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London, UK. 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 will 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 insurance
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 products are bought and sold through a
blockchain-based marketplace that will add greater speed and security
to the process’ Ingemar Svensson, CEO, InsureX
InsureX
will operate as a Software as a Service (SaaS) platform that runs on
the Ethereum blockchain. Organisations and individuals joining the
platform will benefit from a more streamlined experience, access to a
wider range of products and lowered commissions. The platform offers a
fully electronic and secure exchange allowing for the safe transfer of
confidential documents and data such as medical records and financial
information.
The
company was 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. A team of advisors includes Ross
Campbell, Chief Underwriter at General Re and Nick Pester, Head of
Insurance and Insurtech at Capital Law LLP. With a strong team
strategically located in London, the capital of global insurance,
InsureX is well positioned to take its alternative insurance platform to
market.
The crowdsale opens on the 11 July at 14:00
UTC. Contributors in ETH will be eligible for IXT tokens with bonuses
of up to 36% for early birds. For more information visit: www.insurex.co
Media Contact: Freya@tokenmarket.net
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