In 2016, life insurance industries has generates billions of dollars in premiums every year. According to OECD in 40 reporting countries, there were more than $3.86 trillion dollars market size in premiums, while Asia was the fastest growing market for life insurance. Asia market size annual growth rate estimated about 10.2%.
As an oligopoly sector, most people still didn’t realize that the life insurance policies could be traded in the market with a higher value. This hidden market potential was being a highly projected by Fidentiax, a blockchain based platform that aims to be the first marketplace for tradable insurance policies.
For some major point, there are many advantages by buying an insurance policy from the open market. For example to get a stable return, fixed tenure, liquidity, and low correlation with other asset. Even if the policyholders could selling their policies, but their challenges was how to finding buyers, since there no specific marketplace for it.
With the powerful of blokchain technology, now Fidentiax platform could make the project into reality. Fidentiax offering a trustless, immutable, auditable, and transparent environment in the life insurance policies open market. By Fidentiax, it create the possibility for the policyholders to monotize their policies.
As a membership based ecosystem on the key of stakeholders by Fidentiax platform, for the policyholders will be able to provide a liquidity alternative to existing policyholders with a transparent, fair, and efficient platform which is allows tokenization their policies.
For the life insurance buyers, they would be able to exploring all tradable policies as a part of their investment in blockchain based technology platform, and of course, with a secured transactional ecosystem.
In the Fidentiax, there will be 3 membership category, standar, investor, and professional member. All of the types of membership are categorized based of their capabilities inside the platform. Professional member for example, able to listing their policies for tokenization, able to auction, able to buying from the tradable policies, and able to access custodian services.
Within Fidentiax, portfolio builder will useful to build a portfolio of tradable insurance policies. The platform about this feature will provide a professional services for sourcing, validated the portfolio, and make it able to transfer of the desire policies.
Regarding to the market potential, Fidentiax will be focusing on building it brand in Asia before executing on the global expansion strategy. Several countries in Asia that being focused are Hong Kong, Japan, Korea, Malaysia, and Singapore.
Based on the team view why Asia as the focused area because of some factors, including the size of the insurance market, new business generation, regulatory requirements and oversight, surrender value, and the competitive landscape.
In Malaysia, insurance market size worth about $47 billion with new business around $2.14 billion and surrendered value about $1.5 billion. Market size in Singapore $11.6 billion, new business about $2.16 billion and surrendered value $2.3 billion. Japan market size $7.7 trillion, new business for $632 billion with surrendered value about $435 billion. In South Korea life insurance market size about $2.12 billion, new business worth about $348 billion, and surrendered value about $286 billion. And the last largest market size was in Hong Kong about $165.7 billion, new business $16.4 billion, and the surrendered value about $2.3 billion.
Fidentiax Token Crowdsale Detail
Token Name: Fidentiax token
Token Symbol: fdX
Token Base: Ethereum ERC20
Token Sale Start: November 6, 2017
Token Sale End: December 5, 2018
Total Supply: 100,000,000 fdX
Prices: 1 ETH = 500 fdX
Website – Whitepaper – Announcement
(User UID: ICO Magazine)