Linux Foundation and AAIS Launch Blockchain-Based Platform for Insurance Firms – Bits Media

Linux Foundation Technology Consortium and American Insurance Association (AAIS) launched the Open Insurance Data Link platform based on insurance companies.

Open Insurance Data Link project (OpenIDL) is an open source platform. According to developers, Using distributed registry technology (DLT) will automate business processes in the insurance industry and provide a transparent data exchange between interested parties. Openidl will help reduce costs and save time when compiling reports, associated with property insurance and accidents insurance, and also reduce paper document management. Given the invariability of the data, recorded in the blockchain, regulatory authorities and other industry participants will be able to be sure of the completeness and accuracy of the information provided.

The decision has already begun to use the international insurance companies The Hanover and Selective Insurance Group, as well as technological providers Mobi, Chainyard и katrisk. Vice President of the Consulting Department of Chainyard Isaac Kankel (Isaac Kunkel) He called the blockchain "team sport". Chankel believes, that using the Openidl platform of the company, Regulatory authorities and service providers can form an open ecosystem for interaction on insurance issues. Such operational communication will be able to improve this industry.

“The insurance industry will benefit from the use of blockchain. This technology provides data accuracy, hence, contributes to better decision -making ", – Kunkel said.

Earlier, the Algorand cryptocurrency project and the Attestiv platform began to develop a special service to combat fraud in the insurance industry. Besides, Last year, the Taiwan financial supervision commission (FSC) approved testing of a pilot project based on blockchain for registration of insurance policies.