Connecticut Insurance Commissioner Andrew Mais and AAIS VP of Government Affairs, Legal and Compliance, Robin Westcott, recently appeared on AM Best TV to discuss our successful openIDL Proof of Concept (POC) surrounding a COVID-19 Data Call, and how this revolutionary blockchain platform is paving the path for better regulatory reporting across the insurance industry. Watch the replay in full here:
The impetus for openIDL and the POC was the need to unlock data currently stuck in silos in order to create new and better insights for both regulators and carriers.
Commissioner Mais says regulators need to explore new ways to improve accuracy and timeliness of data. That’s why Connecticut signed up to take part in the openIDL POC.
“…There is a greater demand for timely data...[there’s] more and more pressure…for insurers to democratize data; move from that locked gated garden towards open source collaboration.”
Timeliness is one pillar. The second is security. openIDL’s blockchain technology solves both these issues. It provides more granularity without compromising security.
“Granular and comprehensive data is going to be needed for the level of transparency to affect a policy decision and product approval and that is going to require increased security and constant compliance with data privacy laws…,” explained Commissioner Mais. “[openIDL] would support that democratization of data across the industry.”
Importantly, openIDL is cost effective and accessible for regulators. “We need to be very conscientious about what government can spend on technology projects,” voiced Ms. Westcott.
The goal now is to get more parties involved from both regulators and carriers. Ms. Westcott said one way to contribute is to participate on the openIDL Regulatory Reporting Steering Committee.
Commissioner Mais encouraged all regulators to kick the tires on openIDL. It’s a means to an end in the name of protecting consumers and creating an external data strategy for the future of insurance.
“What we want to do is to modernize the regulatory reporting process and improve (our) ability…to provide appropriate oversight to the industry,” he explained.
Ms. Westcott agrees: “It's in everyone's best interest to make insurance products more accessible, more affordable, more understandable to the insurance buying consumer. That is in every company's best interest; just as it is in every regulator’s best interest.” openIDL can be the solution.