InsureX Basic review from ICORating Agency
PROJECT DESCRIPTIONInsureX is a project on creating a marketplace for selling insurance products using the blockchain technology. The project is positioned by the authors as a solution for participants of the insurance market that will improve the efficiency and speed of their interaction, and will also help to reduce costs. The founders define a large number of intermediaries as one of the problems of the today's insurance market. This naturally increases the cost of insurance products for the end user. Another problem is the duplication of information by various market participants which also does not contribute to reducing costs. In accordance with the idea of the founders, Insurex can become the first platform that will unite insurance companies, reinsurance companies and insurance brokers in a single ecosystem. Thus, the platform will work only with the market professionals, and the use of blockchain and unique developments will solve the above problems.RESUMEBased on the conducted analysis, we do not recommend to participate in the InsureX ICO. At the first glance the idea that InsureX undertakes to implement is understandable. Indeed, the mentioned problems are here, and solving them will bring benefits to the industry. However, the final product will be too specific, which narrows the potential target audience to a circle of professional market participants.
The ICO documentation does not contain any marketing technologies that would allow attracting the insurance market professionals to the InsureX ecosystem. In all the rest the project looks frankly “raw”, which makes it impossible to predict its relevance in the future because in fact the community is offered to believe in the idea without mentioning the fact that its implementation will open a large number of pitfalls even the authors of the project may not guess.
There is a risk that the funds raised during the ICO will not be enough for the founders to finance the development of the project. It stipulates the increased risk for investors - the ICO participants. In our opinion, InsureX has two ways: either the project will not be implemented (at all or it will not be able to occupy its niche on the market) or it one of the major players of the insurance market will merger it. In this sense the planned ICO can even damage the founders because it will complicate the legal registration of M&A.Full Rating report you may read here