Insurex a marketplace for block-chain based product
Mid-July, Insurex Insurance block-chain will be opening its crow sale. It will be the first block-chain based marketplace which will be basically used for the management of insurance and trade products.This project aims to transform the sector that is now loaded with by the slow regulation and structure of systems legacy.
At the moment, insurance is primarily traded in traditional manner,frequently manually and with layers of intermediaries. Therefore, a large quantity of data and documents will have to be exchanged, whereby a manual system,introduces delays, high cost and errors to the process as part and parcel of the insurance deal and thus, Insurex will counter attack such challenges. Preliminary estimates will be that the written gross premiums will be generated by insurers contribute about 5.8% of the global gross domestic product(GDP), which is a huge opportunity. InsureX aims to set a unique precedent for the manner in products are being bought and sold via the a blockchain-based marketplace which will increase the security and the speed to the process Ingemar Svensson. This is an exciting opportunity to disrupt the insurance industry, that Block-chain technology will present.
Individuals and organisations that will be joining the platform will have take advantage from a simpler experience, accessing wider range of lowered commissions and also products. The platform will be offering a secure and a fully integrated electronic exchange, that allows reliable transfer of private documents and data such as financial information and medical records.
The SunGard Asset at Valuation and CTO of Risk, Ingemar Svensson, founded the company, who was joined by alumni of MIT and early block-chain pioneer Mikael Olofsson and Cristina Dolan,an insurtec entrepreneur. The advisors consists of; Ross Campbell, who is the Underwriter Chief Nick Pester and at General Re, who is the Capital Law at Insurtech and Head of Insurance.