iXledger – Alternative Blockchain Insurance Solutions Marketplace?
What is iXledger?
iXledger is a provider of what has been described as an alternative insurance marketplace that has been built using blockchain technology.
They have their operations based in London and they have recently announced that they will be collaborating with Gen Re when it comes to this project, who is one of the leaders in the world when it comes to reinsurance.
Their goal is to work together in order to create solutions for both health and life insurance through the medium of blockchain technology and other technologies that are at an advanced stage.
This is what their initial plan is and as Gen Re have already worked with iXledger, it looks set to be a strong partnership. IXledger had lent its expertise to Gen Re when they were building their financial software and they will also be able to benefit from the software and technology being used to build these next gen marketplaces.
iXledger's Ultimate Goals
While iXledger are currently based in London, at the moment they are focusing on expanding their presence in areas such as Asia, the United States and Europe.
They first started development at the start of 2017 and the team is made up of a group of experienced entrepreneurs, as well as technologists who have had previous experience in the areas of Insurtech and Fintech.
Having worked extensively with executives in insurance companies, they realised that there were many ways in which improvements could be made to the industry to make it more effective and efficient through the utilisation of blockchain technology.
These strategic processes had become old and outdated, falling behind the demands of this modern age in a lot of cases.
The main aim is to have these processes streamlined in the form of a marketplace whereby the insurance companies are able to directly interact with customers and serve them in a more optimal fashion. This will facilitate new business opportunities, as well as better competition within the industry.
It is the Ethereum blockchain technology that iXledger is using in order to develop its range of products and services.
Partnership with FidentiaX
After announcing back in August that they would be partnering with Gen Re on this project, they have recently announced that they will now also have a strategic partnership with the folks at fidentiaX.
fidentiaX has a marketplace that gives policyholders the ability to have their existing insurance policies monetised in order to receive a higher value, which means that buyers in the market are able to make an investment in such a class of assets that was not readily available in previous times.
This partnership will allow for the platforms to integrate into one another and come together as a secure, transparent and efficient experience from start to finish for both the businesses (brokers, insurers, reinsurers) as well as the customers (policyholders).
They will be combining resources and expertise in order to help each there out. The main team of fidentiaX has experience when it comes to consumer segment strategy, as well as knowledge in the area of wealth management which will generate a lot of insights for iXledger as they will be able to optimise their customer’s experience and make their platform be delivered in a more efficient manner.