openIDL forms working group to enhance data sharing in insurance using blockchain technology

From Yahoo Finance: 2025-04-08 05:31:00

The open Insurance Data Link (openIDL) forms open Insurance Data Standards (openIDS) Data Specifications working group to enhance data sharing in insurance. Founded by AAIS as a Linux Foundation project, openIDL aims to develop an open framework for insurance data standards using blockchain technology from Cloverleaf Analytics. The group will transform data sharing for insurers, regulators, and service providers, impacting underwriting, claims, actuarial analysis, and compliance. The initiative aims to create a common, technology-neutral model to dismantle costly proprietary barriers in the insurance sector. Cloverleaf provides foundational IP to ensure data interoperability and standardization across the ecosystem. CEO Robert Clark states the framework will benefit all insurers and catalyze innovation. AAIS CEO Werner E. Kruck notes openIDS will enable efficient exchange of critical information for stakeholders, accelerating innovation in the industry. In January, openIDL welcomed new members reThought Flood and Cloverleaf Analytics.



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