Private Insurance Advisory American Association of Insurance Services (AAIS) introduced its blockchain-based insurance and reporting tool database, according to a video announcement released on August 15th.
The platform, dubbed the Insurance Data Link (openIDL), is based on IBM's blockchain enterprise solution, using Hyperledger Fabric. The platform aims to reduce the "burdensome" statistical reporting processes and reduce the costs and time of data processing for insurance carriers.
According to a report accompanying the announcement, openIDL is operating the "first secure and open blockchain platform that allows for efficient and authorization-based statistical data collection on behalf of insurance carriers, regulators and other contributing contributors."
The blockchain insurance solution aims to provide "timely and accurate information" as well as allowing regulators to capture and report dynamically. "
According to the announcement of the AAIS, the openIDL platform includes a system of automatic data loading, smart contracts to allow the automatic execution of transactions and access to insurance data on "an almost real time basis" instead of data calls that consume a lot of time.
The openIDL solution is also targeting carriers and the organization of "every dimension and configuration", such as blockchain consortia, platforms and applications.
In April 2018, Marsh announced the first commercial blockchain solution for proof of insurance to move its system "from complicated and manual to simplify and transparent. "
At the end of 2017, Cointelegraph reported that a group of fourteen European insurers collaborated with Deloitte and other companies to provide a simple system for insurers to comply with Hamon's law, with assurances that insurers provide transfers for customers wishing to change company during the first year.