Regulatory demands for data are growing, while the volume of data insurers must sort through to comply is expanding exponentially. As a result, the essential insurer-regulator transaction continues to become more time-consuming, expensive and less effective. 

But it doesn’t need to be. openIDL is here.

openIDL, an open source, distributed ledger platform, infuses efficiency, transparency and security into regulatory reporting: With openIDL, insurers fulfill requirements while retaining the privacy of their data. Regulators have the transparency and insights they need, when they need them. 

Initially developed by AAIS, expressly for our Members, openIDL is now being further advanced by the Linux Foundation as an open-source ecosystem for the entire insurance industry.

Deployed for a COVID-19 regulatory data call, the openIDL blockchain/distributed ledger technology generated previously unattainable insights, quickly, while maintaining data privacy and security. The Proof of Concept successfully demonstrated that openIDL can dramatically improve both the output and process of insurance regulatory reporting for insurers and regulators. 

For more information, read the Press Release and Proof of Concept report below.