LONDON--(BUSINESS WIRE)--iXledger, a leader in powering next generation InsurTech solutions, today announced the launch of a Blockchain Insurance product in partnership with a market leading London based broker operating in the International Specialty Insurance Markets.
The new funding mechanisms within the blockchain community, vague regulatory guidance and new underlying technologies have created a demand for insurance products that protect the entrepreneurs, as well as the investors. Yet, understanding the associated risks is a complex process due to the lack of risk assessment tools and historic data sets, making it difficult for insurers to underwrite the risk.
The Blockchain Insurance inaugural launch on the iXledger blockchain enabled marketplace symbolizes a vital first step in bringing the needed transparency around complex technological and regulatory risks facing blockchain companies. The product is a first of its kind available to the market, offering Blockchain Insurance quotes and the risk assessment score necessary for placement with underwriters.
“The aim is to make insurance accessible to blockchain companies, and to facilitate the acquisition of insurance as a prerequisite for a successful funding and operation in the same way that smart contract audits are deemed mandatory for investment,” Ingemar Svensson, CEO, iXledger.
“Our Blockchain Insurance offering evolved from ongoing discussions with brokers and insurers. We recognized the need for the assessment tools and data sets required for underwriters to understand risks and developed our solution,” said Ciaran Sainty, Product Director & Senior Underwriter, iXledger.
iXledger’s in-house insurance expertise, in-depth knowledge of blockchain and experience building robust financial systems, in collaboration with a market leading broker in London, has enabled the development of a powerful platform.
iXledger is a leader in powering next generation InsurTech solutions, offering an efficient marketplace for insurers, reinsurers and brokers. The blockchain based platform facilitates improved customer service, fuels new efficient business models, drives faster transactions and reduces risk through data access and collaboration.