infrastructure and makes emerging technologies accessible to its members.
According to IBM, it works with 95% of the world’s top insurers helping them adopt new platforms and technologies such as blockchain.
OpenIDL is built on the IBM Blockchain Platform on the open source Hyperledger Fabric. Currently in pilot, AAIS says several unnamed insurers are in the process of being onboarded to the platform.
Recently, IBM has been involved in several other interesting blockchain developments.
Last month, market infrastructure group CLS and IBM teamed up for a proof of concept (PoC) using a distributed ledger technology (DLT) platform to offer services hosted on a shared network.
In addition, Columbia University and IBM set up a centre devoted to research in blockchain technology and data transparency.
