ICO Review: InsureX

 

InsureX is looking to be the next decentralized marketplace for insurances. They plan to connect insurance companies of all kinds to brokers and then to the individual who actually receive it. This innovative P2P insurance platform will be run through smart contracts on the Ethereum blockchain. After reading the Whitepaper provided from their official website I've gathered a couple questions for InsureX that have seemed to go unanswered or answered vaguely in the Slack. For example; how is this coin going to be used in the InsureX platform? The answer I got back wasn't what I wanted to hear; Ingemar said they won't be needed for transactions between insurers and brokers but rather just needed for the purchasing power of insurance packages. Meaning the only people needing IXT coin will be the individuals themselves who then give that to the insurance companies for a package...And after the coin is in the hands of the insurance company, what do they do? Resell back to the individual for a second profit. Another big question is document sharing. How does InsureX plan to keep doctors on someone's insurance plan all connected? How do they plan to prevent mining of sideband data between these document transactions creating potential databases of info? All this piled on top of a blockchain that might be obsolete within a couple years compared to projects like EOS or Tezos. These are just some of the questions I had thought of let alone the many other crypto maniacs who have pondered some of InsureX’s policies.

The Team: 

• Founder: Ingemar Svensson (CEO/CTO) 
  • Before founding InsureX, Ingemar was the CTO of Risk and Valuation at SunGard Asset Management. His experience ranges from managing large organisations to hands-on software development. Ingemar has spent 20 years building mission critical systems in various roles at Bank of America Merrill Lynch, Barclays Capital, Lehman Brothers and Mitsui Sumitomo Insurance.
• Co-founder: Cristina Dolan (COO)
  • Cristina is an MIT Media Lab alumna and Internet pioneer with over two decades of experience building software, content, and Internet based businesses. She was a co-founder of OneMain.com, which grew to be the 10th largest ISP after a successful IPO (Acquired by Earthlink). She is a member of Forbes Technology Council and is Chair of the MIT Enterprise Forum in New York were several events have been hosted with industry leaders covering blockchain technology. 
• Co-founder: Mikael Olofsson (Entrepreneur in Residence) 
  • Mikael has over 17 years experience from the financial markets and start-up sector. Previous to founding InsureX he was Co-founder of TikkR.co an on-demand insurance platform with participation of the InsurTech Accelerator Program in 2017 at Startupbootcamp.org in London. Before this Mikael worked as Senior Equity Derivatives Broker and Commodities Broker in London, New York, Geneva and Paris. Previous employees includes ICAP and SCB Group.
• Architect: Valdi Kamenarov
• Lead Ethereum Developer: Nicolas Cherence
• Lead UX Developer: Charlotte Holmen

ICO Crowdsale Dates: July 11th - July 31st 2017

The InsureX crowdsale will be advised/hosted* by TokenMarket

Among the first 2,222 Ethereum raised the recipients will receive a 36% bonus! The first people will receive 1757 IXT per 1 ETH (36%, 0-2,222 ETH) and the closing investors will receive 1125 IXT per 1 ETH (0%, 44,444+ ETH). Maximum goal of 88,888 ETH

More about the crowdsale can be found here at the official page: http://www.insurex.co/crowdsale/

Reward Pool 

• A portion of the IXT paid on the platform will be transferred to the IRP.  As a holder of IXT, you have a share in IRP proportionate to the number of tokens you own. The IRP will increase in value as the platform grows.

(Following info from bitcointalk.org)

• The IXT Reward Pool (IRP) is a cryptocurrency pool whose purpose is to provide greater stability and increase 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. They can redeem a portion of the pool’s value in exchange for their tokens. 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 ERC20 tokens and allocated towards the Reward’s pool. Overtime the total amount of the IRP will grow and provide a strong foundation to support IXT.

What do you guys think of this new insurance platform? Will you buy investing? Let me know down below!