Futuristic Transformation Of Insurance Market Is What This Blockchain Startup Aims For!
The world’s 1st ever marketplace for tradable insurance policies is what FidentiaX and it aims to create a repository of insurance policies for the masses by leveraging blockchain technology.
The idea behind FidentiaX was first thought back in May 2016 when the team witnessed a number of inefficiencies in the current tradable policy market. An exploration of various business models began and over the next couple of
The primary concern of this team then was to find a technology that tackles these difficulties with ease. And that was how blockchain came to their rescue.
By the time they worked on eliminating the market issues with the help of blockchain they also managed to raise some funds from their Crowd Token Contributions via the issuance of
Alvin Ang, the CEO of FidentiaX is an entrepreneur with extensive experience in Technology, Engineering, Banking and Insurance sectors. Alvin held senior positions at Standard Chartered Private Bank and OCBC
His passion about leveraging technology to solve real-world issues and disrupting traditional engagement models has helped FidentiaX progress in many ways. Behind that persona remains a man who is a people’s person at heart and aims to see how far their digital knowledge can advance the group’s well-being and extend their capabilities.
Though there various issues that FidentiaX’s aims to solve it has prioritized 3 main issues which include Lack of Awareness, No recognizable Marketplace & Dependency on 3rd Party.
Policies are tradable assets and most times policyholders are unaware of that, instead of surrendering their policies to the insurer, they could potentially extract higher value from their policy. Investors are equally clueless about it.
In 2015, out of the US$112 billion worth of policies surrendered in the United States, US$57 billion (250,000 policies) could be resold in the open market. The lack of a recognizable marketplace makes it challenging for both sellers and buyers to connect.
There are some small-to-medium size entities in various countries working on tradable policies however they lack the reach to potential market outside their country.
FidentiaX views entities working on tradable policies as their potential partners whereby FidentiaX could facilitate their reach to more buyers around the world.
A third party connecting both the buyer and seller is never an unattractive offer and neither is the cost incurred by having an intermediary to assist in executing the transactions.
Thus to deal with these never-ending burden of issues leveraging on Blockchain Technology, a Smart Transaction would effectively allow buyers and sellers to execute their transaction in a Secured, Transparent and Efficient manner. All this without the involvement of a third party!
Thus by disrupting the existing multi-layered distribution chain and using blockchain to transform the policy market FidentiaX is definitely aiming for a futuristic approach.