InsureX is a marketplace for insurers, reinsurers and brokers to trade insurance products directly. Use of blockchain technology streamlines the downstream processes for programs, policies, premiums and claims.
Insurance is often traded manually and with several layers of intermediaries. There is a great demand for innovative, technology-driven change. Bringing insurers, reinsurers and brokers together results in an efficient, cost-effective and transparent marketplace, where:
- Sellers list insurance products on the market (publicly or privately), buyers search or get notified of the listing;
- Transactions can be structured as portfolios and high-level, aggregated information (such as risk, premium, claims, and performance) for the transactions is available;
- When a suitable insurance product is found the participants begin the process of exchanging the required information and each step is tracked in the platform;
- A dedicated dashboard provides a real-time view of your portfolio and market activity.
IXT tokens are used to pay for services and data on the platform, with each activity having an associated specified cost. InsureX also charges a commission on transactions being executed on the marketplace and an annual subscription for memberships. As the InsureX community grows the transaction volumes will increase and new products and services will be available.
The InsureX architecture is a cutting edge stack consisting of React, NodeJS, Ethereum Blockchain, and OrientDB. The decentralised blockchain technology allows for completely trustless interaction between parties, removing third party costs and commissions. Building on Ethereum makes it easier for external developers to contribute without having to familiarise themselves with yet another blockchain implementation. In order to process certain transactions, private and confidential information is required to be stored and exchanged – InsureX storage is a secured NoSQL data fabric which provides fast access to records. Multiple levels of security, external authentication and strong usage profiling are included. The UI is implemented using React, which is fast and responsive, while a Node.js backend handles most of the business logic. The React and Node.js combination has proven to be a very fast, lightweight, and robust approach. The company also plans to develop a mobile app so as to take advantage of native device capabilities. Furthermore, InsureX will generate large amounts of data which will be of huge value to external companies as well as customers. Parts of the software will be open source and available for other insurance solution vendors to use, in order to create a strong ecosystem and active community. The company also aims to expand into independent risk and valuation services, direct consumer products, and automated brokering services.
InsureX was founded in London in 2017. The company’s lead team is comprised of Founder and CEO Ingemar Svensson (founder of Finserve; CTO of Risk and Valuation at SunGard Asset Management; spent 20 years building mission critical systems in various roles at Bank of America Merrill Lynch, Barclays Capital, Lehman Brothers and Mitsui Sumitomo Insurance), Co-Founder and COO Cristina Dolan (an MIT Media Lab alumna and Internet pioneer with over two decades of experience; co-founder of OneMain.com which grew to be the 10th largest ISP after a successful IPO [acquired by Earthlink]; member of the Forbes Technology Council and Chair of the MIT Enterprise Forum in New York), and Co-Founder and Entrepreneur in Residence Mikael Olofsson (co-founder of on-demand insurance platform TikkR.co with participation of the InsurTech Accelerator Program in 2017 at Startupbootcamp.org in London; worked as a Senior Equity Derivatives Broker and Commodities Broker in London, New York, Geneva and Paris). Other team members are Valdi Kamenarov – Architect, Nicolas Cherence – Lead Ethereum Developer, and Charlotte Holmen – Lead UX Developer. The company’s advisory board includes Ross Campbell (Chief Underwriter, General Re, London), Nick Pester (Partner, Head Of Insurance & InsurTech at Capital Law LLP), Ransu Salovaara (Senior Adviser and CEO TokenMarket), and Keld van Schreven (Senior Adviser and Co-Founder of Kryptonite PLC).
InsureX Tokens IXT will be issued during the crowdsale opening on 11-July-2017 and ending on 31-July-2017. (The company passed its pre-sale minimum funding target within 2 days.) Once completed, no further tokens will be generated. The base price of IXT is 1,125 per ETH and tokens will be issued in 5 tiers with an associated bonus model. The funding raised through the crowdsale will be used to accelerate the building of the InsureX platform to move it from Beta into Production in partnership with a number of insurance and reinsurance partners during Q4-2017. Pending on the success of the crowdsale, the distribution of funds will mainly go towards development, infrastructure and key hires such as senior actuaries, underwriters and brokers.