The Linux Foundation announces the launch of the OpenIDL platform
The OpenIDL platform provides a standardized data repository, simplifies regulatory reporting, and enables the delivery of next-generation risk and insurance applications. The platform will reduce the cost of regulatory reporting for insurance operators and provide third parties with a connection point for the delivery of new applications to members. In addition, OpenIDL brings together some of the world’s largest insurance companies, including The Hanover and Selective Insurance Group, as well as technology and service providers Chainyard, KatRisk, and MOBI to promote a common distributed ledger platform to share information and business processes in the entire insurance ecosystem
OpenIDL was originally established under the guidance of AAIS, and its first use case was the regulatory reporting of the Property and Casualty (P&C) insurance industry. It takes advantage of the trust and integrity inherent in the distributed ledger network to ensure the accuracy and integrity of data to regulators and other insurance industry participants.
It is expected that in the next few months, in addition to P&C, other insurance fields will also be supported by openIDL, and not limited to supervision. OpenIDL is also cooperating to carry out joint software development activities, based on Hyperledger Fabric, Hadoop, Node.js, MongoDB, and other open technologies, to implement “harmonized data store” to achieve data privacy and responsible operations.
