InsureX is being developed to address issues related to the negotiation and management of insurance products. In the current model, insurance products are traded by third parties, such as brokers and brokers. While there is a need for these third parties, sometimes they increase the cost, time and complexity of the process.
The main challenge facing the industry is that, currently, all parties involved involved copies of the same data related to various products. This includes data related to insurance processes that manage risk and premiums. This is a significant amount of data that passes between multiple parts and is stored multiple times on multiple systems. This makes it difficult to share information among all parties involved and may compromise the integrity of the data.
