FidentiaX is the world’s first marketplace for tradable
insurance policies. Our 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.
What is FidentiaX doing?
The fintech startup, FidentiaX is focused on disrupting the tradable insurance market. They are planning on doing this by enabling policy holders to monetize insurance policies on the blockchain. fidentiaX will also be in the process of setting up the FidentiaX Open Source Foundation (fSOF) to stimulate the integration of blockchain technology in the insurance industry. This brings about great opportunity for the building of a portfolio of tradable policies with stable returns and developing a trustless platform for trading of these policies.
Why does it matter?
The size of the market is significant and it is one the many reasons why they are tackling this industry. The size of the total market in the past year of 2016 in OECD reporting countries were estimated to be more than $3.86 trillion dollars. The Asian continent is expected to be a booming market for this industry and is “projected to be the fastest-growing market for life insurance with an estimated real annual compounded growth rate of 10.2%”.
There are significant current barriers in the industry stopping transactions, one of them is the lack of awareness that this industry exists. The next one is the lack of a coherent recognizable marketplace and heavy reliance on third parties.
The lack of awareness is a big obstacle as many policyholders are not aware of the tradability of their policies thus causing there to be less transactions and volume in the marketplace. Fidentia wants to let individuals know these policies are in fact tradable assets and can be sold in an open market for higher value. $57 Billion out of the $112 billion policies that were on the market place had the eligibility for being re-sold.
This lack of general awareness creates the problem of a lack of a marketplace minimizing the chances of potential buyer and seller being able to transact. This then leads to another challenge of buyers and sellers having to rely on third parties to connect with increasing transaction costs.
FidentiaX’s solution is a membership based marketplace which has the following components.:
Policy ledger – Break traditional reliance on intermediaries by creating a digital ledger for policyholders.
Trustless Marketplace – Provides a platform for buyers and sellers to connect and trade policies via the blockchain.
Insurance buyers are incentivized to do so because of stable returns, fixed tenure, liquidity and low correlation to other asset classes.
Who are they?
Long Tran Thanh
ICO & RoadMap
The ICO is currently taking place and will last for 27 more days. After the ICO they are planning on launching the fidenxtiaX Membership Marketplace in February 2018. Then continuing and launching their fidentiax portfolio. Then in the September 2018 they are seeking to have a full blockchain-powered marketplace for the tokenization of policies. In 2019 they are seeking to partner with insurance companies to issue insurance policies directly to the blockchain.
They are focused first on the Asia market as that is where their knowledge and expertise lie and then expanding globally after that.