• Wed, Jan 16, 2019 07:05 PM
  • All times are UTC
  • Edition:
Link copied

AAIS enhances regulatory reporting capabilities of openIDL blockchain platform

Jan 10, 2019 05:28 am UTC

The American Association of Insurance Services (AAIS), a not-for-profit insurance advisory organization, has announced the second release of its openIDL blockchain platform.

Last August, the AAIS announced the open Insurance Data Link or “openIDL” – a blockchain-based platform that aims to automate insurance regulatory reporting. The platform is built on the IBM Blockchain using the open source Hyperledger Fabric.

The AAIS said that the latest of the openIDL is intended to make the platform more user-friendly and expands upon existing statutory reporting capabilities 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.

The new features and enhancements to user interfaces will enable member insurance companies and regulators to collaborate more effectively on the development of Data Calls, to increase timeliness, efficiency and overall value, the release said.

In addition, the latest release includes new support for Private Data Collections, which will enable peer organizations to upload additional data to their openIDL peer nodes, ensuring data integrity, and secure, internal reuse in operational integrations, without exposing data outside the organization.

According to Craig Bedell, IBM Global Insurance Industry Executive, said that 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. The next release of openIDL is planned for March 2019.

“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,” AAIS CEO Ed Kelly said.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
  • Bitcoin (BTC) $3,654.94 (-0.52%)
  • XRP (XRP) $0.330600 (+0.30%)
  • Ethereum (ETH) $123.37 (-3.21%)
  • Bitcoin Cash (BCH) $129.10 (-0.81%)
  • EOS (EOS) $2.44 (+1.02%)
  • Bitcoin (BTC) $3,654.94 (-0.52%)
Jan 16, 2019 (Wednesday)
Oil majors Chevron and Total join blockchain platform for energy commodity trading ‘Vakt’
Gibraltar Blockchain Exchange adds support for EOS on GBX-DAX
Blockchain startup Bitfury launches music division ‘Bitfury Surround’
Dubai telecom company du to develop blockchain solution for patient safety
SIRIN Labs re-opens flagship store in London for its blockchain smartphone ‘FINNEY’
IBM announces blockchain initiatives on mining and metals supply chain and tracking ethically sourced minerals
New Zealand crypto exchange Cryptopia suffers security breach
Iberdrola trials blockchain technology for tracking renewable energy
Israeli shipping firm ZIM advances blockchain-based Bills of Lading initiative to next phase
Jan 15, 2019 (Tuesday)
Blockchain startup Chronicled secures $16M in Series A round
KB Financial Group, LG team up to develop blockchain and AI-focused projects
Danish Tax Agency to obtain trading information from three local crypto exchanges
Swiss investment bank Vontobel launches crypto custody solution
Crypto project Bakkt announces first ever acquisition deal
HSBC settles $250B worth of FX transactions using distributed ledger technology
Vermont to launch captive insurance blockchain pilot
Monetary Authority of Singapore seeks to introduce regulation for cryptocurrency exchange services
Securities Commission Malaysia likely to launch crypto and ICO regulatory framework by Q1 2019
Jan 14, 2019 (Monday)
Crypto startup Totle raises $1M from Arrington XRP, NEO Global Capital, and Goren Helm Ventures
Google, Lenfest and blockchain startup ConsenSys back Automattic’s new publishing project “Newspack by WordPress.com”
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.