InsureX is an insurance solution based on the blockchain. Find out how InsureX plans to disrupt the insurance industry today in our review.
What is InsureX?
InsureX is an alternative insurance marketplace that aims to solve inefficiencies in today’s insurance industry. The company has partnered with some of the largest insurers in the world to bring the solution to market.
The company announced its crowdsale in a press release on June 13. The crowdsale will open on July 11 at 14:00 UTC. You can contribute to the crowdsale in ETH in exchange for IXT tokens. Bonuses of up to 36% are available for early investors.
InsureX was launched by a London-based company. London is the international hub of insurance.
How Does InsureX Work?
InsureX is the first blockchain-based marketplace built specifically for the trade and management of insurance projects. The company believes the modern insurance industry is hampered by the slow bureaucracy of legacy systems. Blockchain technology can modernize the industry, reduce costs, and make it a more efficient solution for all parties involved.
InsureX will operate as a Software as a Service (SaaS) platform running on the Ethereum blockchain.
Today, insurance is traded and processed in different ways. However, it’s often processed manually and with layers of intermediaries. To conduct an insurance deal today, a large amount of documentation and data needs to be exchanged in a manual system. This is inefficient, costly, and error-prone.
InsureX wants to sell insurance through a more efficient blockchain-based marketplace. That marketplace will also be more secure. Organizations and individuals who join the platform will enjoy a more streamlined experience while also accessing a wider range of products at lower costs.
The platform will be a fully electronic and secure exchange. It will facilitate the secure, encrypted transfer of confidential documents – including medical records and financial information.
To bring the solution to market, InsureX has partnered with some of the world’s largest insurers, reinsurers, and brokers. Together, they’ve created an efficient, cost-effective, and transparent marketplace. They’ve avoided intermediaries and manual delays to create a strong alternative marketplace for the insurance industry.
Here are the features of InsureX broken down in a way that’s easy to understand:
Buy and Sell Insurance: Companies can sell their insurance products on the InsureX marketplace. Companies who wish to buy insurance can search through the platform, or get notified when the listing is posted.
Portfolio Management: Transactions can be structured as portfolios for better organization. High-level aggregated information for the transactions is available for increased transparency.
Transaction Execution: When a suitable insurance product is found, the participants begin the process of exchanging the required information. Each step is tracked in the platform and recorded on the blockchain.
Market Insights: In order to see what is on offer, and provide an understanding of the market, InsureX gives users a powerful dashboard for a real-time view of the industry.
The IXT Crowdsale
InsureX just announced that its IXT crowdsale will be taking place starting July 11 at 14:00 UTC. That crowdsale will last three weeks, until July 31.
IXT tokens will be used to pay for services and data on the InsureX platform. Specific uses for the token include for transaction fees, data access, annual subscriptions, API licenses, and custom integration and support.
The fixed price of the IXT token will be 1 ETH to 1,125 IXT. There will be a pool of 100,000,000 IXT available through the crowdsale, with a reserve of 30,000,000 IXT.
The minimum goal of the crowdsale is 2,222 ETH, while the maximum goal is 88,888 ETH.
Bonuses are available, including a bonus of up to 36% for the first buyers.
Tokens will be used for more than just products and services on the platform. A portion of the IXT paid on the platform will be transferred to the IRP. As a holder of IXT tokens, you’ll have a share in IRP proportionate to the number of tokens you own. The IRP will increase in value as the platform grows.
Who’s Behind InsureX?
InsureX was founded by Ingemar Svensson, former CTO of Risk and Valuation at SunGard Asset Management. Other key members of the team include early blockchain pioneer Cristina Dolan (Co-Founder and CTO), and insurance technology expert and entrepreneur Mikael Olofsson (Co-Founder and “Entrepreneur in Residence”).
The company is based in London, described as “the capital of global insurance” on the InsureX website. They’re located on St. Katherine’s Way.
The company started its early research and development in Q2 2017. You can get in touch with InsureX by email at [email protected]
How Does InsureX’s Technology Work?
InsureX describes its architecture as a cutting edge stack “consisting of React, NodeJS, Ethereum Blockchain and OrientDB”.
Key elements of the company’s architecture include:
InsureX uses blockchain technology to give all participants consistent, shared, and secure processes. The nature of the decentralized blockchain allows for a completely trustless interaction between parties, removing third party costs and commissions. The InsureX platform uses the Ethereum blockchain to make it easy for external developers. Obviously, this is the key innovation in the InsureX system, and the company plans to use blockchain technology to modernize the insurance industry.
High Performance Storage:
InsureX uses high performance storage to store private and confidential information. their storage is a secured NoSQL data fabric that “complements the blockchain network by providing fast access to different data such as medical records or other confidential information.” The storage system includes multiple levels of security, external authentication, and strong usage profiling.
InsureX implements its UI using React – a fast and responsive UI. The Node.js backend handles most of the business logic. The combination of React and Node.js leads to “a very fast, lightweight and robust” platform. The UI renders on tablets and phones. Part of the InsureX development path involves developing a mobile app.
InsureX is preparing for its crowdsale in the middle of July. By Q4 2017, InsureX hopes to sign up to 10 clients. Obviously, the international insurance industry is enormous, and InsureX plans to revolutionize the industry in a way that minimizes costs across providers and clients.
The platform will be available as a Software as a Service (SaaS) platform running on the Ethereum blockchain. It will facilitate the fast and secure transfer of information between two parties – like the insurance company and the client. Clients can send medical data to the insurance company in a secure way, for example, while insurance companies can reduce costs across their organization.
London-based InsureX has ambitious plans for the future. Watch for their ICO scheduled to launch on July 11.