American Association of insurance services launches the tool on the basis of the blockchain-IBM
American Association of insurance services (AAIS) introduced its database for insurance based on Blockchain technology and reporting tool, according to the source.
The platform, called Insurance Data Link (openIDL), based on the decision of the enterprise IBM Blockchain using Hyperledger Fabric. The platform intends to reduce the “burdensome” process of statistical reporting as well as costs and processing time for insurance companies.
An innovative solution based on Blockchain technology
According to the report, openIDL uses the “open safe first Blockchain-a platform that allows you to efficiently collect statistics on behalf of insurance companies, regulators and other participants.”
A solution based on technologies aimed at providing “timely and accurate information.” It also allows regulators to obtain a “holistic and dynamic reporting”.
According to the Declaration of AAIS, the platform openIDL includes automated data loading system and Smart contracts, allowing to carry out automatic transactions.
It is reported that the decision openIDL is also designed for carriers and organizations “of every size and configuration,” such as Blockchain consortia, platforms and applications.
Previously, the publisher Cointelegraph reported that a group of fourteen European insurance companies, in partnership with Deloitte and other firms have provided a simple system for insurers, while insurers provide simple transfers for customers who want to change companies within the first year.