When investing in virtual currency, you need to do your research. We provide you with reviews of each world top cryptocurrency out there, so that you can find the best crypto coins to invest in for you. This is a review of InsurChain.
Being an integral part of the financial system, the insurance business is an enormous component of every market globally. Although traditional insurance companies have been around ever since, it’s still a fast growing industry with unhinged market potentials. Global premium income in this industry is estimated at approximately $4.8 trillion. Global insurance business has a year-on-year CAGR of 4.8% and emerging markets in Asia are eclipsing that average by far. China, for example, has seen a growth rate of 23% in 2017 alone.
So, what are the main challenges for this industry? First off, it’s riddled by intermediaries. Secondly, the market has little trust in developed markets due to false marketing and misleading information, and on top of this, data protection is lacking. Lastly, the market is not progressing at the same digital innovation rate that other Fintech markets are seeing. Well, if you’re an avid blockchain enthusiast, you might have guessed it already; Blockchain solves all of the above mentioned problems, and this is where InsurChain comes in.
InsurChain, developed by Singaporean-based XLAB Foundation Ltd, a non-profit organization. Their main goal? To become the global leading provider of blockchain infrastructure for all different insurance markets. Quite the undertaking! Early stages of the token will be released as an ERC20, and once their proprietary blockchain is fully developed they will migrate the infrastructure. The token will serve 2 purposes: the first is for users to acquire products and services and the second is purely a digital security asset.
There countless aspects of benefit from the InsurChain vision. As the market suffers from innovation stagnancy, InsurChain will surely leverage the blockchain for the better against their not-so-tech-savvy competitors.