Know Your ICO #09 : FidentiaX -- World's First Blockchain Based Marketplace For Trading Insurance Policies !!

cryptonet (65)in #blockchain • 7 years ago

As we are aware of the importance of life and the health problems connected to it, we all wants to secure our life however possible. But uncertainties are always there and in order to get a hold over those uncertainties, we look forward to the Insurance policies.

These days people can get their hands on easily over the insurance policies either online or offline. In fact, now you can insure your house, cars, mobile phones, offices, money and even your important documents. Now, let's talk about Life Insurance first.

Life Insurance allows you to have an assurance that if anything unfortunate happens to you, your immediate family members will be funded with the insurance amount or if you meet an accident, life insurance allows you to pay accidental damages via Insurance Company instead of your own pocket.

Insurance Policies have a fixed tenure and premium amount which an insured have to pay over the years or in whole amount if he wants to. Now, lets discuss a case where an insured person finds his insurance policy not so attractive and he wish to sell it to some other person. Now, what option do he has?

Can he sell it in open market?

Can he transfer it to some other person with ease?

Is there any platform available out there which allows him to do it effectively and without hassle?

Well, as of now, there was no certain option available for him to transfer his insurance policy over to the others. But now, a platform has come into existence which allows a user to trade his own insurance policies in open marketplace by leveraging Blockchain.

The platform name is FidentiaX.

FidentiaX Overview

FidentiaX is a Blockchain Based Platform which allows it's user to trade their insurance policies by leveraging Blockchain Technology in Marketplace. It uses NXT Blockchain technology to provide a platform or interface to their users where they can come and register themselves free of cost and then they're good to go for trading of Insurance policies.

As of earlier, there were no fixed platforms or service providers which allowed their customers to sell their insurance policies before they get mature. If some service providers existed, they were only focused on selective Insurance Policies from where they could gain substantial amount of commission.

But now, with the use FidentiaX, everyone with a little knowledge of internet can sell their insurance policies over this platform and directly contact buyer about his documentation so that policies can be sent to him without any issue and within required time.

What problems Are Existing Within Insurance Trading Marketplace?

Well, the trading of insurance policies is not popular concept first of all. People don't even know that they can trade their insurance policies. Most of the people out there only believes that insurance policies are only for long term and they have to keep it, paying it's premium until it get mature.

There are many problems are being faced by Insurance Policies Holders which are as follows:

No Fixed Marketplace

Well, first problem is the availability of Marketplace itself. There is no fixed marketplace which can allow users to trade insurance policies without any hassle and with low cost. So, people have a mindset of Insurance policies as a rigid investment on which they have to pay fixed premiums over the several years.

Presence of Intermediary

Well, the Intermediaries makes their living out of commission from several domains. In the same sense, they also exists within the domain of Insurance Polices trading as well. Currently, sellers contact these intermediaries for selling of their own insurance policies and as per requirement and conditions, these intermediaries facilitates buyers and a trade gets executed online or offline. For this service, intermediaries charges a high commission and thus the overall cost get increased for a particular transactions.

Misconception Regarding Insurance Policies

People generally believes that Insurance polices are rigid and fixed investment tools and they are percieved as a life saving instrument and people believe that they should keep it as it is and continue paying a fixed premiums for them over several years even though they're getting another attractive insurance policy out there.

How Does FidentiaX Works?

FidentiaX works in a stablized and respective manner while providing an access to it's user for the purpose trading Insurance policies.

Let's have a look at following steps to get to know more about how this Model works:

Listing Of Policies

The first step is the listing of Policies by Sellers over FidentiaX platform. People who wants to trade their policies have to submit their policy's details along with Insurer name and the amount fixed for policy. By doing this they will have access to the buyer base of FidentiaX.

After listing by sellers, all the policies will be visible to buyers and they can choose the policy fulfilling their needs by browsing through the compete list of sellers.

Offering The Proposal

Now after browsing through the list, buyers will select the appropriate policy and then he'll send his documentation to the seller along with deposit of the funds as per the price of policy.

After the offering, an immediate e-mail will be sent to the seller and all the documentation will be received by him for transferring of policy over to the new buyer.

Submission

After receiving the documentations and confirming funds into the escrow account, the seller will go to the insurance company for the transfer of policy to the new buyer.

After the transfer he'll receive the new documentation in the name of new buyer.

Transaction Completion

Now, the seller will go over to the FidentiaX account and he'll submit the new documentation to the FidentiaX blockchain where it'll be verified. After confirming verification, the Blockchain will transmit the documentation to the new buyer and those funds in escrow account to the seller.

In this way transaction will be completed without the need of intermediary or third party and thus cost effectiveness will be reached.

FidentiaX (fdX) Tokens

FidentiaX tokens are the in-built currency of FidentiaX platform which will allows it's users to purchase insurance policies at significant discount Membership payments - membership fees collected via the platform will be used to purchase fdX token.

fdX tokens have a great significance on the FidentiaX platform. Along with uses cases within FidentiaX platform, they will also get appreciated in value after the tokens hits the exchange and in this way an individual gets maximum returns out of it.

FidentiaX tokens (fdX) will have a maximum supply of 100 Millions.

FidentiaX Crowd Token Contribution (ICO Crowd Sale)

FidentiaX will have it's ICO crowd sale open for Public on 6th November 2017. But if you want to get your hands on fdX tokens before 6th November, then you have to sign up on their official website as FidentiaX will conduct a Private-Contribution exercise prior to the Public-Contribution for strategic partners, company affiliates and angel investors on 20th October 2017.

ICO crowd sale will run for 30 days.

The Total Coin Supply : 100 Million

Required Soft Capital : $1 Million

If the soft capital requirement is not fulfilled unfortunately, then all the investors will be refunded in full.

These are the fdX coin price during the different phase of Crowd sale and their discount rate as well.

CTC (Day 1~2)
1 ETH = 575 fdX (15% bonus)

CTC (Day3~5)
1 ETH = 550 fdX (10% bonus)

CTC (Day6-30)
1 ETH = 500 fdx

For detailed overview, please head over to their official website and other social media channels.

Thanks for reading ..!!

Website: https://www.fidentiax.com/

Telegram Link: https://t.me/fidentiaX