The Linux Foundation Technology Consortium and the American Association of Insurance Services (AAIS) have launched a blockchain-based Open Insurance Data Link platform for insurance companies.
The Open Insurance Data Link (OpenIDL) project is an open source platform. According to the developers, the use of distributed ledger technology (DLT) will automate business processes in the insurance industry and ensure transparent data exchange between stakeholders. OpenIDL can help you reduce costs and save time in property and accident reporting, and reduce paperwork. Given the immutability of the data recorded on the blockchain, regulators and other industry participants can be confident in the completeness and accuracy of the information provided.
The solution has already begun to be used by international insurance companies The Hanover and Selective Insurance Group, as well as technology providers MOBI, Chainyard and KatRisk. Isaac Kunkel, vice president of consulting at Chainyard, called blockchain a “team sport.” Kankel believes that by using the OpenIDL platform, companies, regulators and service providers can form an open ecosystem for interaction on insurance issues. This kind of quick communication can improve this industry.
“The insurance industry will benefit from the use of blockchain. This technology ensures that the data is accurate and therefore facilitates better decision making, ”said Kunkel.
Earlier, the cryptocurrency project Algorand and the Attestiv platform began to develop a special service to combat fraud in the insurance industry. In addition, last year the Taiwan Financial Conduct Commission (FSC) approved testing a blockchain-based pilot project for insurance policies.
