US National Insurance Advisory AAIS Introduces IBM Blockchain-Based Reporting Tool
US National Insurance
Privately held insurance advisory American Association of Insurance Services (AAIS) has introduced its blockchain-based insurance database and reporting tool, according to an announcement video posted August 15.
The platform, dubbed Insurance Data Link (openIDL), is based on IBM's enterprise blockchain solution, using Hyperledger Fabric. The platform intends to reduce “burdensome” statistical reporting processes, as well as cut costs and data processing time for insurance carriers.
According to a report accompanying the announcement, openIDL is operating 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-powered insurance solution aims to provide “timely and accurate information,” as well as enable regulators to acquire “holistic and dynamic reporting.”
According to the AAIS’ announcement, the openIDL platform includes an automated data uploading system, smart contracts to enable automatic transactions’ execution, and access to insurance data on “permissioned basis in near-real time” instead of time-consuming data calls.
The openIDL solution is also reportedly targeting carriers and organization of “every size and configuration,” such as blockchain consortia, platforms and applications.
In April 2018, global insurance brokerage and risk management firm Marsh announced the first commercial blockchain solution for proof of insurance to move their system “from complicated and manual to streamlined and transparent.”
In late 2017, Cointelegraph reported that a group of fourteen European insurance providers partnered with Deloitte and other companies to provide a simple system for insurers to comply with the Hamon Law, with requires insurers provide simple transfers for clients who want to change companies during the first year.