Monday, June 26, 2017

Technical Overview InsureX


The global economic output of insurance market is 5,7% or about $3,92 trillion. With this huge amount of market share, InsureX provides a safe and transparent platform for insurers, reinsurers, and brokers to do the transaction. This paperless full digital blockchain system that is offered by InsureX creates an efficient, cost-effective, and transparent market place.

InsureX offers some key features to facilitate your transaction.

List and market insurance product. In this platform, the sellers can choose, whether they want to display their product for public or only for limited selected group. Information of the products include the key characteristic, potential target region, and potential target market. The document sharing function that offers by InsureX ensure the transparency and simplicity of the process. In other words, everyone can see the same transaction details and documents.

Transaction execution.

Participants of the transactions can even see the information in real time. It means, there is no need to use third party.

Portfolio management.

With this feature, you can have an overview of your transactions and a summary view of key metrics. To help you to organize your data, you can build your portfolio hierarchical and nested. You will get also the high-risk data, such as risk, premium, claim, and performance.

Market insight.

To facilitate your transaction, InsureX provides an overview of information from market activity across regions, market sectors, exposures, etc.

InsureX mainly focus on insurance market. This means that the target market of InsureX is reinsurer, insurers, brokers, and general companies.

The system of InsureX is based on reward, in this regard is token. The token will be awarded for the transaction execution reward, reward for providing data, platform access, and API licenses. Besides award, InsureX offers bonus system too.

Merely finance themselves through crowdsale, the funds will mainly distribute for the development and infrastructure of InsureX. Established in 2017, the transaction for crowdsale will be ended on July 31th 2017 at 2 pm UTC.

What unique with this platform is, is their campaign. They use a social media campaign that rewarded common people that promote their business. A main requirement to join their campaign is that a person must have a Bitcointalk username. Besides that, InsureX applies quite strict regulations for people who campaign for them. For translator, you must provide a previous work result. In twitter, the campaigner must have at least 200 followers, whereas in facebook campaigner must have at least 100 friends. InsureX pays them with stakes. It means that the campaigners work double for them. The campaigners make an advertisement for InsureX, and on the other hand the campaigners play some role also in the development of InsureX with their stakes. It is, indeed, a smart strategy and win-win solution for InsureX and the campaigners.

Based on the concept, InsureX can give their participants an ultimate benefit. Their blockchain system allows participants to see the big chuck of data and, therefore, many possibilities to join the market based on their requirements. Though the crowdsale is only conducted in a limited time, once InsureX established, they will develop it for independent risk and valuation services, direct costumer products, and automated brokering services. Combine with one of the biggest market share in global economy output, InsureX system of transparency can, indeed, be one of the promising method in insurance market.



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By: CryptoBjorn

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