InsureX | First BlockChain Platform For Trading & Management Of Insurance Products

in cryptocurrency •  2 years ago 

As a human being, we always run from risks and try to be on the safe side whatever the situation is. Actually, this is not our fault, it's the way we have designed by the Creator. By taking into consideration the fear of uncertainty, the concept of Insurance had come into existence. And since it's inception, it never looked behind. People demand insurance for each and everything of their possessions if possible. This is the main reason why Insurance sector has risen so exponentially since past few years. Life Insurance, Health insurance, General Insurance, Vehicle Insurance are the typical examples of Insurance offered by current Insurance Industry.

Insurance Sector is growing rapidly and generates Trillions of Dollars Turnover across the World. It is one of the most profitable industry and has no recession as well. Because people will always need Insurance for their possessions and that's why Insurance business will always flourish. There are many online platforms available for the comparing, buying and selling of Insurance policies over the Internet, but most of them have their own downsides.

With the inception of BlockChain technology, a need arises to have a platform which is hassle free and dedicated for Insurance products and Services.

Now, the World's first BlockChain based Insurance Platform has come into existence in form of InsureX.

InsureX Overview

InsureX, as the name suggests, is the World's first BlockChain based Platform for trading and management of Insurance products. Its like a marketplace where all the parties to the Insurance sector gather and choose their services as they seem fit. These parties are Insurers, Insurance Companies, Brokers, and Re-insurers. This platform provides them an interface where they can buy and sell their insurance related products like Insurance Policies, Bonds, Contract and much more.

How Does The InsureX Works?

InsureX came into existence because of the inefficiencies of current Insurance services providers and the way they present their terms and conditions of Insurance policies. We all know that whenever we had to choose an insurance policy, we generally went through a lot of intermediaries and sometimes very bad Insurance policies. The insurance market is vague and it's not possible for a common man to come out of it with the best product on their hands if they choose traditional approach to do so.

InsureX diminishes the risk of exploitation of insurers by many intermediaries, brokers and even fake Insurance agents which present the fake terms and conditions to fool people.

InsureX provides a reliable and secure platform where it has already partnered with some of the renowned Insurance Giants to provide the best insurance products and services to their users.

InsureX is a Blockchain based platform which means there will not be any manipulation of data by any intermediary or user, no fake reviews, no fake term, and conditions, whatever is written for a product is can't be manipulated by anyone plus all the information like patient's past medical history or records are transferred in encrypted form to maintain the privacy and credibility.

What Purpose Does InsureX Serve?

There are many purposes the InsureX can Serve. I am listing some them as follows:

Insurance Market Research

Research about Insurance has always been a tedious work. And when it comes to choosing the best Insurance Policy then people need a platform where the facts and only the 'real' information should be preserved about Insurance products and Services. There are many platforms out there which manipulate their reviews, facts or information to earn more money by diverting the customers.

But when it comes to InsureX, this practice will be diminished once and for all the insurance related products.

Buying & Selling Insurance Products & Services

InsureX provides a clean interface for companies and users alike to come and search for the best insurance products they have in their mind. All the users can custom search the insurance products as per their needs or even submit their custom search and they will be notified as soon as the policy matching their search get listed on InsureX platform. People can buy insurance policies, as well as the companies, can sell them.

No Intermediary

ensure ensures that there would be no requirement of an intermediary when it comes to buying and selling of Insurance products and services. Users can directly contact on InsureX and after exchanging required information, they can directly buy and sell to each other without the need of an intermediary.

InsureX Tokens (IXT) Stats

InsureX tokens are the inbuilt cryptocurrency which can be used to make payments for Insurance products and services on the platform. Additionally one can use IXT tokens to pay for Insurance renewal fees, Annual subscriptions as well as the medical bills.

Total Market Capitalisation: $23.5 Million
24hr Volume: $ 401 K
Total Token Supply: 65.7 Million
Current Price: $0.654

Conclusion

InsureX is very unique and first, of its kind platform as the Insurance is considered recession proof industry, so the future of InsureX will be bright for sure. It provides some unique features like crypto currency payment for Insurance related products and much more.

Let's hope InsureX will flourish in Future and becomes a game changer in the field!

Make Sure to UPVOTE! FOLLOW! RESTEEM!

Visit InsureX

Author: @cryptonet

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Yo ,
Very interesting read, Thanks you for sharing it!

I think it will flourish and improve cost and availability globally. Nice post.

If you people have explained it with some practical case by case basis examples then it will have more impact on understanding ...
But nicely explained what it is , not how it is and how it is better than other one if other one can solve information assymetry problem by various means presented today?

wow, interesting post

Great post

InsureX is a really interesting concept. I've been looking at it from my own industry's perspective. I think you could argue that every industry (or even community) could have its own marketplace not too dissimilar to what InsureX is trying to do.

I think the real power here is figure out who are the stakeholders in the (potential) marketplace and how the whole marketplace economics (whether coin, credit, remittance, etc.) would work for them. I think we need to think in terms of what the stakeholders need and what they offer.

I'm very interested to here about other (non-financial sector) use cases for this type of marketplace.

Thanks for an insightful article.

This seems like a pretty good concept.. is it available in the US?

seems interesting crypto have idea, have small market cap, and some trading volume + not crashed last days.
p.s your link at end doesnt work edit it. ( Visit InsureX )

Yeah, link is good. Infact, website is down for sometime. I checked. You can try it after sometime.

i mean delete https;/https;// this part too :)

very interesting..
looks like i want to try it but how?

thanks for the information @adsactly

Sounds cool and fair. Will Insurex be available in most countries?

Yes, it will for most of the countries. Although, it's not confirmed for US.

awesome initiative .

The more blockchain is used for mainstream financial purposes, the more it legitimizes the whole cryptocurrency industry to the world.

Did the coin just change name overnight? or are there two things called IXT?

Exactly @adsactly that rolls off of the tongue rather smoothly. BTW thanks for the cogent, relevant, and meaningful post.

The possibilities really are endless with the blockchain. One of the many positive things to arise from it. Thanks for the info ^_^

Insurance products now! Wow, I only read the other day that a platform for Sports has now emerged and now this. There are no limits to the scope of the Blockchain. Great post @adsactly, Upvoted!

please check out the link to my blog where you can find my latest post thanking the groups and a detailed list of give away blogs latest post , one of then you already voted is also included there . i hope it helps get the giveaway word to be spread arround. <3

Our premiums will be forfeited if no claims occur until the insurance period is up. That's one of the weaknesses of insurance, while the benefits for us are also large.

Thank you very much, This post is very useful for me who just use insurance, I will share this post.

Great post..thank you for this value Information..Resteemed..Greets from Germany