Insurance Commissioner Jon Godfread today brought together members of the North Dakota insurance industry to introduce a new data solution called Insurance Data Link (openIDL), governed by AAIS, a statistical agent and advisory organization, on IBM Blockchain. The openIDL is the first blockchain platform that enables efficient and secure sharing of statistical data like policy count, premium volume, claims and loss experience data.
“Having the opportunity to explore the openIDL platform in North Dakota is exciting because utilizing blockchain technology as a tool could place a treasure trove of new information in the hands of our insurance carriers and the Insurance Department allowing for better evaluation of our insurance industry,” Godfread said. “Exploring growing technology like openIDL also pushes North Dakota to the forefront of innovation in the national insurance arena further establishing our state as an industry leader.”
The openIDL platform could provide a new way to efficiently gather statistical reporting from North Dakota insurance carriers leveraging blockchain technology. Blockchain is a growing list of records or data that are linked and securely coded. By design, a blockchain is resistant to modification of the data making it a secure way to organize and secure statistical information.