Insurance Ratings Bureau Pilots IBM Blockchain for Automatic Reporting
The American Association of Insurance Services (AAIS) is turning to the IBM Blockchain platform to support a new automated insurance reporting tool, the organization announced Wednesday. Built on IBM Blockchain using Hyperledger Fabric, the open Insurance Data Link (openIDL) system is aimed to simplify regulatory reporting by allowing insurance carriers to store data on a permissioned blockchain for regulators to view on an as-needed basis, a press release says. The system would essentially streamline the association’s current mission to consolidate and report its members’ insurance carrier rating data to various state-level Departments of Insurance. IBM industry academy member Craig Bedell told CoinDesk in an email that AAIS specifically chose IBM Blockchain due to both the open-source nature of Hyperledger Fabric and the enterprise-level platform that the computing giant provides. At present, AAIS submits either monthly or quarterly reports for each member insurer, depending on state laws. However, the new system, which
Like this article? Take a second to support us on Patreon!