Open Insurance Data Link, a forward-thinking consortium focused on establishing critical data standards and leveraging blockchain technology to revolutionize data exchange across the insurance industry, is pleased to welcome new members reThought Flood and Cloverleaf Analytics. As members of openIDL, reThought Flood, an MGA leader in data-driven insurance solutions, and Cloverleaf Analytics, a pioneer in advanced insurance data analytics, will help openIDL lead the charge in insurance data standardization.
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As active members of openIDL, reThought Flood and Cloverleaf Analytics will play a pivotal role in the newly launched open Insurance Data Standards (openIDS) Working Group, spearheading the development and adoption of open, non-proprietary, and universally accepted data standards. These efforts represent a critical first step toward building a transparent, and collaborative, data standard that can serve as a foundation for the industry’s future.
“We are pleased to welcome reThought Flood and Cloverleaf Analytics to the openIDL community,” said Josh Hershman, Executive Director of openIDL. “With their support and leadership, we hope to address the fragmented regulatory framework of the U.S. P&C insurance industry, which spans 56 jurisdictions and thousands of insurers, yet has made reaching a consensus on data standards elusive.”
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The partnership underscores a transformative step toward addressing one of the industry’s most pressing challenges: the lack of widely adopted data standards in the U.S. property and casualty (P&C) sector. This absence of standardization costs insurers billions annually in translating data for regulatory reporting, catastrophe modeling, and operational tasks. These inefficiencies not only burden insurers but also hinder their ability to collaborate effectively with regulators and other stakeholders, obstructing efforts to create meaningful, informed policies. By adopting comprehensive data standards, the industry can enhance efficiency, reduce costs, and foster constructive collaboration between insurers, regulators, and other stakeholders.
“The value of participating in the openIDL and fostering open standards with openIDS is in building together what no one entity could build alone,” said Werner Kruck, CEO of the American Association of Insurance Services (AAIS). “By welcoming new members into the OpenIDL community, we open new avenues of collaboration to help shape the next generation of insurance data standards and governance. Through AAIS’ membership in openIDL, we look forward to working with the OpenIDL community to break down barriers and drive the adoption of transformative insurance data standards that will benefit the entire ecosystem.”
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Source – PR Newswire
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