IBM Blockchain to Improve US Insurance Reporting

Blockchain technology is set to make a significant impact on the insurance industry once again, as the American Association of Insurance Services (AAIS) embarks on a pilot project featuring a platform developed on IBM’s blockchain. This project aims to automate the regulatory reporting of insurance data across the United States.

The initiative, named openIDL (open Insurance Data Link), seeks to modernize the current compliance processes that are often outdated. It will enable insurers to upload data directly to a secure blockchain platform. This approach ensures that regulators will access only the information necessary for compliance, while participating insurance companies can monitor their data profiles, gaining insight into their competitive position in the market.

The ultimate goal of the openIDL project is to transform costly regulatory and compliance obligations into strategic investments that enhance operational efficiency and provide valuable insights.