End of October Updates
Read up on the updates with iXledger, as we provide you with the latest of our commercial activity, exchanges and product development.
Approaching the end of October, it has been an exciting period for iXledger this week. We are pleased to inform you that we have a number of workshops confirmed with a market leading broker, and as part of our data privacy work we are also starting a partnership with a very credible player in the medical record space. Stay tuned as once we make it official, more of this will follow in our next blog post with details on the strategic aspect of this future partnership.
Summary of a brief roadmap for the next 3 months below. An official version of our roadmap is being completed as we are focusing on a new set of guidelines for an updated whitepaper.
Sprint 4 (3 November, 2017)
- Create RFQ. Create a foundation for the RFQ functionality end to end. The UI should support the creation and viewing of RFQ which should be implemented in Smart Contracts.
Sprint 5 (17 November, 2017)
- RFQ Messaging. Exchange of instant messages between market participants.
- RFQ RFI (Request For Information). Formal way of requesting and returning additional information.
Sprint 6 (1 December, 2017)
- RFQ Quotes. When insurers receive RFQ’s they can provide quotes against them.
- RFQ Documents. Both brokers and insurers can associate documents with RFQ’s.
- RFQ Contract Templates and Market Reform Contract MRC.
- Firm Orders
Sprint 7 (15 December, 2017)
- Dashboard for brokers and insurers. Provides charts, data tables, news-feeds etc.
Sprint 8 (5 January, 2018)
- Market View/Blotter. Provides insight into market to assist pre-RFQ and throughout the process.
- Market Selection and Targeting. When placing an RFQ or being notified various selections or filters will be applied to narrow down the recipients.
- Portfolio for brokers and insurers. Allows you to keep track of your confirmed orders.
- IXT Payment oracle
Sprint 9 (19 January, 2018)
- IXT UI Integration
Click here to open our FAQ sheet. The FAQ’s will be updated when necessary.
Henrik Hoppendorff, our SME insurance specialist and our Lloyds Reinsurance Broker, spent their efforts working on various aspects to our platform, some of which are:
- Insurance placement process
- Risk details for MRC (Market Reform Contract)
- Formal line-size proposal (firm order) functionality to be as easy as possible for brokers and underwriters when negotiations are finalised.
Depending on the category, the data can be fully or semi-automatically populated to MRC’s, or client-data is set in manually.
- Category 1 (automated): captured from placement process
- Category 2: configurable in account
- Category 3: User data
Technology investments are pouring into the insurance industry, in order to update legacy IT systems and processes both insurers and brokers have.
We expect blockchain utilisation to become the standard adoption in the coming years as part of tackling the current inefficiencies in front and back office processes. The savings from this is estimated to be approximately 30% in insurers and brokers administrative costs.
Above is supported, by unfavourable macroeconomic environments which have low interest rates, due to the investment operations are not generating enough profits to cover eventual losses in underwriting operations. Cost-cutting initiatives in a low-interest rate market has resulted as mergers between global insurance companies took place. Likewise, insurance brokers income is most often dependent of the premium size their client pays to the insurer; if premiums decrease in the competitive market, then a broker’s revenue will see the same effect. This supports the further cost-cutting measures which are taken currently in the market.
The iXledger Insurance Marketplace platform, utilised through blockchain technology and smart contracts, is being developed to tackle the current inefficiencies of the office processes.
Click here to watch our product video.
We have been refining our RFQ contract according to business feedback. The data fields are now more closely in line with real business world workflows. We have been testing our RFQ contract on our internal test network. Currently, the tests mainly focus on functionalities. However, performance has also been briefly tested. We have observed a few interesting stability issues with the official geth client, which we produced workarounds as it’s not our primary focus.
- iXledger, COO & President, Cristina Dolan, speaking at a workshop in SingularityU, Warsaw, Poland, ‘Architecting a Blockchain Consortium or Marketplace’.
- Our Business Development Manager, will be attending the Digital Insurance World, 2017 Event, on Tuesday, 31 October, 2017.
Digital Insurance World is back. In true digital style it's been disrupted, it's innovating, and it's going to be…www.digitalinsuranceworld.co.uk
We have begun discussions with a provider of deep liquidity. We are looking to go through this route to get listed on major exchanges. What’s next is for us to sign a bilateral agreement with the firm in the next week or so. They obtain liquidity pools and direct connections straight into exchanges.
In the meantime, our IXT/BTC trading pair with HitBTC is added onto CoinMarketCap.