The Linux Foundation, a non-profit organization that supports the Linux operating system, is supporting a new blockchain-based project for the insurance industry.
On Monday, the fund announced the launch of the Open Insurance Data Link, a project aimed at reducing the cost of insurance reporting and creating a unified insurance data warehouse using distributed ledger technology.
OpenIDL is a joint initiative of the Lynx Foundation and the American Insurance Association, the national insurance advisory organization in the United States. The open-source project brings together major global insurers such as The Hannover and Selective Insurance Group, as well as technology and service providers such as MOBI, Chainyard and KatRisk, to participate in a collaborative DLT platform for sharing data and business operations in the insurance industry. …
Regulatory reporting in real estate and non-life insurance are two of the most important issues in using the OpenIDL network. By leveraging the core functions of the blockchain, such as stability and transparency, the platform seeks to provide trust or assurance to regulators and others involved in the insurance industry for the accuracy and completeness of reporting data.
OpenIDL operates as part of the Linux Foundation’s open network management model, which means that the network is built on a node managed by many different organizations associated with a shared distributed ledger. The general ledger provides a platform for industry tools to record transactions and automate business processes.
Blockchain is a team sport, and with the OpenIDL platform, companies, regulators, and suppliers are creating an ecosystem to collaborate on common causes to improve the insurance industry. “The whole industry will benefit from more accurate data and better decision-making,” said Chinard, senior vice president of consulting Isaac Konkell.