Insurance Industry is one of the leading industries in the World, generating billions of dollars turnover annually. It has huge wide spread and recognition among general population. Everyone these days certainly have an insurance policy of their own, whether life insurance or general insurance.
Insurance is more like a necessity rather than a means of investment. It guarantee us an assurance in case of some unforseeable circumstances. There are many type of Insurance policies out there covering all requirements of common people. Say for example, for some medical uncertainties, there is Medical Insurance. For life itself, there is Life Insurance.
Some people treat insurance policies as an investment and continue to pay their premium over the years but some people trade insurance polices either for profit gaining or simply getting out of their existing insurance policies. But trading of Insurance policies is not as easy as it seems. There are no exchange or platform available which allows an individual to trade insurance policies. Some brokers do it but they only trade some selective policies.
But now, a platform have come into reality which allows users to trade insurance policies without the help of any broker or intermediary, using Blockchain Technology.
This platform name is FidentiaX.
FidentiaX Brief Work Overview
FidentiaX is a blockchain based platform which allows users to trade Insurance Policies leveraging the Blockchain Technology to provide high transparency and transactional security.
If you look around, you'll find hundreds of platform for trading of stocks or other marketable securities but there is not platform currently active which covers the trading of Insurance Policies. Insurance Policies trading actually a hectic procedure because of transferring the ownership from policy holder to the policy buyer. It needs verification of documentation by the policy creator.
So, in order to make this task easy and providing a high end platform, free from any type of hassle, which do not need any assistance of intermediaries, which provides transparency and security altogether, FidentiaX has launched their platform.
Let's have a look at FidentiaX Working Model
FidentiaX working model is very simple. If you want to trade your insurance policy, then you can do it effectively in 4 steps using FidentiaX platform:
Listing
First of all, sellers have to list their policy onto the platform so that the buyers would have access to the policy ready for sell. After listing, the buyer will contact seller if he/she is interested in trading of insurance policy.
Offering
Secondly, buyers will deposit funds if they're interested in a specific policy and also submit their documentation. The seller will be notified about the funds.
Submission
Now, the seller will receive the documentation from buyers and he'll carry the documentation over to the Insurance Issuer Company. He'll make a request of transferring the policy to the immediate buyer. After transfer, he'll receive a receipt which he has to upload over the FidentiaX account for the verification.
Completion
After the verification of all the receipts and documents by the FidentiaX blokchain, the the policy will be transferred to the buyers and the funds to the seller.
Now, Let's have a look at the problems FidentiaX seeks to Solve
Well, being the first platform for the trading of insurance policies, FidentiaX seeks to solve many real life problems related to Insurance Policies trading.
Insurance Trading MarketPlace
FidentiaX is the first platform which allows users to buy insurance policies from other users and even sell them again for profit. Insurance market is highly profitable and trading of policies is kind of best way generating a good profit.
Intermediary Requirement
Intermediaries takes a lot of money in the name of charges and sometimes they don't even deliver the work they promise. But now with the use of FidentiaX platform, a person don't have to rely on any broker. The trading on policies can now be carried over Blockchain technology without the assistance of Intermediaries.
Physical Presence Of Buyers & Sellers
Well, in traditional market, both buyers and sellers have to be physically present in order to transfer the insurance policies. But now with the use of FidentiaX all the work can be done online through the assistance of Blockchain Technology.
These are some relevant problems which FidentiaX seeks to solve among other problems.
This platform certainly provides high value to its users and one of the first and unique platform out there. It might be highly effective in coming future.
For detailed information, Please visit FidentiaX website and read their whitepaper.
Thanks for reading ..!!
Website: https://www.fidentiax.com/
Telegram Link: https://t.me/fidentiaX
Facebook Link: https://www.facebook.com/fidentiaX
Twitter Link: https://www.twitter.com/fidentiaX
Youtube Channel: https://www.youtube.com/channel/UCWbqz0pTA-UJB0EQK_rn-Pg
Linkedin: https://www.linkedin.com/company/13432590/
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