InsureX is being developed to address the issues related to the trading and management of insurance products. In the current model, insurance products are traded via third parties such as brokers and intermediaries. Although there is a need for these third-parties at times, they add to the cost, time and complexity of the process.
The major challenge that the industry faces is that currently, all parties involved store copies of the same data related to various products. This includes data related to the insurance processes that manage risk and premiums. This is a significant amount of data passing between various parties and stored multiple times on multiple systems. This makes it difficult to share the information between all the parties involved and may compromise the integrity of the data.
The InsureX Solution
Taking advantage of blockchain technology and its decentralised nature, InsureX is developing a better solution for all parties involved in the trading of insurance products. In their whitepaper they explain as follows:
“InsureX offers a disruptive environment which will be beneficial to the currently outdated insurance sector. Participants in this marketplace are able to transact business in a highly efficient, secure and consistent manner with easy access to historical data and valuable market insight. The InsureX platform uses blockchain technology to streamline the process between buyers and sellers of insurance products. Not only does it provide a place to find and trade insurance, but a platform to manage the downstream processes related to programs, policies, premiums and claims.”
The InsureX Platform Key Features
- List and Market Insurance Products – The InsureX platform will allow sellers to list their products on an open market of buyers or a specific group. It is their choice. They can select a group of buyers that they feel will best match their offering. As mentioned above, as the data can now be stored in a decentralised nature, the ability to share the needed information will make for easier negotiation.
- Transaction Execution – Again, because of the blockchain technology, once an agreement is come to by the parties involved, it is added to the distributed ledger. There can be no disputing the transaction once listed.
- Portfolio Management – The portfolio management of the InsureX product will allow a user to get a complete overview of their portfolio with the ability to sort by variables such as risk, premium, claims and performance.
- Market Insight – InsureX is able to provide a detailed overview of market activity across regions, market sectors, exposures etc. The ability to aggregate statistics gives an unparalleled view of the insurance market
InsureX Target Audience
“InsureX marketplace is for participants of the insurance industry and the core benefit to our users will be the ability to search and match the various needs as an insurer or reinsurer.
● Reinsurer. Buy insurance programs or selling i.e. retrocession insurance.
● Insurers. Sell insurance products to reinsurers i.e. risk transfer.
● Brokers. Provide tailor-made structures and other services.
● General Companies. Companies who wish to insure their goods, property or people will be able to join the platform. In order to do certain things like
In order to do certain things like listing of insurance products, a Know-Your-Customer KYC process will be in place.”
IXT – The InsureX Token
InsureX is creating its token, IXT through its crowdsale. The token will serve the function of a reward for the party that sees a listing, bids on it and comes to an agreement with the seller. It will also serve as the reward for providing data, platform access and API licences.
Of all of the fees collected through the platform, a portion will be burned while the remainder will be reinvested in the operation and growth of the platform.
There will only be 130,000,000 IXT tokens ever created, and 100,000,000 of thoise will be offered during the crowdsale.
Crowdsale Structure
- Starts: 11th July
- Ends: 31st July
- Price: 1 ETH – 1,125 IXT
- Crowdsale pool: 100,000,000 IXT
- Reserve: 30,000,000 IXT
- Minimum goal: 1,634 ETH
- Maximum goal: 83,778 ETH
There is a bonus structure in place, starting at 36% for the first 2.5 million tokens and decreases to 9% for the 50 millionth.
Use of Contributions from Crowdsale
The majority of the funds collected will be used to grow the team of InsureX to rapidly advance its development and deployment. The breakdown is as follows:
Team Expansion – 70%
Compliance and Legal – 10%
Business Development – 10%
Reserve – 10%
