iXledger Weekly Update! — Joint Venture with selfinsurancemarket.com
This week’s blog is mainly focused on the exciting news of iXledger’s joint venture with selfInsurancemarket.com and the site’s adoption of IXT, as well as bringing its founder and CEO Dominic Higham in as Senior Adviser to iXledger.
selfInsurancemarket.com was founded by Dominic Higham as an online portal for the global self-insurance sector. The site provides information to current and future self-insurers in an easy to follow format, as well as providing listings of the service providers who are able to assist companies who wish to become self-insured. The site’s unique Business Enquiry and Provider Search facilities allow companies seeking a self-insurance solution or professional firms seeking partners to direct business enquiries to self-insurance service providers who can then respond directly to the enquirer.
- In the USA 65% of all employers self-insure their employee medical benefits through a Federal Act known as ERISA which allows companies to establish trusts which are then protected by stop-loss insurance.
- The size of the stop loss market in the USA exceeds $15 Billion
- There are over 5,000 captive companies in the world today with 25 main captive domiciles globally
- There are over 250 Risk Retention Groups in the USA
- More than 40 categories of Service Providers operating in this space
With Dominic, we have identified several ways to improve the platform technically, including blockchain, marketing, and a potential launch date and we see tremendous value when combined with right resources, network, and technical expertise.
Dominic Higham, Founder and Managing Director of Self Insurance Market said, “The deployment of blockchain and distributed ledger technology into the insurance sector is gaining momentum and we are excited to be part of this. Partnering with iXledger will allow us to be at the front of this movement whilst at the same time creating a value-add proposition for companies operating in this space.”
Ingemar Svensson, CEO, and Founder of iXledger said, “Dominic is a former senior Lloyd’s insurance and reinsurance broker. Since leaving Lloyd’s he has created a number of successful ventures which have won industry awards and we are looking forward to having him and his experience with us.
At the same time, our strategic partnership with selfinsurancemarket.com will provide us with another channel for our technology in a specific and large sector with a global reach”.