New Open Standards Will Transform How Insurers, Regulators, and Service Providers Share and Utilize Data
openIDL, a Linux Foundation project, announced the formation of the openIDS (open Insurance Data Standards) Data Specifications Working Group. This groundbreaking initiative aims to establish an open, extensible framework for insurance data standards, leveraging intellectual property (IP) contributions from Cloverleaf Analytics, a recognized industry leader. The new open standards will transform how insurers, regulators, and service providers share and utilize data, fostering a more efficient and collaborative ecosystem.
Open and Extensible Data Framework
The openIDS Data Specifications Working Group aims to revolutionize data handling in underwriting, claims, actuarial analysis, regulatory reporting, compliance, cross-industry exchange, and more. By adopting a common model that remains neutral to technology implementation, the framework eliminates costly proprietary barriers and fosters a level playing field for all insurers, regardless of size or technical maturity.
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“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,” said Robert Clark, CEO of Cloverleaf. “By contributing this IP to openIDS, we’re catalyzing a massive leap forward in standardizing data across the entire ecosystem. We’re proud to support an open and inclusive model that benefits all.”
Cloverleaf’s Leadership Spurs Innovation
Cloverleaf is contributing foundational IP that currently powers many leading insurance companies. This invaluable starting point ensures the working group builds upon proven infrastructure. By merging Cloverleaf’s solutions with the OpenIDL community’s vision for open, transparent, and flexible data standards, the working group is focused on enabling seamless data interoperability across the insurance value chain.
“The Data Specifications Working Group is a milestone for our industry,” said Werner E. Kruck, CEO of AAIS. “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.”
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Transforming the Insurance Landscape
The new standard has the potential to redefine the insurance landscape, from smoother bordereau reporting to advanced analytics and AI-driven underwriting. As the insurance industry embraces this framework, organizations will experience reduced operational costs, improved speed-to-market, and enhanced data interoperability.
“The applications of this new open standard are truly endless,” said Cory Isaacson, CEO of reThought Flood. “Our team is excited to explore the many ways this standard can be leveraged to deliver value and new solutions.”
“Seeing how quickly the community has rallied around a unified approach speaks volumes about the strength of our foundation and the industry’s appetite for meaningful change,” said Josh Hershman, Executive Director of OpenIDL. “When stakeholders are aligned and building on proven solutions, real progress happens fast. Within the community specification framework, our goal is to keep that momentum going—by continuously incorporating feedback and evolving the standard to serve the diverse needs of the entire ecosystem.”
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Source – prnewswire
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