InsureX is a marketplace for insurers, reinsurers and brokers to trade insurance products directly. Our use of blockchain technology streamlines the downstream processes for programs, policies, premiums, and claims. InsureX was founded in London in 2017. The concept came from Ingemar Svensson, whose company Finserve.io was working with various insurance clients who frequently brought up blockchain and the idea of an alternative marketplace. Shortly after, InsureX engaged a reinsurance company in London who agreed to further explore how this platform could improve security, administration, and cost.
In order to process certain transactions, private and confidential information is required to be stored and exchanged. Our storage is a secured NoSQL data fabric. It compliments the blockchain network by providing fast access to different data such as medical records or other confidential information. Multiple levels of security, external authentication and strong usage profiling are included. The UI is implemented using React which is fast and responsive. We use a Node.js backend which handles most of the business logic. The React and Node.js combination has proven to be a very fast, lightweight and robust approach. The UI renders on tablets and phones and as part of our roadmap we’re developing a mobile app, in order to take advantage of the native phone and tablet capabilities.