iXledger and selfinsurancemarket.com Partner to Offer Self-Insurance Blockchain Solution

Company : selfinsurancemarket.com | Category : selfinsurancemarket.com site news | Submitted Date : 23 Apr 2018

First InsureTech Blockchain Self-Insurance Solution

London, New York, Singapore – April  19, 2018  -- iXledger, a groundbreaking alternative marketplace for insurance, today announced a partnership with Self Insurance Market, a global self-insurance portal, to create a marketplace for the growing segment of self-insurance which is used as a formula for risk management.  

Navigating the workflows and regulatory processes for self-insurance is complex and data-intensive to engage the appropriate resources and setup the most cost-effective structure.  The iXledger marketplace, which utilizes Blockchain technology, offers both an efficient mechanism to navigate the complex process, providing the visibility, workflow and resource management to receive cost-effective bids for the appropriate services.

“We are excited to have Dominic Higham joining iXledger as a strategic advisor, his strong industry expertise is complementary to the iXledger team,” said Ingemar Svennson, CEO and Founder iXledger, “This partnership offers a strategic opportunity to apply iXledger’s blockchain platform together with Self Insurance Market’s industry knowledge to provide a solution for a complex and growing market.”

Dominic Higham, Founder and Managing Director of Self Insurance Market, said, “The deployment of blockchain and distributed ledger technology into the insurance sector is gaining momentum and we are excited to be part of this. Partnering with IXT will allow us to be at the front of this movement whilst at the same time creating a value-add proposition for companies operating in this space.”

In the employee health insurance market, self-funded insurance is being utilized by a growing number of employers in the United States because of the increased flexibility and potential for savings, according to the Brookings Institute and the Self Insurance Educational Foundation. Employer Sponsored Insurance costs are skyrocketing, and coverage is declining.  The State of Idaho announced last year that by switching public employees to Self-Insurance model it would save $13 Million in the first year of operation.  While large American companies with more than 3,000 employees engaged in self-funding before the Affordable Care Act, there are growing incentives for smaller companies facing the rising costs of employee health insurance. 

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