InsureX — Blockchain Based Insurance Marketplace
InsureX is world’s first blockchain based insurance marketplace, where insurers, reinsurers, brokers can trade and management of insurance products in a efficient way. 5.7 percent of global economic output was covered by insurance market. Insurance industry is also one of the biggest source of employment in any country, for ex. In UK more than three million people are working under insurance market.
As we know almost all insurance are traded via intermediers or brokers, which increase time, costs and involution in the insurance process. It is time demand, to adopt new technology ( blockchain) to fulfill the demands of new products and to secure data.Which is not yet done by insurance industry. Insurance process include risk, premiums and claims typically involve a significant exchange of data between multiple parties, but till now insurance parties store thier own copies of data and process it induvidually. Sometimes it show’s bad collaborate which put insurer and insurance both in trouble.
To remove this barriers from insurance industry, owner of Finserve.io Inegemar Svensson founded InsureX in london. InsureX located near the City of London and as per whitepaper of InsureX they are working with some of the largest insurers and reinsurers in the world. InsureX fill the gap of errors by providing a fast, reliable and consistent manner for the market participants in the marketplace and valuable market insight. To streamline the process between buyers and sellers of insurance product in marketplace InsureX platform uses blockchain technology, which is secure and faster. InsureX team charges a small amount as commission on every transaction in marketplace and they charges annual subscription for membership. As transaction of this community grows will effect of incresing and introducing new products will announce.
In short InsureX will avoid intermediaries , third parties and mannual delays and will offer strong marketplace for both.
Main features provided on InsureX
- List and market insurance products
- Transaction Execution
- Portfolio Management
- Market Insights
InsureX token is part of InsureX ecosystem. Participants will get their reward in IXT (InsureX) Token.
Functions of IXT Token
● Transaction execution reward
● Reward for providing data
● Platform access
● API licences
InsureX has a IXT Reward Pool (IRP), its a cryptocurrency pool which provide stability and increase market value of IXT.
Intial Coin Offering for InsureX will start on 11th July and ends on 31th July. As added in whitepaper, maximum 130,000,000 IXT tokens will be generated and maximum of 100,000,000 IXT will be sold during their crowdsale and rest of 30,000,000 tokens will kept as reserve. Current price for 1ETh is 1125 IXT. The distribution of tokens are in a given way, seventy percent for InsureX team expansion, ten percent for business development, another ten percent for compliance and legal, and rest of ten percent will be kept in reserve for future use.
As i already added above this company is founded by Ingemar Svensson, former CTO of Risk and Valuation at SunGard Asset Management. He is joined by MIT alumni and early blockchain pioneer Cristina Dolan and Mikael Olofsson, an insurtech expert and entrepreneur
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