Using DLT More Conveniently & Reducing Operations Costs - Linux Foundation.
2021-04-13 | Robin Williams
The Linux Foundation
along with the AAIS [American Association of Insurance Services] have teamed up
to make a platform for insurance carriers using DLT [Distributed Ledger Technology].
In line with an
official update on Monday, the Open Insurance
Data Link [openIDL] platform seeks
to offer a uniform data repository to ease regulatory reporting & reduce costs associated.
The move will aim to propel
a standard distributed ledger for sharing information & business processes within the insurance environment. Alongside cutting costs, the project aims
to provide a “connection point” for third parties to deliver apps to its members,
consistent with the new release.
Some of the world’s leading insurance firms along with The Hanover and Selective Insurance Group
as well as technology and repair providers Chainyard, KatRisk, and MOBI
will also be involved,
the foundation explained.
The foundation outlined that the project’s first use case will tackle regulatory reporting within the P&C [Property and Casualty] insurance industry also
referred to as general insurance. Sectors beyond P&C are
expected to be supported “in
the approaching months.”
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