IBM Blockchain to Enhance US Insurance Reporting

0
 IBM Blockchain to Enhance US Insurance Reporting 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The core purpose of the project, called openIDL (open Insurance Data Link), is to reform the outdated compliance process currently in use and allow insurers to deliver data directly onto a secure blockchain platform.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,”

This article appeared first on Cryptovest

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Leave A Reply