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:
In August, AAIS Views detailed the results of our hugely successful Proof of Concept (POC) for openIDL (Open Insurance Data Link) that proved the blockchain technology can dramatically improve the insurance regulatory reporting proves for insurers and regulators. We also saw that insurer information could be correlated with data from other sources to reveal deeper insights, and that data could be leveraged by regulators, while remaining private, secure and in full control of participating carriers
openIDL, the groundbreaking blockchain technology AAIS developed to streamline regulatory reporting and connect data across the insurance industry has a chance to revolutionize the entire insurance ecosystem. When you peek behind the curtain, you see just how much went into building out this platform collaboratively with stakeholders in the insurance and technology world.
This is the next installment in a series of conversations with AAIS leadership to get to know them, their background, and the unique work they’re doing within AAIS to further the insurance industry. In this edition, AAIS Views spoke with Michael Payne, Chief Pricing Actuary, about his career, being creative as an actuary, the role data is playing to create better pricing models, and how AAIS is leveraging those models to deliver value to our Members.
Tell us about your background.
Michael Payne: When I was in college, I liked math, but really didn’t know what I wanted to do. Then I heard about Actuarial Science from an alum who came back to campus and gave a presentation about the career path. That’s what sparked my interest. I got an internship at Zurich and that turned into my first job out of school. I started out doing pricing at Zurich, went to SCOR Re to do reinsurance pricing, and went back to Zurich to eventually lead a pricing tools team.
One not-so-traditional role in my career was a stint I did at Sears in their Home Services unit where I was the Director of Underwriting Analysis. Basically, if you bought a refrigerator at Sears, they were going to offer you a protection plan. It was my role to figure out the prices for those protection agreements based on how likely the appliance was going to need to be repaired or even replaced.
Overall, I really like pricing. It’s prospective in nature as you try to determine what might happen in the future.
In the winter of 2018, I joined AAIS where I’ve been able to leverage my pricing experience. My role includes product development and delivering loss costs that are appropriate for the coverage being offered. Not all carriers have a large team of actuaries or loads of data, so our rating plans offer them a faster speed to market for a new line of business, or even insurtechs to get their first policies written.
This is the first in a series of conversations with AAIS leadership to get to know them, their background and the unique work they're doing within AAIS to further the insurance industry. In this edition, AAIS Views spoke with Ruturaj Waghmode, VP of Data Solutions, about his career, our openIDL blockchain technology, the Member benefits of openIDL and what else AAIS is doing with data.
Tell us about your background.
Ruturaj Waghmode: I have more than 15 years experience leading transformational programs and enterprise solutions for companies in a range of industries, including insurance, banking and financial services around the world. To sum it up simply: I'm a technologist who solves business problems.
On Aug. 16, at the 2021 Summer National Association of Insurance Commissioners (NAIC) National Meeting, AAIS VP of Government Affairs, Legal & Compliance, Robin Westcott, presented the results of a Proof of Concept (POC) testing whether openIDL could support a COVID-19 Business Interruption Data call issued by the NAIC.
The meeting served as the kickoff for the openIDL Regulatory Reporting Steering Committee (RRSC). Ms. Westcott provided highlights from the positive findings set out in the report published by AAIS declaring that blockchain/distributed ledger technology had passed the test enroute to even broader applications across the industry.
Following is a summary of Ms. Westcott’s presentation:
AAIS conducted a Proof of Concept (POC) using the open Insurance Data Link (openIDL) for regulatory reporting. The results demonstrated that this blockchain/distributed ledger technology can dramatically improve both the output and process of insurance regulatory reporting for insurers and regulators.
Blockchain started as a popular buzzword among techies but has since permeated across industries. In insurance, its potential is being realized as game changing. Truman Esmond, AAIS Vice President of Membership and Solutions, spoke at a recent webinar hosted by The Institutes Griffith Insurance Education Foundation on how AAIS is utilizing blockchain to support industry.
The collapse of the Champlain Towers South condo in Surfside, Florida, shocked the nation, starting a much-needed conversation about the importance of risk mitigation. As the events unfolded, we learned that the information about the significant risk of collapse was known—to some—but simply went unheeded.
AAIS CEO Ed Kelly opened the April 13 edition of AAIS Pulse newsmagazine with an exciting announcement: AAIS has launched openIDL as a Linux Foundation project. The Linux Foundation is the preeminent nonprofit consortium supporting one-source technologies that drive innovation and transform industries.