AAIS Adds Carrier, Regulator Reporting Features on Blockchain Platform
AAIS (American Association of Insurance Services), a not-for-profit insurance advisory organization, has added additional features to its openIDL blockchain platform, 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 secure and permissioned-based sharing of statistical data between insurance carriers and regulators. The latest release of openIDL offers a more user-friendly interface and enhanced performance.
Data from more than 2 million homeowners policies has been added to openIDL, and the AAIS data lake is tapped to connect statistical data with third party services and data providers.
Current information on risk context – like weather, municipal or satellite data – can help AAIS 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 can now publicize “draft” data calls and invite anonymous and public feedback from their respective communities using openIDL. New reporting capabilities also can 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 said it has taken on development of openIDL as a natural extension of its role as a statistical agent and advisory organization serving member carriers and insurance regulators.
According to Craig Bedell, IBM Global Insurance Industry Executive, as with its initial version, openIDL is being designed and developed with guidance from carriers and State Departments of Insurance in Design Thinking Workshops.
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.
Established in 1936, AAIS delivers tailored advisory options, including best-in-class policy forms, rating information and data management capabilities for commercial lines, inland marine, farm & agriculture and personal lines insurers.