We have often noted that FintekNews focuses on the U.S. fintech sector BUT every so often we just have to peek around the “other” world and comment on a big deal. InsureX, a UK insurtech startup, is doing a crowd sale by issuing tokens and with the capital raise develop a blockchain platform that will dramatically streamline the way insurance products are sold. Why is this big? Because cutting edge financing, streamlining insurance AND its being done in the stodgy insurance sector. Now that’s cutting edge, on all fronts.
“Insurance blockchain startup InsureX has announced that it will open its crowd sale on 11 July at 14:00 UTC. InsureX is building the first blockchain-based marketplace to be used for the trade and management of insurance products.
The project hopes to transform a sector that is currently encumbered by the slow bureaucracy of legacy systems. The token sale aims to raise funds for the development and launch of the platform. Contributors in ETH will receive IXT tokens that will enable them to access the platform and to pay for transactions and data on the platform.
Currently, insurance is traded and processed in traditional ways, often manually and with layers of intermediaries. As part of the typical insurance deal, a large amount of documents and data have to be exchanged which in a manual system, introduces cost, delays and errors to the process.
‘Blockchain technology presents an exciting opportunity to disrupt the industry. Preliminary estimates are that gross written premiums generated by insurers contribute 3.5 trillion or 5.7 percent of the global GDP – that is a massive opportunity. At InsureX we want to set a new precedent for the way insurance products are bought and sold through a blockchain-based marketplace that will add greater speed and security to the process’ Ingemar Svensson, CEO, InsureX..”