openIDL is the first open blockchain platform that enables the efficient, secure, and permissioned-based collection and sharing of statistical data.
Learn more about the Open Governance Model and Open Source.
openIDL blockchain streamlines the time-consuming and expensive regulatory and compliance requirements carriers experience today, to create operational efficiency, flexibility, interoperability, and product development opportunities.
With access to timely and accurate information, regulators receive more holistic and dynamic reporting as well as valuable and relevant insights into exposures, market activity, and trends.
Establishing and maintaining an agnostic openIDL network, providing efficient mechanisms for participation by carriers and organizations of every size and configuration, including other blockchain consortia, platforms, and applications.
However, the lack of common data standards leads to billions in annual costs for translation and reporting. This hampers collaboration with regulators and delays effective legislation. To address this, the American Association of Insurance Services (AAIS) proposes making its data model architecture open-source, enabling cost-free, industry-wide adoption and improving efficiency.
