FidentiaX vision is to create a trading marketplace and repository of insurance policies for the masses by leveraging blockchain technology. This blockchain-powered marketplace will provide a trustless, immutable, auditable and transparent environment to disrupt the status quo.
There are types of policies with only one option, that is, to surrender their policy, as insurers are unwilling to accept these policies as collateral even though the interest rate charged is five times that of the deposit’s interest. In a few mature markets, there is the alternative of selling policies to a third party at cash value plus a negligible cash incentive. However, these companies are very selective in the policies they are willing to purchase, for example, endowment or whole-life policies which are near their maturity date are not favoured.
Individuals and companies are overly dependent on the trusted intermediaries who sold them the policy to provide after-sales fulfilment. However, due to the high turnover of intermediaries in the insurance industry, the after-sales fulfilment is often found wanting. When an unfortunate event of claim ocurrs, it often falls upon the next of kin or the beneficiaries to scour through the belongings of the insured to locate the necessary policy documents in order to make the claim. company Policy Ledger breaks from the traditional
reliance on intermediaries.
Demonstrate the benefits of having tradable insurance policies in an investment portfolio. Key statistics of the portfolio will be shared on the platform. Facilitate trades on the platform during the initial stage, this will be done through direct acquisition of policies in a number of countries and listing them on the platform. This is necessary while build market awareness of the first global marketplace for tradable insurance policies. Utilize the portfolio returns to fund future development of the platform as well as funding a non-profit foundation.
To allow seamless transition between currencies, company cash management system will include various fiat currency accounts linked to internal Currency Representation Tokens which can be exchanged against the Platform Unified Token (ISX) that is pegged 1:1 to the US dollar. This allows buyers to top up their company account by purchasing ISX with their preferred fiat currency, and sellers can cash out ISX at its USD value against the fiat currency in which the policy was issued with minimum forex charges.
KYC is required for every user of the FidentiaXplatform. In the future, users will be able to share their company KYC and policy details with other services on a need-to-know basis.
KYC must at least include Permanent currency settings for the account. This guarantees that an account can only buy and sell ISX tokens within the system using selected currencies and cannot use the platform as a general currency exchange, which may expose to a different class of regulatory requirements.
All transactions on the company Blockchain which are initiated by a buyer or a seller will be implemented as ‘phasing transactions’ which will be pending until company performs the correct action or verification. The company Blockchain will be private and not directly accessible to the public, with one or several nodes being operated by each company office. User applications will work against middleware which then operates on the private blockchain. The status of the blockchain can be explored via a blockchain explorer exposed only to paying members or other relevant parties.
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