Data Management/Distributed Ledger

Hanover Exec Discusses Current Data and Info-Sharing Trends

May 4, 2022 / by AAIS posted in openIDL, Technology, Data & Technology, Data Management/Distributed Ledger, Insurance News/Current Events, Tech News, Regulatory/Compliance, AAIS Pulse, Data/Tech, Analytics Insurance, Regulators, The Hanover, Regulatory Reporting, Democratization of Data

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On a recent edition of AAIS Pulse, The Hanover SVP Scott Grieco sat down with AAIS SVP Operations, Joan Zerkovich, for a “Tech Talk” discussing current technology trends, and methods for modernizing the way insurers think about data and information sharing.

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AAIS Webinar Talks Democratization of Data with BizDynamics

Jan 21, 2022 / by AAIS posted in Community, Data & Technology, Data Management/Distributed Ledger, AAIS Events, Events, Tech News, AAIS News & Views, AAIS Insights, AAIS Webinar Series, BizDynamics

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On Wednesday, Jan. 19, AAIS hosted a webinar with AAIS VP of Data Solutions Ruturaj Waghmode and BizDynamics SVP of Partnerships Neil Pravin Dias. They took a comprehensive look at what the power of data democratization means for insurance carriers, regulators, agents, and policyholders – and how to make it a reality.

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Shifting the Data Sharing Paradigm with openIDL

Jan 10, 2022 / by Matt Hinds-Aldrich posted in openIDL, Data & Technology, Data Management/Distributed Ledger, Tech News, Regulatory/Compliance, Modeling/Predictive Analytics, AAIS Insights, Data/Tech, Modeling/Actuarial

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Clive Humby said it best with his oft-cited quote – “data is the new oil.” It is true that the value of data is in its refinement and synthesis into useful insights, tools, and products, all predicated on the existence of a complex infrastructure to share and transport data from where it is found (those with the data) to where the analysis occurs (those with the questions).

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Increasing the Value of Data

Jan 4, 2022 / by Ruturaj Waghmode posted in Community, Issues & Trends, Data & Technology, Data Management/Distributed Ledger, Tech News, AAIS News & Views, AAIS Insights, Data/Tech

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Everyone has probably heard the cliché “Data is an Asset.” But how do we break it down pragmatically into an actionable backlog and apply some “data-driven metrics” toward attributing and increasing the value of data.

It’s a fascinating and challenging paradigm – to increase the value of data. Like many other assets, the value is typically not intrinsic; it must be harnessed. It requires a process of extraction, enrichment, polishing, and packaging. Even then, the value realization is not obvious or guaranteed, until the consumer engages with it. Think of diamonds. They go through an extensive process from rock to finished product, and still only possess value once purchased by a consumer at a defined market rate.

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Busy NAIC Fall Meeting Brings Forth Key Themes for 2022

Dec 22, 2021 / by AAIS posted in Community, Issues & Trends, Data & Technology, Data Management/Distributed Ledger, Insurance News/Current Events, Industry Associations, Regulatory/Compliance, Legislation & Regulation

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The National Association of Insurance Commissioners (NAIC) recently wrapped up its fall meeting in San Diego, Ca., where it celebrated its 150th Anniversary. It was a hybrid event with an estimated 1,200 people attending in person and another 1,800 virtually. AAIS Views caught up with our Manager Government Affairs and Compliance, Lori Dreaver Munn and AAIS VP of Memberships & Solutions Truman Esmond, who both attended in person to hear about some of the key themes and takeaways from the meeting.

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CT Commissioner / AAIS VP Talk openIDL, Blockchain, & Democratization of Data

Dec 13, 2021 / by AAIS posted in Community, Issues & Trends, Data & Technology, Data Management/Distributed Ledger, Insurance News/Current Events, Tech News, Regulatory/Compliance, Blockchain, Legislation & Regulation, Data/Tech

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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:

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Open Source Benefits are Coming to Insurance

Dec 6, 2021 / by Joan Zerkovich posted in openIDL, Machine Learning/AI, Issues & Trends, Data & Technology, Data Management/Distributed Ledger, Robotics/Drones, Open Source, Tech News, IoT, Telematics, Modeling/Predictive Analytics, AAIS News & Views, AAIS Insights, Data/Tech

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In 2002, Amazon eliminated millions of dollars from its technology costs by switching to the Linux operating system, an open source technology platform from the Linux Foundation. In a filing with the Securities and Exchange Commission, Amazon stated it was able to cut technology expenses by about 25%, from $71 million to $54 million, primarily through “migration to a Linux-based technology platform that utilizes a less-costly technology infrastructure, as well as general price reductions for data and telecommunication services due to market overcapacity[1]. Amazon continues its open source technology strategy today, as do thousands of other companies. Today, 96.3% of the world's top one million servers run on Linux[2].

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Value of Blockchain “Sandboxes” Being Realized by Regulators

Nov 17, 2021 / by Robin Westcott posted in Community, Data & Technology, Data Management/Distributed Ledger, Tech News, Regulatory/Compliance, Legislation & Regulation, Data/Tech

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We’re at an inflection point with blockchain technology. A greater community of interest has developed beyond cryptocurrency with the realization that blockchain can solve all types of problems. Insurance regulators nationwide are starting to create “sandboxes,” essentially incubators where new technologies and innovations can be developed and tested, exempt from prohibitive regulations, until a proper regulatory framework can be created.

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Blockchain: The Next Big Thing

Oct 8, 2021 / by Robin Westcott posted in openIDL, Issues & Trends, Data & Technology, Data Management/Distributed Ledger, Tech News, Regulatory/Compliance, Blockchain, Data/Tech, Modeling/Actuarial

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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

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Getting Technical: How openIDL Came to Life

Oct 5, 2021 / by Isaac Kunkel, Chainyard posted in openIDL, Data & Technology, Data Management/Distributed Ledger, Tech News, Regulatory/Compliance, Blockchain, Data/Tech

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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.

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