Last Updated on August 18, 2020 by CryptoCreed
InsureX coin price is $0.009 as per coinmarketcap. Current market cap is 28.43 BTC.
InsureX Coin is the world’s first blockchain-based insurance marketplace, where insurers, reinsurers, brokers can trade and management of insurance products in an efficient way. 5.7 percent of global economic output was covered by the insurance market. The insurance industry is also one of the biggest sources of employment in any country, EX. In the UK more than three million people are working under the insurance market.
As we know almost all insurance is traded via intermediaries or brokers, which increase time, costs, and involution in the insurance process. It is time demand, to adopt new technology ( blockchain) to fulfill the demands of new products and to secure data.
Which is not yet done by the insurance industry. Insurance processes include risk, premiums, and claims typically involve a significant exchange of data between multiple parties, but till now insurance parties store their own copies of data and process it individually. Sometimes it shows bad collaborate which puts insurer and insurance both in trouble.
To remove these barriers from the insurance industry, the owner of Finserve.io Ingemar Svensson founded InsureX in London. InsureX located near the City of London and as per the whitepaper of InsureX, they are working with some of the largest insurers and reinsurers in the world.
InsureX Coin fills the gap of errors by providing a fast, reliable, and consistent manner for the market participants in the marketplace and valuable market insight. To streamline the process between buyers and sellers of insurance products in the marketplace InsureX platform uses blockchain technology, which is secure and faster.
InsureX team charges a small amount as a commission on every transaction in the marketplace and they charge an annual subscription for membership. As the transaction of this community grows will effect increasing and introducing new products will announce.
In short, InsureX will avoid intermediaries, third parties, and manual delays and will offer strong marketplace for both.
Main features provided on InsureX
InsureX token is part of InsureX ecosystem. Participants will get their reward in the IXT (InsureX) Token.
Functions of IXT Token
● Transaction execution reward
● The reward for providing data
● Platform access
● API licenses
InsureX ICO has an IXT Reward Pool (IRP), its a cryptocurrency pool which provides stability and increase the market value of IXT.
InsureX ico will start on 11th July and ends on 31st July. As added in the whitepaper, a maximum of 130,000,000 IXT tokens will be generated and the maximum of 100,000,000 IXT will be sold during their crowd sale and the rest of 30,000,000 tokens will keep as a reserve. The current price for 1ETh is 1125 IXT. The distribution of tokens is in a given way, seventy percent for InsureX team expansion, ten percent for business development, another ten percent for compliance and legal, and the rest of ten percent will be kept in reserve for future use.
As I already added above this company is founded by Ingemar Svensson, former CTO of Risk and Valuation at SunGard Asset Management. He is joined by MIT alumni and early blockchain pioneer Cristina Dolan and Mikael Olofsson, an insurtech expert and entrepreneur
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