- Blockchain Insurance marketplace
- IXT Protect
- iXLedger B2B Marketplace
After our token sale, we were part of the booming crypto market and the surge to new heights. In the beginning of 2018 we were ramping up our business by building out the team and working on our platform as well as initiating collaborations with large corporations to find our first customers. A few months later, the longest bear market in crypto’s short history begun.
Our partnership with GenRe and Ross Campbell has been very useful and constructive in many ways. We have been introduced to potential customers and had knowledge sharing sessions with the team. But we are still looking for a tangible project which generates revenue and use of our technology.
In late 2018 we initiated a project with one of their largest clients exploring the possibility to create a claims platform using blockchain. We are hoping to hear back in Q2 this year, making the timeline quite long. Along the way, we have had many meetings with Ross who remains our advisor, with the aim to find suitable opportunities. As a company, GenRe is a member of B3i and has some involvement with blockchain through this as well.
In 2018, we also started a joint venture with SelfInsuranceMarket (SIM) and Dominic Higham. We believed that introducing a marketplace in one of these unique sub sectors of the insurance industry would be a possible go to market approach.
Dominic works closely with the team and as an experienced insurance professional in the Lloyds markets, he has been able to provide invaluable expertise and set up our Appointed Representative entity IX Risk Solutions, an FCA regulated UK company.
We delivered the first step of the SIM roadmap which was a complete facelift of its comprehensive website and launched it during the annual self-insurance conference in the US.
iXledger will assist with the SIM roadmap in the following phases:
Phase 2: Introduce the professional insurance network in order to increase the members on the platform.
Phase 3: Provide a stop-loss marketplace and fully utilise the iXledger marketplace features.
Blockchain Insurance marketplace
For this project, we partnered with Paragon, a Lloyds broker who specialises in Cyber and Fintech insurance. After a few initial conversations, we identified the Blockchain Insurance opportunity. This would see IX Risk Solutions introducing solid blockchain companies, providing additional information and ratings, assisting the underwriters to evaluate this new type of businesses.
The platform was launched and had a few companies taking our assessment. The challenge as always was to give insurance carriers enough information to underwrite crypto related businesses, which has proven difficult. As the crypto market deteriorated, we decided not to spend too much further efforts in this area.
We had high hopes for UnisonSteadfast, and delivered a comprehensive prototype addressing some of their internal processes. We attended their annual conference in Cuba as a blockchain partner and sponsor, and met many of their members.
The initial prototype was not aligned with our core blockchain ambitions and we were keen on finding additional areas where it would add more value.
On the 14th of December we launched IXT Protect, a product designed for the crypto community. It offers tailored use cases that allow members to be part of an ecosystem and receive unique crisis protection services, loyalty and invitation rewards as well as voting benefits.
In the first week we received more than 100 pre-registrations. Once the smart contract and staking was enabled we had more than 400 applications resulting in more than 350 active members to date.
The next phase of IXT Protect will focus on selling the product to a much wider audience. This will be facilitated by allowing the product to be purchased directly for fiat, all the main crypto currencies and IXT.
As we sell the product, we will purchase IXT with a portion of the profits, therefore this should directly benefit our community. Generous invitation reward will be introduced creating volume and a sustainable business.
Following this, further add-ons and more traditional insurance products will be provided. As we enable insurance products they will be launched country by country. Initially in the UK and after that in Asia depending on sourcing local fronting partners.
iXLedger B2B Marketplace
As the initial concept of an insurance marketplace based on Ethereum blockchain was implemented, a number of technology and commercial challenges were uncovered. It quickly became clear that the technology is not ready for enterprise type applications. Our primary issue is the lack of data privacy features, required by a typical corporate solution.
During the latter parts of 2018 we explored different technologies such as Hyperledger Fabric, R3 Corda and Digital Asset Platform with the specific attention on their different privacy features. After a comprehensive comparison we decided to implement a marketplace prototype in Corda.
Our B2B Marketplace will be used to trade insurance products, therefore it will operate with concepts of broker and carrier as well as RFQ (request for a quote), quote and policy.
Throughout last year our aim was to grow our team from the initial handful of people.
We made great hires that helped the company growing its expertise and business relationships, but as the time passed and we explored opportunities, it became clear that the B2B environment is characterized by long-term decisions (especially when a relatively small start-up is dealing with big insurance companies).
This and the market conditions lead to the need of becoming more agile and reducing our team in order to be able to quickly adjust.
In the next blog post we will publish our future plans and a road map for 2019.