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openIDL streamlines regulatory reporting for U.S. insurance industry with Hyperledger Fabric
Technology Category
- Application Infrastructure & Middleware - Blockchain
- Infrastructure as a Service (IaaS) - Cloud Computing
- Infrastructure as a Service (IaaS) - Cloud Storage Services
Applicable Functions
- Business Operation
- Logistics & Transportation
Use Cases
- Regulatory Compliance Monitoring
- Remote Asset Management
Services
- Cloud Planning, Design & Implementation Services
- Data Science Services
- Software Design & Engineering Services
The Challenge
The U.S. insurance industry was facing a significant challenge in regulatory reporting. With 50 state regulators requesting data in various formats, often with short deadlines, insurers were struggling to keep up. The data they were able to submit was often outdated by the time it was reported, making it less useful for regulators. The industry needed a more efficient and secure system for data collection and sharing. The American Association of Insurance Services (AAIS) decided to tackle this problem by inviting carriers and regulators to brainstorm a solution using design thinking. The group came up with the idea of a blockchain network.
About The Customer
The American Association of Insurance Services (AAIS) is a national, not-for-profit member association established as a statistical agent, rating bureau, and advisor to the property and casualty (P&C) insurance industry. As a statistical agent, AAIS gathers data from member insurers, anonymizes, aggregates, and passes it along to regulators to inform legislative policy. State regulators need this information to help maintain a healthy industry by ensuring that consumers are not overcharged or discriminated against, and that carriers earn enough to stay solvent. AAIS serves as a trusted third-party to ensure that insurance products evolve with the changing market and reflect the real-world industry experience.
The Solution
AAIS decided to use blockchain technology to create a more efficient and secure system for data collection and sharing. They chose Hyperledger Fabric from the Linux Foundation as the blockchain platform and partnered with IBM for development. The system, named the Open Insurance Data Link (openIDL), was designed to streamline regulatory reporting, save costs, and provide useful insights for insurers, while gathering more timely and accurate data for regulators. The openIDL network includes three different nodes: insurance carrier peers in a single-tenant environment, a multi-tenant environment managed by AAIS that provides access to carriers who don’t run their own nodes, and an analytics peer that pops up to publish extracted information, managed by AAIS. At the core of every node is the Hyperledger Fabric blockchain, along with the IBM Blockchain management tools.
Operational Impact
Quantitative Benefit
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