iXledger has announced a blockchain insurance product aimed at insuring companies that use blockchain technology. This is in partnership with a London based broker operating in the international specialty insurance markets.
The insurance product will offer quotes and risk assessment scores which are required for placement with underwriters. iXledger already offers a blockchain-based marketplace, which provides InsurTech solutions.
CEO Ingemar Svensson, said, in a statement: “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.”
Businesses, especially banks, have steered clear of blockchain companies due to concerns over money laundering. In a statement, iXledger stated that it is difficult for insurance companies to underwrite risk in the crypto market due to the complexity of understanding the risks of the technology.
“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.
In a statement, iXledger said that the launch of the product is a symbol of the transparency that’s needed to the crypto space. In particular, it highlighted the ‘complex technological and regulatory risks’ involved in running blockchain-based businesses.
Currently, iXledger offers InsurTech solutions that include a marketplace for insurers, reinsurers and brokers. The platform claims to reduce risk by providing data access and collaboration more efficiently because it is blockchain-based. This also helps to drive faster transactions, according to the company.
- Neufund Partners with Binance and Malta Stock Exchange - July 23, 2018
- IBM Partners with Stablecoin Stronghold USD on Stellar Network - July 18, 2018
- New Blockchain Platform to Provide Digital Immortality - July 18, 2018
- NatWest Joins R3 Blockchain Finance Platform Marco Polo - July 17, 2018
- iXledger Offers New Blockchain Insurance with London Broker - July 16, 2018
- Tech Group MonetaryUnit to Acquire Flubit and Launch Crypto Marketplace - July 13, 2018
- Futuristic, Blockchain-Powered, Algae-Coated Towers Proposed for Hangzhou - July 11, 2018
- Unchain Teams with KPN and Microsoft for Enterprise Blockchain Solutions - July 11, 2018
- Zen Protocol Launches Mainnet Genesis Block - July 10, 2018
- Palladium Launches Regulated ICCO for Institutional Investors - July 10, 2018
- Malta Approves Three Regulatory Bills to Encourage Crypto Adoption - July 5, 2018
- Ron Paul: “Crypto can Bring Back Gold Standard” - July 4, 2018
- EU Report Blasts Economists Who Criticize Cryptocurrencies - July 3, 2018
- VeChain Launches Thor Blockchain. Token Swap Set for Mid-July - July 3, 2018
- Galaxy Digital Invests $20 Million in Blockchain Virtual Reality Platform - July 2, 2018
- DNAtix Pilot Blockchain Technology for Preventative Healthcare - June 28, 2018
- Regulatory Clarity Will Have a Snowball Effect on Institutional Investors - June 28, 2018
- New Platforms Open Up Smart Contracts to Non-Developers - June 28, 2018
- Hyperledger Executive Explores Real-World Uses of Blockchain - June 28, 2018
- Blockchain Tech set to “Overthrow” Current Banking System: ABM AMRO Exec - June 28, 2018
