Insurtech company iXledger has announced the launch of a blockchain insurance product in partnership with a London-based broker operating in the international specialty insurance markets.
The new funding mechanisms in the blockchain space, vague regulatory guidance and new technologies have created demand for insurance products to protect blockchain entrepreneurs and investors, iXledger said. The company’s blockchain insurance product is the first of its kind available to the market, offering blockchain insurance quotes and the risk assessment score necessary for placement with underwriters.
“The aim is to make insurance accessible to blockchain companies, and to facilitate the acquisition of insurance as a prerequisite for a successful funding and operation in the same way that smart contract audits are deemed mandatory for investment,” said Ingemar Svensson, CEO of iXledger.
“Our blockchain insurance offering evolved from ongoing discussions with brokers and insurers,” said Ciaran Sainty, iXledger product director and senior underwriter. “We recognized the need for the assessment tools and data sets required for underwriters to understand risks and developed our solution.”