The consortium aims to tackle the challenge of lack of data standards in the P&C sector across the US. Credit: Aila Images/Shutterstock.

The Open Insurance Data Link (openIDL) has expanded its membership with the addition of reThought Flood and Cloverleaf Analytics. 

openIDL is a consortium focused on enhancing data exchange in the insurance industry through blockchain technology and establishing data standards. 

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It was founded by the American Association of Insurance Services (AAIS) in 2021 as a Linux Foundation project.  

reThought Flood is a technology-centric managing general agent focusing on US flood risk. 

Cloverleaf Analytics specialises in insurance data analytics.

Both reThought Flood and Cloverleaf Analytics will assist in the newly formed open Insurance Data Standards (openIDS) working group.  

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This group aims to develop and promote the adoption of open and non-proprietary data standards within the insurance industry.  

It aims to tackle the challenge of lack of data standards in the property and casualty (P&C) sector across the US.  

The lack of standardisation costs insurers billions annually in data translation for regulatory reporting, catastrophe modelling and operational tasks, while also hindering collaboration with regulators and stakeholders, thereby limiting the development of informed policies, the company said. 

According to the consortium, adopting uniform data standards can improve efficiency, slash costs and enhance collaboration between insurers, regulators and other industry participants. 

openIDL executive director Josh Hershman said: “We are pleased to welcome reThought Flood and Cloverleaf Analytics to the openIDL community. With their support and leadership, we hope to address the fragmented regulatory framework of the US P&C insurance industry, which spans 56 jurisdictions and thousands of insurers, yet has made reaching a consensus on data standards elusive.”