AAIS Collaborates With IBM To Transform Insurance Regulatory Reporting Using Blockchain
Staff Writer | August 15, 2018
AAIS (American Association of Insurance Services), the only national not-for-profit insurance advisory organization, today introduced the openIDL (open Insurance Data Link), built on IBM Blockchain, to help automate insurance regulatory reporting. Using openIDL, AAIS will help streamline regulatory and compliance requirements while improving efficiency and accuracy for both insurers and state insurance departments, ultimately benefiting the entire industry, including policyholders.
AAIS is a not-for-profit advisory organization that consolidates and analyzes data to create loss reports and rating information for insurance carriers, as well as state insurance regulators. Insurance carrier data needs to be shared among multiple parties in a safe, secure manner. This is an ideal use of blockchain.
With openIDL, AAIS is updating an antiquated compliance process and pioneering an advanced method where insurers can contribute data directly onto a secure blockchain platform to satisfy state regulatory requirements. Data is stored on an immutable 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. Ultimately, the goal of the openIDL is to turn expensive regulatory and compliance requirements into investments in operational efficiency and improved insights.
AAIS has established its own modern infrastructure and makes emerging technologies accessible to Members. Blockchain is ideally suited to large networks, such as the current AAIS membership base. According to AAIS CEO Ed Kelly, “We recognized the potential for blockchain to streamline the regulatory reporting process for our Member carriers, as well as the opportunity to improve security, accessibility and accuracy of data for regulators.”
IBM has deep expertise in the insurance industry and works with 95 percent of the world’s top insurers helping them adopt new platforms and technologies such as blockchain and enabling insurers to transform the way they do business. “Simplifying the process for insurance reporting using blockchain will create dynamic shifts in efficiency and provide the industry with new insights that will even benefit consumers. This is an exciting example of how blockchain can bring together an entire ecosystem of users and allow information to be shared in new ways to drive real business results. Hyperledger Fabric’s support for private and confidential transactions allows insurers to share data with the network, knowing that they own their data and have control over who has access to it,” said Sandip Patel, general manager, IBM Global Insurance Industry. “While the initial phase of the openIDL focuses on data sharing and regulatory reporting, the open platform provides a foundation for even broader innovation and new applications in the future, while providing full privacy and confidentiality protection among parties.”
The AAIS openIDL is built on the IBM Blockchain Platform on the open source Hyperledger Fabric. Currently in pilot, several major insurers are in the process of being onboarded to the blockchain platform to provide regulatory reporting data.
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 Membership and Data Affiliation. Simply contact an AAIS Advisor for details, or visit www.openIDL.com to “get linked.”
- Electronic Chat with Larissa Tosch
- Martha Notaras Will Join ITA LIVE 2019 as a Keynote Speaker
- Five Things to Consider When Evaluating Your Cyber Risk
- ITA Pro Magazine, January/February 2019
- Major Ransomware Attack Could Hit U.S. with $89B In Economic Damages
- ITA Announces 1st of Three Keynote Speakers at ITA LIVE 2019
- Electronic Chat with Jeroen Morrenhof
- Legacy Systems Are Dead. Really? Don't Count On It.
- Now Accepting Nominations for the 2019 ITA Bridge Awards
- It's time to register for ITA LIVE!
- Registration is Now Open for ITA LIVE 2019!
- What to Expect from a Digital Experience Platform Implementation
- ITA Pro Magazine September Edition is Now Available
- It's National IT Professionals Day
- Save the Date for ITA-LIVE 2019
- OneShield Software and UrbanStat Work Together to Improve Real-Time Analytics and Risk Decision-Making
- ITA LIVE 2019 - SAVE THE DATE!
- Insurance Technology Association Announces New Editor-in-Chief
- August 2018 Edition ITA Pro Magazine is Now Available
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Steve Kronsnoble Joins CastleBay Companies as Insurance Principal Consultant
- Electronic Chat with Larissa Tosch
- Instec Expands Insurance Expertise with Hiring of Industry Veteran CJ Lotter
- Group Insurers Investing in Tech to Drive Customer Acquisition and Retention, Says Novarica
- RLI Selects DataCubes to Optimize Certain Underwriting Processes
- Reinsurance Software WebXL Version 4.3 Released by Prima Solutions-Effisoft Group
- Direct Online Could Grow to 12% of Small Commercial Insurance Market by 2023, Says Novarica
- David Fisher joins FRISS board as non-executive member
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA LIVE 2019
The tide is up! It's time to register for ITA LIVE 2019, our annual educational and networking conference! Our theme is "The InsurTech Revolution: Cutting Through the Hype." and we'll be bringing in a torrent of industry thought leaders, amazing insight and wonderful perspectives on the world of insurtech and its impact on the insurance landscape.
ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.
Ride the wave to LIVE 2019. Sign up today! We look forward to seeing you in May, 2019!
BLOGS AND COLUMNS
This month, the ITA celebrates Insurance Careers Month and encourages carriers, brokers, agents and our industry associations to plan their own... READ MORE
Customization in the general sense has a very positive connotation. However, in the world of software systems, customization quite often falls short... READ MORE
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE