The American Association of Insurance Services also referred to as AAIS, is currently the only national insurance advisory company that is not for profit.
They have gone ahead to announce their second release of the openIDL, which is a blockchain platform that has been designed with some additional features, it is the likes of proper communication capabilities that have been specially designed for the insurance regulators, there will also be improved data call transparency in the platform, enriched core data sets and the best blockchain data architecture you can find in the market.
What The OpenIDL Is All About
The openIDL has been designed as an open blockchain network that will be able to enable secure, efficient plus some permission based sharing that can be used in statistical data between the regulators in the market and the insurance carriers.
With the new release of the openIDL, the AAIS will be able to release a more user-friendly platform that has been enhanced with the needed performance that will be able to quickly invite some participation and be able to improve the experience each user will get.
This is not all as the openIDL is also enriched with some added data which has been gathered from over two million homeowner policies and also goes on to tap the AAIS data lake to ensure they are able to connect the statistical data that is available with the third party data providers and services.
As a result, this will be able to create an environment that is able to offer improved data quality, new operational capabilities, some dramatic visualizations, and timely insights. You will also be able to receive up to the minute information that covers the risk contexts; it is the likes of municipal, weather or just the satellite data.
There Are Greater Transparency And Integrity That Is Being Offered
With this information being provided in a timely manner it will enable the member carriers to have a better understanding of the impact potential, the overlay of the historical data and the validation of existing data. With all this, they will be in a better position to manage the company’s books, appropriately connect the operational systems and the partners.
The regulators in the market are now able to publicize a draft data and be able to invite some public and anonymous feedback from the communities that are surrounding openIDL. With the new reporting capabilities, it will be able to facilitate greater transparency, integrity and still be able to protect the privacy of the carries who are distributing the data.
Expect to see a lot as the development will also include new support for the Private Data Collections, a feature that will be able to enable organizations to easily upload additional data that they may have to their openIDL peer node.
All this has been done to ensure they maintain data integrity together with internal and secure reuse when it comes to the operational integrations; all this will be done without having the risk that data can get exposed outside the organization.
The AAIS has also taken on the development of the openIDL as being a natural extension of their role as a statistical advisory and agent that severs the needs of the Member carriers together with insurance regulators in the market.