AAIS enhances regulatory reporting capabilities of openIDL blockchain platform

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.