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FidentiaX Develops World’s First Tradeable Insurance Marketplace
People will soon be able to buy and sell insurance policies using the blockchain-based platform, fidentiaX, which is creating the world’s first tradeable insurance marketplace.
[Note: This is a press release.]
Most people do not know that insurance policies with cash value are tradeable on the market for higher returns. In 2014 alone, $57 billion (250,000 policies) of the estimated $112 billion USD of policies lapsed and surrendered could have been resold on the market. The minority of policyholders who know about this find it difficult locating interested buyers due to the absence of a recognizable marketplace for safe and secured transactions. Buyers looking to add policies to their investment portfolio are confronted with similar hurdles.
Limited options, lack of awareness, and accessibility have created an inequitable situation for policyholders. Insurance companies prefer that policyholders surrender their policies (thus releasing them from their sum-assured obligation) rather than encourage trading of these policies. aims to disrupt this status quo and break the tethers of the insurance companies by empowering policyholders to monetize their policies.
Leveraging technology and smart contracts, fidentiaX will help policyholders and investors build a portfolio of tradable policies with stable returns, while developing a trustless platform for trading of these policies.
There are many advantages of buying an insurance policy on the open market, for instance: stable returns (superior to a similar asset class with the same risk ratings), fixed tenure, liquidity, and low correlation with other asset classes.
fidentiaX will be the world’s first marketplace for tradeable insurance policies, creating a marketplace and repository of insurance policies for the masses. fidentiaX’s Policy Ledger breaks from the traditional reliance on intermediaries by creating a digital ledger for policyholders enabling them to:
- Consolidate and manage insurance policies on a distributed ledger.
- Creating an immutable record of available policies on the blockchain.
- Premium payment alert
- Coverage summary
- Multi-signatory access for beneficiaries and trustees on mortality event
fidentiaX strongly believes that tradable policies should form part of any investment portfolio. To this end, the company will conduct periodic (minimum once a year) private sales for members only. Policies from the model portfolio will be auctioned for a minimum number of fidentiaX (fdX) tokens, and the auction will be open for members to bid on the policy (a real-world asset). The successful bidder will take ownership of the policy and could either cash out the policy or add that policy to their investment portfolio.
In the coming years, Asia will be the fastest-growing market for life insurance, with an estimated real annual compounded growth rate of 10.2 percent. will be focusing on building its brand within Asia before executing its global expansion strategy. Key focus countries within Asia are Hong Kong, Japan, Korea, Malaysia, and Singapore.
The establishment of the fidentiaX Open Source Foundation (FOSF) will build a framework for the community, by the community to serve the community. The FOSF aims to create an equal opportunity community of contributors from both developers and industry contributors. Using funds from the foundation, collaborators will develop freely available enterprise-grade insurance blockchain solutions to benefit millions of users and insurers worldwide. The core focus of the foundation is to develop, proliferate, and promote an open-source blockchain architecture that is not owned by any traditional large insurance institution or blockchain development firms.
fidentiaX is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.
Images courtesy of fidentiaX.
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UK Issues a Warning on ICOs But Some Are Already Immune
Less than a year after the industry began, running a Blockchain business using a digital token has suddenly become a lot more complicated.
ICOs Float Between A Rock And A Hard Place
The free-for-all of the first six months of 2017 when Blockchain startups and ‘projects’ created and sold tokens at will, often for , has changed thanks to snap regulatory decisions.
The context of regulator reactions continues to dictate digital token or ICO market performance.
In more liberal settings such as the US, the Securities and Exchange Commission (SEC) has sought to create a wary environment among Blockchain businesses looking to issue a token. According to its exact functions and technical make-up, a token may or may not conform to the legacy description of a and issuers must act accordingly to stay above the law.
The UK has become the latest major economy to publish official guidance on the phenomenon. released Tuesday, September 12 by the country’s Financial Conduct Authority closely tracks the SEC.
“Whether an ICO falls within the FCA’s regulatory boundaries or not can only be decided case by case,” it states.
Most recently, however, a considerably harder route to ICO market control has come from China. Together with the US, it constitutes the largest participant in the industry, accounting for $398 million of its total value.
As of September 2017, digital token sales are in China, a decision even affecting completed sales retroactively, compelling some businesses to refund sale proceeds.
First Movers Dictate The Golden Rules
The situation poses obvious problems for China-based projects, who are now considering how to continue operating in a market where even fiat-to-crypto exchange could soon become illegal for the second time.
“Not a lot of countries have any type of regulation in place,” CEO Oleg Seydak told Bitcoinist about the current status quo.
Token issues will pay major attention to jurisdictions which have a position on the matter like USA, Singapore, China and comply with that regulation or avoid interactions with their citizens. Blackmoon Crypto is a Blockchain-based platform for tokenized investments, also preparing to launch an ICO. Like international platforms such as , the project faces a regulatory headache launching in such an uncertain global environment.
When asked what industry participants should do to bulletproof themselves against unpleasant regulatory challenges, Seydak’s immediate reaction is to create as strong an offering as possible.
“The best solution is to be cross-blockchain startup. But it’s hard from a technical point of view,” he said. “At the same time, it becomes more and more easy with each day.”
Shutting The Door For How Long?
Imbued against regulatory shuffling by technical design are ICO projects which have been years in the making, such as .
A steadfast delivery and plan for token use has come on the back of a highly controlled yet innovative token sale that ensured few doubts remained about developer integrity.
But so far, the interim method of choice for ICO-implicated businesses has simply been to deny participation to US and Chinese citizens.
The consequences of being lax about adherence are plain to see. This week, China’s regulators ordered even completed ICO campaigns to refund investors, while the scenario of a re-worked regulated ICO industry appearing in the country remain pure speculation.
Ahead of its planned ICO campaign, LakeBanker is therefore reviewing its options for both the short and long term. One thing is for certain: few cues will come from Civic, the platform having labelled Lingham’s sale in an article in August.
“At the beginning we will focus our resources on countries other than the US and China,” Lakebanker CSO Andrew McCarthy explained to Bitcoinist.
Our choices of the locations are based on two criteria: where our services are needed most and where legal overheads are not beyond reasonable. There are many countries that meet these two criteria better than the US or China.
The company has already converted to a de facto non-Chinese operation, having previously had only little involvement with the market. Chinese investors will also face initial exclusion.
In future, however, things could readily change, and such eventualities are already implanted into the platform’s roadmap.
“For the US and China some preparation work of the markets can be done in parallel, which include compliance/licensing, recruitment, and technology,” McCarthy added.
We will definitely shift our focus to the two biggest economies in the world in a year or two, when we have more streamlined processes, experienced operational teams, and good track records from other markets.
LakeBanker’s is due to commence September 15 as a fixed-price sale, followed by a phase 2 Dutch auction in October.
Do you agree with the tactics of the ICO’s mentioned? Does the industry need more regulations? Let us know below!
Images courtesy of Shutterstock
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