Today the American Association of Insurance Services (AAIS) announced it is piloting a blockchain project for reporting to US state regulators. AAIS is a non-profit governed by the Property and Casualty insurance industry. It gathers information from the industry and analyses it to provide loss reports and rating information for carriers and state regulators.
The project called open Insurance Data Link (openIDL) will involve writing the data to a secure blockchain. This allows the data to be shared with appropriate parties in a secure and tamper-proof manner. Regulators have permission to access only the data they need.
Participating carriers can also view their own information and see a comparison with the rest of the market as a whole.
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