Now the insurance industry can heave a sigh of relief as openIDL’s blockchain architecture is all set to resolve the data security challenges the industry has been facing. American Association of Insurance Services (AAIS) has announced an innovative strategy to data setup for the open IDL blockchain network here on Wednesday. Earlier, openIDL has decided to accept IBM’s Insurance Information Warehouse popularly known as IIW as the basis for the data model in the supervisory reporting blockchain network.
IIW plays a vital role in offering basic parameters for the formation of synchronized data stores. It will help in providing openIDL participants a strong grip on their crucial data and at the same time, meet all the regulatory necessities.
openIDL is a leading blockchain platform that is aiming to transform the regulatory reporting procedure in the insurance industry. It has been managed and controlled by AAIS. openIDL allows effective, safe, and permission-based statistical data collections and sharing. It also protects the data which has become a huge advantage for carriers.
Meanwhile, IBM Insurance Information Warehouse or IIW has evolved as an industry blueprint that offers data warehouse design models, business vocabularies, and analysis templates. IIW boasts of massive data warehouse design experience from the leading US-based carriers and has emerged as the foundation for the openIDL Regulatory Reporting Data Model.
The new model has successfully been able to offer up-to-date database design for reporting. It can also significantly remove the requirement of obsolete statistical plans. Now carriers will be able to map data from their systems directly to the openIDL Harmonized Datastore. Here data has been effectively stored under complete control. Based on IIW, the openIDL data model can be made available without shelling out any additional cost for openIDL members.
Joan Zerkovich, Senior Vice President of AAIS Operations, said that now insurers will no more need to deliver thorough or granular data for the purpose of fulfilling information sharing needs with regulators or some other partners.
Joan Zerkovich added,
