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ICO REVIEW
InsureX
An Insurance Solution based on Blockchain
Crypto Coins
https://steemit.com/@dmae
@Crypto0Coins
What is it?
What is it?
- Marketplace for insurers, reinsurers and brokers to trade insurance products directly with blockchain technology
- Aiming to create an efficient, cost-effective and transparent marketplace
- Products can be listed to a public audience or limited to a selected group of buyers only
- When the parties have agreed on the terms, a transaction is added to the distributed ledger.
How is it used?
How is it used?
- Buy and Sell Insurance
Companies who have insurance products they wish to sell would list them on the market. Companies who wish to buy insurance would use the search or get notified of the listing.
- Portfolio Management
Transactions can be structured as portfolios.
- Transaction Execution
When a suitable insurance product is found the participants begin the process of exchanging the required information.
- Market Insights
Real time view of the situation on the market
Tokens
IXT tokens (ERC 20 token)
- InsureX Tokens IXT are used to pay for services and data on the platform.
- Some of the usage:
- Transaction execution reward
- ●Reward for providing data
- ●Platform access
- ●API licences
- Being burnt by the platform
Team
Team
- InsureX was founded in London in 2017
- The concept came from Ingemar Svensson, whose company Finserve.io was working with various insurance clients who frequently brought up blockchain and the idea of an alternative marketplace.
- 7 team members with plenty of experience in blockchains, networks and insurance platforms
- 4 members in advisory board with important positions in insurance companies and blockchain companies
- Twitter: @insurextech
- Website: http://www.insurex.co/
Token details
Business plan
- IXT tokens (ERC 20 token)
- Crowdsale pool of tokens: 100 million IXT tokens ( around 77% of all tokens)
- InsureX Reserve: 20 million IXT to provide liquidity to the market if required
- InsureX Team: 10 million IXT - allocated as rewards for advisors and team
- Will be burned by the platform
ICO details
ICO terms
- Starts on of 11th July and lasts for 20 days or until maximum goal is reached
- Maximum goal: around 84 thousand ETH
- Minimum goal: around 16 thousand ETH
- Price: 1 ETH – 1125 IXT (1530 with max bonus)
- Bonuses for early contributions based on raised amount
Roadmap
- Q3 2017: team expansion and fully functional version of the platform
- Q4 2017: clients using platform, service organisation
- Q1 2018: go to the market, scale the platform
Detailed roadmap in the whitepaper
Roadmap
Similar projects
- Other decentalised insurance solutions (WeTrust, Aigang, Etherisc) however it seems to be more popular than the competition
- Insurance comparison websites fulfil similar role
Similar projects
Advantages
- Team behind the project is experienced and has been in insurance/blockchain business for a long time
- Insurance marketplace has a huge potential
- Good ICO conditions
Conclusion
Disdvantages
- No working product yet
- There will be a significant competition in the blockchain insurance platforms
Verdict
VERDICT
- 5 – must buy
- 4 - promising-
- 3 - neutral
- 2 - risky
- 1- avoid
- Even though there is no working product it seems like a very promising project.
- Team is experienced and the there is a need for the product.
- ICO conditions are fair and I expect long term the value will increase due to tokens being burned by the platform
- A lot of interest in the ICO
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