The American Association of Insurance Services is trying expand the use of its blockchain platform across different segments of the property-casualty insurance industry.
AAIS, a non-profit insurance advisory organization, formed three working groups of industry leaders. They’ll focus on developing applications for auto, homeowners and flood insurance that would rely on its openIDL (open Insurance Data Link) blockchain platform.
AAIS describes openIDL as enabling “efficient, secured, and permissioned-based statistical data collection and sharing while protecting data as a competitive advantage for carriers.” The group bills its blockchain’s open architecture as a foundation for innovative applications in the industry, where cooperation and collaboration can support new value.
AAIS said that insurance leaders and regulators have already guided development of the openIDL blockchain platform through a number of Design Thinking sessions that it hosted. Recently, more than thirty executives representing firms across the property-casualty insurance industry assembled for a fifth Design Thinking session. Leaders from State Farm, Travelers and The Hartford joined representatives from InsurTech companies, risk modeling organizations and reinsurers to explore ways the openIDL blockchain platform may be extended to address other insurance-related functions beyond regulatory reporting.
Commenting on the development of openIDL, AAIS CEO Ed Kelly said in prepared remarks that its open source development concept is good, and noted it has propelled collaboration among insurance carriers industry-wide.