iXledger Partners With London Broker For New Blockchain Insurance Product
iXledger made a new announcement on blockchain insurance, they’ve released a new product to help insuring companies that use blockchain tech. It’s a new partnership backed by a London broker who operates in the international specialty insurance markets.
The insurance product gives quotes as well as risk assessment scores that are needed to be in place for underwriters. iXledger also gives a blockchain centered marketplace that gives InsurTech solutions.
CEO Ingemar Svensson, made a report that the major role to create insurance ready for companies on the blockchain, also to facilitate the acquisition of needed insurance as a requirement for health trading and successful funding as well as operation in the way that people using smart contracting audits are required for investments.
Businesses, banks in specific, have stayed away from blockchain-based companies who have concerns on money laundering. In a released statement, the company iXledger reported it is hard for companies in insurance to underwrite the risk of cryptocurrency markets because of the complex of understanding the extreme risks found in the technology.
Blockchain insurance offerings have grown from many separate discussions with brokers and people who are insuring. They recognize the need for analytics tools as well as sets of data for underwriters who know about risks and the solutions developed. This is all according to Ciaran Sainty, Senior Underwriter & Product Director of the company.
Another statement made by the company at the new launch of the product, shows a very symbol of the transparency who needs to use the cryptocurrency space. Specifically, it highlighted the intense technology used and risk of regulatory issues involved in running-blockchain based companies.
As of now, iXledger gives users InsurTech solutions which include new markets for people involved in insurance, reinsurance or brokering. The new platforms make claims to reduce the risk by giving users access to data and collaborate more effectively due to it being blockchain-based. It is also used to help push quicker transactions, if you ask the company.