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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.
The openIDL runs on the IBM blockchain platform using the Hyperledger technology developed by the Linux Foundation, the Lisle, Illinois-based insurance advisory organization said in a statement.
The association will serve as the openIDL administrator, and association members may participate in the openIDL blockchain as part of their existing or new program affiliations, the statement said.
The association said openIDL will benefit insurers and regulators alike by allowing access to information in a more timely manner and facilitating the sharing of data.
“We recognized the potential for blockchain to streamline the regulatory reporting process for our member carriers,” association CEO Ed Kelly said in the statement, “as well as the opportunity to improve security, accessibility and accuracy of data for regulators.”
Stan Stalnaker founder of Bermuda-based tech company Hub Culture, said that local insurers are likely to get more opportunities to cover digital businesses and assets, The Royal Gazette reported. The Bermudian government is looking to set up a blockchain hub and has recently signed a memorandum of understanding with several fintech companies. The government has also passed the Digital Asset Business Act to attract more blockchain-focused companies to the island.