AAIS-IBM Blockchain Partnership
The not for Profit organization AAIS has introduced a Blockchain-based insurance database and reporting tool. The news revealed in a video announcement posted on 15 August by AAIS explained how blockchain can reduce burdensome statistical reporting.
The new IBM developed AAIS platform, dubbed Data Link (openIDL), is based on the IBM enterprise blockchain solution using hyperledger fabric.The platform built to reduce manual statistical reporting processes also reduces the cost and time for data processing for insurance carriers. In the report accompanying the announcement, openIDL is operating the first secure, open blockchain platform. The platform enables efficient and permission-based collection of statistical data on behalf of insurance carriers, regulators, and stakeholders.
The blockchain platform provides timely and accurate information as well as enable regulators to acquire holistic and dynamic reporting. Sources inside the AAIS revealed that the openIDL platform includes an automated data uploading system, smart contracts to enable automatic transactions execution. The platform also has access to insurance data on a permissioned arrangement in almost real time.
Blockchain Application in the Insurance Industry
The insurance industry is among those that handle a large amount of data and has a requirement for a timely data transaction. Using data cells to handle such a large volume of data is not only costly but also very time-consuming. The blockchain insurance solution IBM developed could help carriers and organizations of every size.
In April, global insurance broker and risk management firm Marsh revealed the first commercial blockchain for proof of insurance. The company stated that the new blockchain powered upgrade moved their system from complicated and manual to a streamlined and transparent one. Meanwhile, there were reports in late 2017 that Deloitte Blockchain firm partnered with fourteen European insurance companies. Deloitte developed a solution that allows insurers to comply with the Hamon law.