iXledger, a firm founded in 2017 in London, U.K has released a Blockchain Insurance, a platform which enables blockchain firms to acquire business insurance quotes based on a risk assessment. The platform offers disclosures in metrics applicable to underwriters, insurers, and reinsurers.
The firm states that the team has released a platform in collaboration with experts in London’s insurance markets. It is particularly created to protect blockchain businesses from risks linked with legal threats, financial exposure, cyber risk, and crime.
The iXlendger platform offers a lot of features which support brokers and underwriters via an insurance process. The risk assessment helps underwriters in their risk evaluation along with a detailed model, which provides scores by considering seven factors along with company overview, finance, technology, security, people, and management.
Later, the system offers the applications to the marketplace and when insurance is in place by the platform, it issues the record of the policy on Ethereum blockchain. The platform 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, the project is utilizing blockchain technology to provide data normalization and data transparency to run the market, which is expected to boost $7 billion in 2018. International Data Corp. indicates that the total amount of funds for blockchain adaption worldwide will be $2.1 billion in 2018. Blockchain market is expected to increase to $2.3 billion in 2021.
Apart from this, platform’s IXT utility token offers users access to iXledger services. The company plans to expand its availability in other ecosystems such as SelfInsuranceMarket, InsChain insurance project, and the fidentiaX marketplace. Also, the firm wants to make partnerships with other services providers in the insurance industry.