[IXT] InsureX blockchain-secured marketplace for Insurance
Opens: July, 11 2017 14:00 UTC
Closes: July, 31 2017 14:00 UTC.
InsureX: The first blockchain-based marketplace for the trade and management
of insurance products announces its crowdsale opening 11th July
What is InsureX?
InsureX is a market created for the insurance sector and empowered by blockchain where insurance and reinsurance companies can connect and trade insurance products.
Why is your technology valuable?
Currently the process in the insurance sector is very inefficient, expensive and prone to error. This is because a lot of work is done manually with many intermediaries in addition to the large amount of documentation passed between the two parties. InsureX solves this problem by providing a fast, reliable and direct way for market participants to do business together. Our platform will support their end-to-end secure processes and reduce their overall costs.
Who will use InsureX?
InsureX primarily targets insurance and reinsurance providers. There will be a possibility for brokers to interact with InsureX and provide specialist services.
What is IXT?
The InsureX Token (IXT) will supply the InsureX market. We will offer IXT in our upcoming crowdsale.
What will be used for IXT?
IXT will be used to pay transaction fees and services offered by the platform.
Is IXT ERC20 appropriate?
Yes, IXT is compatible with ERC20 which means it is compatible with all ethereum-based wallets.
How many tokens are issued?
The total number of tokens we will issue is 130,000,000. What currency is accepted in crowdsale? We only accept ETH during crowds. If you want to participate but have other currencies such as BTC, you must redeem it with ETH first. How do I get in touch with InsureX? You can contact us through our community channel on Twitter, Facebook, LinkedIn or Slack.
Business plan summary
InsureX is creating an alternative marketplace for insurance products.
Our goal is to transform the way the market trades and manages insurance products.
We are launching a crowdsale for IXT, the token
The Insurance Market TodayThe insurance market counts for $3.92 trillion or 5.7 percent of global economic output Preliminary
estimates suggest that this is the volume of the gross written premiums generated by insurers across the globe
The Association of British Insurers estimated the value of assets under management held by insurance
companies at $2.032 trillion. In the UK, 305,500 people are employed within the industry. 
London is the capital of the global insurance market in Europe with a long history as a marketplace for all
kinds of insurance. Insurance is traded in traditional ways, often manually and with several layers of
intermediaries. The inefficiencies have resulted in most of the major insurance institutions taking a keen
interest in blockchain technology with the hope it will provide a modern, more streamlined alternative.
Most insurance is traded via third parties such as brokers and other intermediaries. This adds costs, time and
complexity to the process. It should be noted that brokers can fill important functions in the market , for
example when insurance is restructured to match the needs of reinsurers.
The insurance industry as whole has not yet adopted or embraced new technology to meet the demand of
new products and the increasing concerns about data privacy. Increased competition and changes in
consumer behavior are moving them in this direction.
Insurance processes that manage risk, premiums and claims typically involve a significant exchange of data
between multiple parties. Currently, the different parties would store their own copies of data, and process it
individually. This makes it difficult to synchronise and collaborate through a shared process
InsureX charges a commission on transactions being executed on the marketplace and an annual subscription
for memberships. As the InsureX community grows the transaction volumes will increase and new products
and services will be available. By using blockchain technology the marketplace will be of interest to any
participant in the insurance industry.
The InsureX Platform
The InsureX marketplace is primarily for institutions such as insurers, reinsurers and brokers. Bringing these
participants together directly results in an efficient, cost-effective and transparent marketplace
Starts: 11th July
Ends: 31th July
Crowdsale pool: 100,000,000 IXT
Reserve: 30,000,000 IXT
Minimum goal: 2,222 ETH
Maximum goal: 88,888 ETH
1 ETH = 1,125 IXT
InsureX Token (IXT)
IXT powers the InsureX ecosystem and can be used for:
• Transaction fee payment
• Payment for data
• Annual subscriptions
• API licences
Tokens will be issued in 5 tiers, each with an associated bonus model (see below).
Ownership of IXT carries no rights other than the right to exchange and claim over the platform. IXT do not
represent or confer any ownership right or stake, share or security or equivalent rights, intellectual property
rights or any other form of participation relating to the InsureX Platform.
IXT Reward Pool
The IXT Reward Pool (IRP) is a cryptocurrency pool whose purpose is to provide greater stability and
market value for the IXT. Each InsureX token holder is eligible for a share of the IRP’s underlying value
based on the number of their tokens. This percentage gives them a claim on the pool in the future.
The IRP will be fueled by the activity on the platform. Each executed transaction will have an associated fee,
and a portion of that fee will be exchanged to one of the large ERC 20 tokens and allocated towards the
Reward’s pool. Overtime the total amount of the IRP will grow and provide a strong foundation to support
A “Redeem and Burn” mechanism will be available which allows the token holder to exchange their IXT for a
portion of the underlying IRP value based on their share, after which the received IXT is destroyed.
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