InsurTech-Blockchain Briefing #2: iXledger (incl. Interview)
The iXledger platform offers a next generation marketplace for insurers, reinsurers and brokers to trade insurance products directly. They state that the use of blockchain technology streamlines the downstream processes for programs, policies, premiums and claims through an alternative marketplace. Insurance companies can interact directly and more effectively to better serve customers and fuel the creation of new business opportunities.
The iXledger marketplace is for participants of the insurance industry. Their target audience are:
- Brokers. Match buyers-sellers while providing tailor-made structures and other services.
- Insurers. Sell insurance products to reinsurers i.e. risk transfer.
- Reinsurers. Buy insurance programs or selling i.e. retrocession insurance
Quick interview with Ingemar Svensson, Founder & CEO
I had the chance to ask the iXledger Founder & CEO Ingemar Svensson a few quick questions:
Why do people in the insurance industry need to pay attention to Blockchain?
Ingemar: Because of the ease with which it can resolve some of the prominent challenges in the insurance industry. Transparency, process overheads, data reconciliation, data and process sharing etc.
What do you think is necessary for Blockchain to be adopted in the insurance industry?
Ingemar: Greater awareness of the benefits and IT departments willing to adopt it.
What is iXledger about and what is your mission? / How does your platform work?
Ingemar: We aim to provide an alternative marketplace and blockchain based processes that will address the challenges above.
What do you see as the most promising use cases for Blockchain in insurance?
Ingemar: Claims process, placement process and interaction with external partners.
What is your advice for insurance companies wanting to start with blockchain?
Ingemar: Engage with an outside company who has real experience of the technology and make sure there are internal resources available who understand your processes.
