A London based company called iXledger has recently launched a Blockchain Insurance service. Founded in early 2017, it aims to provide its users with insurance quotes after a thorough risk assessment. It provides necessary metrics that are useful to the underwriters, insurers, and reinsurers.
Backed by the experts in London’s insurance market, the company says the platform has been crafted to perfection to act as a shield against the risks involved with cyber risk, financial exposure, crime and legal threats.
The thorough risk assessment gives out a score after taking into consideration seven crucial factors which include a company overview, finance, technology, security, people, and management. It then sends in the applications in the market and once the insurance is approved, the policy is published on the Ethereum blockchain.
Their website states:
“This record can be used to show potential investors and other interested third parties that the insurance is in place, increasing the legitimacy of the business and mitigating risk.”
As per the company’s statement, the project is taking the advantage of blockchain technology and providing data transparency and data normalization to the market. It is touted to raise a fund of $8 billion in 2018.
According to the International Data Corporation, the amount that is being spent on blockchain is on the rise. With $945 million in 2017 and $2.1 billion in 2018, it is expected to be $2.3 billion by 2021.
It uses the IXT utility token to grant access to the iXledger tools. iXledger has a future plan to make the platform available to other insurance services, which not only include SelfInsuranceMarket, but also fidentiaX. The company also intends to further collaborate with other insurance industry leaders to ensure that their product keeps evolving.