IBM Blockchain to Enhance US Insurance Reporting Blockchain technology will back the insurance industry again, as the American Association of Insurance Services (AAIS) is piloting a platform built on IBM (NYSE:) blockchain that is set to automate the regulatory reporting of insurance data in the US.
The core purpose of the project, called openIDL (open Insurance Data Link), is to reform the outdated compliance process currently in use and allow insurers to deliver data directly onto a secure blockchain platform. Regulators will only have access to the information they need, while participating carriers will be able to view their own data profile to get an image of their place in the market.
“Ultimately, the goal of the openIDL is to turn expensive regulatory and compliance requirements into investments in operational efficiency and improved insights,”
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