AAIS delivers second release of its openIDL blockchain platform expanding statutory reporting capabilities.
AAIS delivers second release of its openIDL blockchain platform
AAIS Delivers Second Release of its openIDL Blockchain Platform Expanding Statutory Reporting Capabilities
The latest release of the openIDL (open Insurance Data Link) expands upon existing statutory reporting capabilities with special support for regulatory Data Calls. New features and enhancements to user interfaces enable Member insurance companies and regulators to collaborate more effectively on the development of Data Calls, to increase timeliness, efficiency and overall value.
LISLE, Ill., January 9, 2019 – AAIS (American Association of Insurance Services), the only national not-for-profit insurance advisory organization, announces the most recent release of its openIDL blockchain platform with additional features including: improved Data Call transparency and communication capabilities specifically designed for insurance regulators, enriched core data sets, and innovative blockchain data architecture.
openIDL is an open blockchain network that enables the efficient, secure and permissioned-based sharing of statistical data between insurance carriers and regulators. With its latest release of openIDL, AAIS reveals an even more user-friendly interface and enhanced performance to invite participation and enhance the user experience.
openIDL has also been enriched with added data from more than 2 million homeowners policies, and taps the AAIS data lake to connect statistical data with third party services and data providers, creating an environment for improved data quality, dramatic visualizations, timely insights and entirely new operational capabilities. Now, up-to-the-minute information on risk context – like weather, municipal or satellite data - can help Member 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.
Regulators are now able to publicize “draft” data calls and invite anonymous and public feedback from their respective communities using openIDL. New reporting capabilities facilitate greater integrity and transparency to the market, while protecting the privacy of carriers contributing data.
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.
AAIS has taken on development of openIDL as a natural extension of its role as a statistical agent and advisory organization serving the needs of Member carriers and insurance regulators. Commenting on the latest developments in openIDL, 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.”
According to Craig Bedell, IBM Global Insurance Industry Executive, "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."
Since launching the openIDL pilot in August 2018, AAIS and IBM have committed to quarterly releases of openIDL to meet the demand for functionality, a commitment made possible by increasing participation in Design Thinking Workshops by vested insurance carriers, regulators and the AAIS community. The next Design Thinking session is planned for January 2019. The next release of openIDL is planned for March 2019.
AAIS serves as the openIDL administrator, providing unbiased governance for the blockchain platform within existing insurance regulatory frameworks. AAIS Members may participate in the openIDL blockchain as part of their existing or new Program Affiliations. AAIS welcomes participation in the openIDL from across the insurance industry through Data Affiliation and Membership. Simply contact an AAIS Advisor for details, or visit www.openIDL.com to "get linked."
Established in 1936, AAIS continues to serve the Property & Casualty insurance industry as the only national not-for-profit advisory organization governed by its Member insurance carriers. AAIS delivers tailored advisory solutions including best-in-class policy forms, rating information and data management capabilities for commercial lines, inland marine, farm & agriculture and personal lines insurers. Its consultative approach and unrivaled customer service underscore a focused commitment to the success of its Members. For more information about AAIS, please visit www.aaisonline.com.
Director, Marketing & Communications
Source: Globe Newswire