Regulators Discuss Blockchain, Machine Learning and the Modernization of Insurance Regulation
During the Feb. 1, 2022 edition of AAIS Pulse, AAIS VP of Government Affairs, Legal, and Compliance Robin Westcott hosts Mississippi Insurance Commissioner Mike Chaney, who will discuss the potential he sees in blockchain/distributed ledger technologies, and what he expects to gain as a new Member of openIDL. Ms. Westcott will also welcome Connecticut Insurance Department Asst. Deputy Commissioner, Property & Casualty Division, George Bradner, to talk about Connecticut’s long-time involvement in openIDL and the opportunities the platform provides the Connecticut Department of Insurance, as well as the latest joint efforts between Connecticut and AAIS as they explore ways to use machine learning and artificial intelligence to streamline regulatory filings and compliance.
Open Source is Coming: What Does it Mean for Insurance?
Recently, the Fintech Open Source Foundation (FINOS) became a Linux Foundation organization to accelerate collaboration and innovation in financial services through the adoption of open source software, standards and best practices. “Open source technology is essential to the future of the financial services industry,” said Alejandra Villagra, FINOS chairperson, Citigroup. “…as part of the Linux Foundation, we can leverage a wider network of resources and further accelerate collaboration that delivers technology solutions to common business issues and industry challenges, shaping the future technology landscape.”
So, how could such developments affect risk and insurance? What can insurers learn from other industries adopting open platforms to improve their own ability to build and leverage technology and data? AAIS SVP Joan Zerkovich and FINOS’s Gab Columbro discussed why open-source development works for the finance industry and how insurance could put open-source principles to work. They will also discuss how the openIDL and its distributed ledger technology could revolutionize insurtech development.
openIDL: Proof of Concept Report on NAIC COVID-19 Data Call- On August 16, at the 2021 Summer NAIC National Meeting, AAIS VP & General Counsel Robin Westcott presented the results of a Proof of Concept (POC) testing whether openIDL could support a COVID-19 Business Interruption Data call issued by the NAIC. The meeting served as the kickoff for the openIDL Regulatory Reporting Steering Committee (RRSC). Ms. Westcott provided highlights from the positive findings set out in report published by AAIS declaring that Distributed Ledger Technology had passed the test enroute to even broader applications across the industry.
Connecticut Insurance Commissioner Explores the Impact of Technology on the Industry Andrew Mais, Connecticut Insurance Commissioner, discusses technology and innovation in the insurance industry and what insurers and regulators need to do build value in the future.
What Is OpenIDL, the Open Insurance Data Link platform?- Linux.com with Swapnil Bhartiya. OpenIDL is an open-source project created by the American Association of Insurance Services (AAIS) to reduce the cost of regulatory reporting for insurance carriers, provide a standardized data repository for analytics, and a connection point for third parties to deliver new applications to members. To learn more about the project, we sat down with Brian Behlendorf, General Manager for Blockchain, Healthcare and Identity at Linux Foundation, Joan Zerkovich, Senior Vice President, Operations at American Association of Insurance Services (AAIS) and Truman Esmond, Vice President, Membership & Solutions at AAIS.
Leveraging Open Source Technology: Obstacles & Opportunities – AAIS VP Truman Esmond hosted Hyperledger’s Brian Behlendorf, and Travelers Insurance’s Brian Hoffman and Arron Lamp for an enlightening discussion on the open source evolution in insurance.
Hosted Discussion: Experience with openIDL to Build Industrywide Applications – Truman Esmond, AAIS at Hyperledger Global Forum 2021- A brief overview of the openIDL architecture will be followed with how the network serves many types of analytic applications from state mandated regulatory reporting to collaborative efforts to build a platform to serve the industry in assessing catastrophe risks and the impact on the insurance industry. Three ongoing proof-of-concept trials will be presented including with a demonstration of the way regulators and carriers agree upon reports and how the output of analytics is made available to those who contributed to the solution.
North Dakota Insurance Commissioner Jon Godfread on Blockchain in Insurance – North Dakota Insurance Commissioner Jon Godfread shares his thoughts on the importance of blockchain technology in insurance data management, using AAIS’s recent openIDL blockchain platform pilot for regulatory reporting in North Dakota as a prime example of an optimal blockchain use case.
A virtual meetup hosted by Hyperledger Dallas on June 22, 2021 featuring a discussion about openIDL. – The open Insurance Data Link is an open blockchain network that streamlines insurance regulatory reporting while providing new insights for insurers, and enhancing timeliness, accuracy, and value for regulators. openIDL is the first open blockchain platform to enable the efficient, secure, and permissioned-based collection and sharing of statistical data. This presentation will include an overview of the business case, a demonstration of the platform, and a deeper dive into the architecture.