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The American Association of Insurance Services launched an update of its openIDL blockchain platform on Wednesday.
The latest iteration of the platform, which was launched last year by the insurance statistics and advisory organization, includes additional capabilities to communicate with insurers over proposed data calls for information on catastrophe losses and other issues, said Joan Zerkovich, senior vice president of operations at Lisle, Illinois-based AAIS.
With the additional capabilities of the platform, regulators can put out “draft” data calls to insurers and others to assess whether sufficient information is available on events such as the recent California wildfire insurance claims, among other things, she said.
The facility allows for more transparency of data while protecting the privacy of the insurers contributing the data, Ms. Zerkovich said.
AAIS’ openIDL, which runs on the IBM blockchain platform using the Hyperledger technology developed by the Linux Foundation, was launched last year to offer secure data sharing capabilities to regulators and insurers.
The American Association of Insurance Services on Tuesday said it has launched openIDL, or Open Insurance Data Link, a platform designed to facilitate compliance and data-sharing between insurers.