Since its inception in the third century, the insurance industry has been dominated by a monopoly of major players who have been coming up with new products and innovation other in a bid to grow their business empires. FidentiaX is the world’s first marketplace for a tradable insurance policy. The FidentiaX marketplace wants to disrupt the way the insurance industry works now by disrupting the status quo and breaking the tethers noninsurance companies. It wants to empower policyholders to monetize their policies instead of insurance companies doing so.
How the FidentiaX works
Some of the problems the fidentiaX marketplace seeks to solve include allowing policyholders to sell their insurance policy rather than surrounding them to their insurer at a lower value. The problem FidentiaX will solve for both buyer and seller include:
policyholders can submit their policies to the FidentiaX blockchain-based platform and gain immediate access to buyers on the platform. Buyer on the side will search for the policy they want and buy them from policyholders.
once the buyers find what they want, they complete transactions by sending deposit funds to the platform, then the seller will be notified of the funds and access the funds once documentation is transmitted.
the seller of the insurance policy will go to the buyer or the company that buys the policy to affect the transfer of the policy. The seller will also obtain documentary proof that the policy has been transmitted buyer receiving any payment.
the last step is the seller uploading the documentary proof of the completed transfer on the platform. The proof will be verified upon which the funds will be released after verification.
FidentiaX features and benefits
The FidentiaX blockchain has both features for buyers and seller. The blockchain benefit and features for buyers include:
- Inherent capital preservation feature
- Fixed investment tenure
- Mortality upside
- Eliminating setup cost of insurance
- Smoothing of returns
Policyholders are provided with a liquidity alternative to existing features through a transparent, efficient and fair platform that allows tokenization of their already existing policies.
Who is behind it ?
Roberto Capadieci is blockchain development partner. Roberto specializes in lawful interception systems and big data analysis. The team also has Jean-Daniel, the co-founder of DeBuNe and OTDocs. He has 15+ years of experience encompassing many facets of the IT industry. The team also includes a group of advisors led by varies Sayed, an investment advisor.