iXledger, a company founded in early 2017 in London, U.K., has launched Blockchain Insurance.This platform facilitated blockchain based companies to attain business insurance on the basis of risk assessment. According to a report by BCFocus, blockchain technology may also be used by American Express to help prove payments.
iXledger has claimed that their product is the first of its kind available to the market, and will specialize in offering blockchain insurance quotes as well as the risk assessment score that is required for placement with underwriters.
The iXledger platform provides a number of features that support brokers and underwriters through the insurance process. The risk assessment assists underwriters in their risk evaluation with a detailed model, which gives a score across seven key factors — including a company overview, finance, technology, security, people and management.
As per the information provided by the company, blockchain technology is used by the project for providing transparency of data. It also offers normalisation of data to provide service to the market space. This gives an estimation to raise a fund of $7 billion in 2018. According to the report by International Data Corp., a huge amount of fund is estimated for expenditure on worldwide adoption of blockchain technology. The total sum would be nearly $2.1 billion in 2018. Over the past month we’ve seen iXledger tokens (IXT) go up by 13.5 percent, and 46.66 percent over the past 100 days.
According to iXledger, the “peer-to-peer ecosystem facilitates improved customer service, fuels new efficient business models, drives faster transactions and reduces risk through data access and collaboration.”
Product director and senior underwriter at iXledger, Ciaran Sainty added –
“Our Blockchain Insurance offering evolved from ongoing discussions with brokers and insurers. We recognized the need for the assessment tools and data sets required for underwriters to understand risks and developed our solution.”
In a statement, iXledger said that the launch of the product is a symbol of the transparency that’s needed to the crypto space. In particular, it highlighted the ‘complex technological and regulatory risks’ involved in running blockchain-based businesses.
Currently, iXledger offers InsurTech solutions that include a marketplace for insurers, reinsurers and brokers. The platform claims to reduce risk by providing data access and collaboration more efficiently because it is blockchain-based. This also helps to drive faster transactions, according to the company.