The newly formed group is tasked with establishing a framework that will transform how data is shared and used by insurers, regulators and service providers. Credit: Nichcha/Shutterstock.

The open Insurance Data Link (openIDL), a consortium aiming to improve data sharing in the insurance space, has formed the open Insurance Data Standards (openIDS) Data Specifications working group.  

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

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The latest initiative is aimed at developing an open framework for insurance data standards, utilising intellectual property (IP) from Cloverleaf Analytics to enhance data exchange through blockchain technology. 

The newly formed group is tasked with establishing a framework that will transform how data is shared and used by insurers, regulators and service providers.  

It applies to various facets of the insurance process including underwriting, claims management, actuarial analysis and regulatory compliance. 

With the adoption of a common, technology-neutral model, the openIDL initiative aims to dismantle proprietary barriers that can be costly.  

This is expected to offer a “level playing field” for all insurers, the company release stated.  

Cloverleaf will provide the foundational IP for this endeavour to ensure that the working group builds upon an already established infrastructure. 

The collaboration is designed to enable data interoperability across the insurance sector.  

Cloverleaf CEO Robert Clark stated: “The framework we are offering as the foundation is tried and true – Cloverleaf’s data specifications already drive many of today’s top insurance companies. By contributing this IP to openIDS, we are catalysing a massive leap forward in standardising data across the entire ecosystem. We are proud to support an open and inclusive model that benefits all.” 

AAIS CEO Werner E. Kruck said: “The Data Specifications Working Group is a milestone for our industry. With openIDS, insurers, regulators and service providers will be able to exchange critical information more efficiently than ever before. This level of transparency and interoperability dramatically accelerates innovation and will help us better serve all stakeholders.” 

In January this year, openIDL added new members, reThought Flood and Cloverleaf Analytics.