InsureX | A Decentralized Marketplace for Insurance Products

Founded in London in 2017, InsureX is a decentralized marketplace that aims to disrupt the insurance landscape which currently relies primarily on legacy technology for its operations. The InsureX marketplace connects insurers, reinsurers, brokers and general companies directly in an efficient, cost-effective and transparent environment while leveraging blockchain technology to “streamline the process between buyers and sellers of insurance products”.

As industries grow, their complexities and problems grow with them, creating the need for middlemen that can process certain tasks efficiently in exchange for a fee. These middleman positions have grown to a point where most people depend on them for everyday activities, increasing costs and waiting periods for end users.

Although the above has become true for many industries, the insurance landscape is currently plagued by this problem. Most insurance is traded via third parties such as brokers and other intermediaries, adding costs, time and complexity to the process. Thanks to the advantages provided by the blockchain, however, it is now possible to automate many of the tasks previously performed by these middlemen. This is exactly what InsureX is trying to achieve with its decentralized insurance marketplace.

Founded in London in 2017, InsureX is a decentralized marketplace that aims to disrupt the insurance landscape which currently relies primarily on legacy technology for its operations. The InsureX marketplace connects insurers, reinsurers, brokers and general companies directly in an efficient, cost-effective and transparent environment while leveraging blockchain technology to “streamline the process between buyers and sellers of insurance products”.

This model allows companies to skip middlemen fees to transact business in an efficient, secure and consistent manner, resulting in lower prices for all involved. So, how does the InsureX platform work?

Insurance products can be listed on the market along with its main characteristics to a public or private audience. Once both parties (buyer and seller) have agreed on the terms of a product, a transaction is added to the blockchain, ensuring that said transaction is immutable and publicly verifiable, removing the need for third party audits. These transactions can then be viewed and organized with the portfolio functionality, providing high-level information such as risk, premium, claims and performance information.

In the platform, insurers can sell products to reinsurers (risk transfer) who can buy and resell them (retrocession insurance). Brokers can provide tailormade structures and other services, while General Companies can insure their goods, property or people from insurers or reinsurers.

While InsureX does leverage the Ethereum blockchain to provide transparent and immutable transactions between participants, private information is stored in a secured NoSQL data fabric storage which compliments the blockchain network by providing fast access to data.

The InsureX token, IXT, is required for operations within the marketplace, also serving as a participation reward that can be given or received in the platform. Each activity has an associated cost specified in IXT. Part of this fee is then burnt while the remainder is reinvested in the operation and growth of the platform.

In order to fund the development and marketing of the InsureX platform, a crowdfunding campaign is currently being hosted in the form of an Initial Coin Offering (ICO). Users can exchange ETH for IXT tokens, which can then be used in the InsureX marketplace or traded on public exchanges, once added.

To learn more about InsureX, visit the official website and read the whitepaper.