ICO Overview for InsureX: Blockchain Insurance Solutions

Abstract

InsureX - Blockchain Insurance Solutions - has an initial coin offering (ICO) event on July 11th, 2017. This report is a brief examination of InsureX, who aims to provide a global marketplace for insurance secured by a block chain. It's an overview of the project, crowdsale, team, incentives, infrastructure, community, pros & cons, and our rating. Compared to most other ICO's, InsureX seems attractive in the short term because it's a unique idea with a quality team and robust community activity.

Contents

Description
ICO Details
Team
Community
Pros and Cons
Conclusion & Rating
Official Resources
ICO Instructions
Disclaimer

Description

InsureX is a London-based marketplace created for the insurance sector and powered by blockchain technology where insurers, reinsurers, brokers and other market participants can connect and trade insurance products.

Bringing these participants together directly results in an efficient, cost-effective and transparent marketplace. Smart contracts provide support for streamlined processes between multiple parties, dramatically reducing the need for human input in the insurance industry.

The InsureX Token (IXT) is the token which will power the platform. This is also the token which will be offered during the crowdsale. IXT will be used for paying transaction fees and services offered by the platform. You will also be rewarded IXT for contributing to the InsureX marketplace by providing services or market data.

Watch their intro video below:

InsureX states on their website:

“Insurance is often traded manually and with several layers of intermediaries. These inefficiencies have driven most insurance institutions to look for more streamlined options based on technology.

Working with some of the largest insurers and reinsurers in the world, we are well positioned to create a new, alternative insurance marketplace. There is a great demand for innovative, technology-driven change.”

Although managed on a blockchain, the user experience seems as simple as one would hope to attract everyday users.

Here are a few screenshots of InsureX's user dashboard:

ICO Details

Starts: 11th July
Ends: 31st July
Price: 1 ETH – 1,125 IXT ($.22 each at $250/ETH)
Crowdsale pool: 100,000,000 IXT
Reserve: 30,000,000 IXT
Minimum goal: 1,634 ETH
Maximum goal: 83,778 ETH

Insure X is offering a bonus for those who invest early. If you're able to invest the first 1,634 ETH into the project (first 2,500,000 IXT), you'll receive a 36% bonus amount of IXT – 1,530 IXT per ETH instead of 1,125 IXT per ETH once 50,000,000 IXT are sold.

If you're able to buy the second 2,500,000 IXT issued, you'll get a discount of 20%. The 20,000,000 IXT after that gets a 15% discount. And, finally, if you buy the next 25,000,000 IXT, you get a 9% discount. After that it's standard price until 100,000,000 is reached.

Team

InsureX has an impressive team of executives from various fields including FinTech, ISPs, and insurance. They also have some important pieces to the puzzle on their advisory board including the chief underwriter for a large insurance company, legal experts and the CEO of a cryptocurrency exchange. Here are just a few notable team members:

Ingemar Svensson Founder and CEO

Before founding InsureX, Ingemar was the CTO of Risk and Valuation at SunGard Asset Management. His experience ranges from managing large organisations to hands-on software development. Ingemar has spent 20 years building mission critical systems in various roles at Bank of America Merrill Lynch, Barclays Capital, Lehman Brothers and Mitsui Sumitomo Insurance.

Cristina Dolan Co-Founder and COO

Cristina is an MIT Media Lab alumna and Internet pioneer with over two decades of experience building software, content, and Internet based businesses. She was a co-founder of OneMain.com, which grew to be the 10th largest ISP after a successful IPO (Acquired by Earthlink). She is a member of Forbes Technology Council and is Chair of the MIT Enterprise Forum in New York.

Ross Campbell, Adviser

Ross is the Chief Underwriter, Life/Health Research & Development of General Re in Europe.

Community

Slack: 625 contributors
Twitter: 4,476 followers
YouTube: 952 subs, 10,000 views
Facebook: 900 Likes
Token Market: 1745 followers
GitHub: No information available

Pros and Cons

Pros
Unique idea in blockchain space
Insurance industry is ripe for disruption
Executive team, good management
Above average community activity and buzz
Nice user dashboard of technology
Attractive incentives to invest early

Cons
No Github repository
Team doesn't have long history with blockchain development
All ICOs seem to be losing their luster

Conclusion & Rating

We use a 4-star ranking system as follows: Strong (4), Promising (3), Risky (2), Weak (1).

Compared to other ICOs, InsureX has a lot going for it. It has a strong team, a unique idea, and an active community. However, it has no GitHub history and still needs to build its marketplace. For these reasons, we give it a 3 rating (Promising).

As long as the crypto market stays relatively strong, InsureX could see a nice spike once the ICO coins hit the open markets due to the excitement in the community. Although the idea has long-term staying power, we look to get in and out of this token quickly.

Official Resources

Website
White Paper
Twitter
Facebook
Token Market

ICO Instructions

Currently, you must sign up via email at InsureX's crowdsale page to receive instructions. They indicate that they will not sell IXT to anyone with a US IP address.

If you're in America, you'll have to get a VPN. We recommend Private Internet Access. They have an easy to use Chrome extension or you can download a client for all operating systems.

Once you have that covered, watch the video here for step-by-step instructions to buy ICOs through MyEtherWallet.

Disclaimer

This report is not financial advice. Cryptocurrencies are extremely risky investments. Do not buy any digital assets with money you cannot afford to lose.

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