During the IBM Blockchain Summit for Insurance in New York, AAIS CEO Ed Kelly, and Craig Bedell, IBM Global Insurance Industry Executive, as well as Bertrand Portier, a Distinguished Engineer in IBM’s Financial Services Sector all commented on the promise that blockchain holds for the insurance industry.

Mr. Kelly believes it’s the inherent features of blockchain itself that make it a compelling technology for insurance. Mr. Bedell discusses the benefits of a shared ledger and permissioned security to insurers. Mr. Portier notes that blockchain gives control of data back to the data creators, namely insurance carriers.

The new openIDL blockchain is focused on streamline the process of regulatory reporting including data calls, tasks all insurers must undertake, and a role AAIS has as a statistical agent and advisory organization. openIDL promises to reduce the friction in the data reporting process and allow regulators to trust data available through a blockchain platform. Mr. Kelly says openIDL will provide carriers with market information that hadn’t been available in the old stat reporting process.
Mr. Portier sees openIDL delivering transparency within the process, allowing insureds to have better insurance products at “fair” prices, as well as more choices.

Mr. Bedell looks ahead to a day when the industry benefits from the interaction between multiple blockchain initiatives, offering new insights, and new ways to deliver products and services. As existing insurance blockchain initiatives integrate and connect with others outside the industry, Mr. Kelly sees the potential for quantum advancements that will affect the industry, and society as a whole.

For more on the openIDL blockchain, visit the AAIS website.

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