Insurance player AAIS to launch IBM blockchain reporting tool
The American Association of Insurance Services (AAIS) says it will debut a blockchain-based insurance database based on IBM blockchain tech. Tagged Insurance Data Link (IDL) the platform promises to slash the burden of statistical reporting as well as reduce costs in some areas.
The AAIS claims its created a ledger for insurers, regulators, “and any contributor in the insurance industry provides transparency in data collection and reporting, and eliminates the need to reconcile disparate ledgers”.
The system includes an automated uploading system with smart contracts to ensure automatic transaction execution, plus access to data on “in near-real time”, the AAIS says.
Regulators and reporting carriers receive more holistic and dynamic reporting says the AAIS, “as well as valuable and relevant insights into exposures and market trends. Once reports are complete, regulators review and publish the report to the open IDL”.
”While the initial phase of the openIDL focuses on data sharing and regulatory reporting,” Sandip Patel, GM, IBM global insurance industry, Finextra reported, “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.”