AAIS led Blockchain Insurance Platform, openIDL, expands on Statutory Reporting Capabilities

AAIS (American Association of Insurance Services) announced a new release of its Blockchain platform, Open Insurance Data Link, openIDL expanding statutory reporting capabilities with special support for regulatory Data Calls for insurance industry carriers and services.

openIDL is an open blockchain insurance network that enables the efficient, secure and permissioned-based sharing of statistical data between insurance carriers and regulators. openIDL hosts around 2 million homeowners insurance policies, and taps the AAIS data lake to connect statistical data with third-party services and data providers. This has resulted in improved data quality, dramatic visualizations, timely insights, and entirely new operational capabilities.

The release announcement said that up-to-the-minute information on risk context – like weather, municipal or satellite data – can help member insurance carriers understand impact potential, validate existing data, overlay historical details, and more, to better manage a book of business, streamline systems and connect operational systems and partners.

The new release features improved Data Call transparency and communication capabilities specifically designed for insurance industry regulators, enriched core data sets, innovative blockchain data architecture, user-friendly interface, enhanced performance to invite participation and enhance the user experience. As a part of new feature set, now insurance regulators can publicize “draft” data calls and invite anonymous and public feedback from their respective communities with the help of openIDL.

Development also includes new support for Private Data Collections, which will enable peer organizations to upload additional data to their openIDL peer node(s), ensuring data integrity, and secure, internal reuse in operational integrations, without exposing data outside the organization.

Executive Opinion

AAIS CEO Ed Kelly said, “We are thrilled with the progress we are making in establishing the openIDL blockchain platform. Based on the positive feedback we are receiving from insurance carriers and regulators, I believe openIDL can be a transformational vehicle for the entire insurance ecosystem.”

IBM Global Insurance Industry Executive, Craig Bedell, said, “This latest release is another exciting step in the ongoing enhancement of openIDL. As with its initial version, openIDL is being designed and developed with guidance from carriers and State Departments of Insurance in Design Thinking Workshops. The value is obvious to a growing number of insurers and regulators as their reactions have been overwhelmingly supportive, and participation continues to increase.”

The next release of openIDL, Blockchain Insurance platform, is planned for March 2019. Vested insurance carriers, regulators and the AAIS community committed their participation in Design Thinking Workshops that allowed AAIS and IBM  to quarterly releases of openIDL.