openIDL establishes Data Specifications working group
The open Insurance Data Link (openIDL), an initiative established by the American Association of Insurance Services (AAIS) as a Linux Foundation project, has recently announced the formation of the open Insurance Data Standards (openIDS) Data Specifications working group. This new group aims to develop a standardized framework for sharing insurance data by leveraging blockchain technology and intellectual property from Cloverleaf Analytics.
The primary goal of the openIDS Data Specifications working group is to create a common framework that will revolutionize how data is shared and utilized within the insurance industry. This framework will impact various aspects of the insurance process, including underwriting, claims management, actuarial analysis, and regulatory compliance. By adopting a technology-neutral model, openIDL seeks to eliminate proprietary barriers that can be costly for insurers, ultimately creating a level playing field for all industry stakeholders.
Cloverleaf Analytics, a key player in the insurance data space, will provide foundational IP to support the openIDS initiative. This collaboration is designed to promote data interoperability across the insurance sector and drive innovation within the industry. Robert Clark, CEO of Cloverleaf, emphasized the importance of standardizing data across the ecosystem and supporting an open and inclusive model that benefits all parties involved.
AAIS CEO Werner E. Kruck expressed enthusiasm for the Data Specifications working group, highlighting the potential for increased efficiency and transparency in data exchange among insurers, regulators, and service providers. The establishment of openIDS represents a significant milestone for the industry and is expected to accelerate innovation and improve overall stakeholder service.
In a recent development, openIDL welcomed new members reThought Flood and Cloverleaf Analytics in January of this year. This expansion reflects the growing interest and support for the openIDS initiative within the insurance community.
“openIDL establishes Data Specifications working group” was originally reported by Life Insurance International, a GlobalData owned brand. The information provided in this article is intended for general informational purposes only and should not be construed as advice. It is recommended to seek professional advice before making any decisions based on the content presented here.
