TechTalk: How Blockchain is Making Data Integration a Reality in Insurance

Nov 15, 2022 / by AAIS

As a part of the AAIS Pulse: Chicago presentation, AAIS Senior VP of Operations Joan Zerkovich hosted Tram Vo, Founder & CEO of Mobility Open Blockchain Initiative (MOBI), to discuss blockchain technologies and how they are bringing together data from varying sources in ways that support insurance operations and decision-making.

Joan Zerkovich first shared, "AAIS has been working with the insurance industry to build the openIDL network, which is intended to be an open source platform -- not a proprietary solution -- but a decentralized network of data that puts the power of that data back in the hands of those who generate that data or can delivery value from that data. For instance, insurance carriers working with the regulators to create new data standards for insurance industry data so that it improves in its quality and its value when we choose to use it." She continued to share that AAIS started out with regulatory reporting, but it's the power of connecting that data, the data that we already have (policy and claims data collected every month), and using it to connect with other sources of data and bring more solutions into the market."

Zerkovich introduced guest speaker Tram Vo, who heads up MOBI, another network that has been developing over the past couple of years. She explained that its focus is on mobility, transportation, IOT data, and bringing new infrastructure and services into the market working with a large group of companies to try things out, to build this network, and see what is successful and to move it forward.

Tram Vo opened up by stating, "Back in 2016 and 2017, many of the now members of MOBI were very excited about blockchain. They all experimented with proof of concepts. What they found out with putting a vehicle on the chain or an identity on the chain was easy. It wasn't the technology that was difficult, it was the struggle in scaling the operation." She explained that the reason for this was that the industry needs standards on how to identify people, things, vehicles, a trip, for example. "How does a trip begin and how does it end?" asked Vo. "And, how do you share data and share the transaction?"

Next, Vo discussed that MOBI launched in 2018 to create standards and are working to build the structure for connected ecosystems in IOT commerce. She shared that blockchain is only one tool in the MOBI toolbox, and they give any connected entity a trusted identity and enable them to be able to securely communicate and transact with each other without having to go through a centralized platform like Google or Facebook.

"Why do we need a trusted identity?" asked Vo. "Currently 60-65% of traffic is made up of bots. 40% of all traffic is made up of malicious bots. There are 15 billions things connected on the internet right now, and projected to double every 3 years. How do you do business or ensure something if you don't know what you have in front of you?"

Vo said that is the reason why MOBI is working with AAIS and other members to come up with a trusted identity for our ecosystem because on the internet we will all have to communicate and transact with each other. She went on to explain that this is called "self solvent digital twins"...or SSDT.  "And, what are they? They are universal translators so that we can speak different languages and all understand each other." explained Vo. 

To view the full interview from Tram Vo and Joan Zerkovich, please click the video above.

Tags: Insights, Technology, Issues & Trends, Data & Technology, Tech News, AAIS News & Views, AAIS Insights, AAIS Pulse, Data/Tech, Pulse Chicago


Written by AAIS

AAIS Learning-Pandemic Coverage in the Age of COVID-19

Lists by Topic

see all

Posts by Tag

See all