openIDL Introduces Open Insurance Data Standards (openIDS)
Data is essential in the property and casualty (P&C) insurance industry, driving risk assessment, pricing, and innovation.
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.