Insurex: A Insurance Solution Based on Blockchain

Dear Steemians,

Do you think its time for insurance to get to the blockchain?

InsureX is a marketplace for insurers, reinsurers and brokers to trade insurance products directly.

Our use of blockchain technology streamlines the downstream processes for programs, policies, premiums and claims.

https://en.wikipedia.org/wiki/Insurance

Well, basically. The product that is going to be provided will be characterised of the following;

Blockchain technology

Our marketplace leverages blockchain technology which offers all participants consistent, shared and secure processes. The nature of the decentralised blockchain allows a completely trustless interaction between parties which removes third party costs and commissions. Our platform leverages the Ethereum blockchain which makes it easier for external developers wishing to contribute without having to familiarise themselves with yet another blockchain implementation.

High Performance Storage

In order to process certain transactions, private and confidential information is required to be stored and exchanged. Our storage is a secured NoSQL data fabric. It compliments the blockchain network by providing fast access to different data such as medical records or other confidential information.
Multiple levels of security, external authentication and strong usage profiling are included.

Application Stack

The UI is implemented using React which is fast and responsive. We use a Node.js backend which handles most of the business logic. The React and Node.js combination has proven to be a very fast, lightweight and robust approach. The UI renders on tablets and phones and as part of our roadmap we’re developing a mobile app, in order to take advantage of the native phone and tablet capabilities.

Insurance: Blockchain future or no brainer??

However, inorder to see whether this technology really works. We decided to go through more literature and understand just where insurance stands in the blockchain space.

Twenty years ago, people who thought that the Internet would completely transform business processes would have been right, but they could also have lost a lot of money investing in “dot com” enterprises that failed.

Organizations today find themselves in much the same position in regards to the potential for “distributed ledger technology” (DLT), commonly but imprecisely referred to as “the blockchain.”

Distributed ledgers are synchronized, shared databases spread geographically across countries and organizations. “Blockchain” is one of the original distributed ledgers and the one that supports the “bitcoin” digital currency.

According to panelists at the Global Insurance Symposium, April 25-26 in Des Moines, Iowa, distributed ledgers preserve data in encrypted format that complies with privacy regulations while allowing permitted access to data. Using a shared ledger eliminates the need for multiple data bases and the errors that arise from maintaining and transferring data among them.

As a result, “the centralized database model of insurance companies and other organizations is becoming redundant,” said Caitlyn Long, chairman and president of Symbiont, a firm that uses DLT to develop “smart contracts” that can execute payments with little or no human involvement.

http://www.insurancejournal.com/news/national/2017/05/16/451177.htm

“A lot of the concerns we hear now are what we heard about the Internet in the 1990s,” he said. “That didn’t mean the Internet was worthless, it just wasn’t ready for certain functions.

“The really big bang comes later.”

Here's what Deloitte had to say about it

https://www2.deloitte.com/ca/en/pages/financial-services/articles/blockchain-in-insurance.html

Well, for those that need to get into this Insurex ICO. You can still do your due diligence. Some of the ICO information can also be gotten in the references we are providing below.

Thanks for reading. For more indepth analysis. Follow us at @cryptoforgod

Credit: Insurex team for providing all the credible information

References:

https://www2.deloitte.com/ca/en/pages/financial-services/articles/blockchain-in-insurance.html - Deloitte

http://www.insurancejournal.com/news/national/2017/05/16/451177.htm - Blockchain today