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InsureX Basic Review


About project

ICO details

  • ICO: 11/07/2017 at 1400 GMT to 31/07/2017 at 1400 GMT, see https://www.insurex.co/crowdsale/
  • Soft cap: 1634 ETH
  • Hard cap: 83778 ETH
  • Token: IXT, follows ERC20 standard
  • Bonus structure: Stages discounts system
  • Referral system: no data
  • Open source: No information available


  • Team size: 12, plus 10 advisors
  • Developer team active: Yes, steady activity on Slack
  • GitHub: No information available
  • Wiki: No information available

Social media


InsureX is a project on creating a marketplace for selling insurance products using the blockchain technology. The project is positioned by the authors as a solution for participants of the insurance market that will improve the efficiency and speed of their interaction, and will also help to reduce costs.

The founders define a large number of intermediaries as one of the problems of the today's insurance market. This naturally increases the cost of insurance products for the end user. Another problem is the duplication of information by various market participants which also does not contribute to reducing costs.

In accordance with the idea of the founders, Insurex can become the first platform that will unite insurance companies, reinsurance companies and insurance brokers in a single ecosystem. Thus, the platform will work only with the market professionals, and the use of blockchain and unique developments will solve the above problems.


At the first glance the idea that InsureX undertakes to implement is understandable. Indeed, the mentioned problems are here, and solving them will bring benefits to the industry. However, the final product will be too specific, which narrows the potential target audience to a circle of professional market participants.

The ICO documentation does not contain any marketing technologies that would allow attracting the insurance market professionals to the InsureX ecosystem. In all the rest the project looks frankly “raw”, which makes it impossible to predict its relevance in the future because in fact the community is offered to believe in the idea without mentioning the fact that its implementation will open a large number of pitfalls even the authors of the project may not guess.

There is a risk that the funds raised during the ICO will not be enough for the founders to finance the development of the project. It stipulates the increased risk for investors - the ICO participants.

In our opinion, InsureX has two ways: either the project will not be implemented (at all or it will not be able to occupy its niche on the market) or it one of the major players of the insurance market will merger it. In this sense the planned ICO can even damage the founders because it will complicate the legal registration of M&A.



  • The project founders have formed a clear idea. Probably, the insurance industry is interested in implementing it.
  • It was the high time for such an idea long time ago. However, it has not yet been implemented by using the blockchain technology. Theoretically InsureX has a chance to become a pioneer of the industry and make its name.
  • The project team has experience and understands the work of the banking, insurance and financial business, as a whole. The creators have an idea about the technical provision of large firms and processes of implementing new products.


  • Early stage of the project development. In fact, the creators have only a formulated idea.
  • The project lacks a clear financial model.
  • A wide range of the minimum and the maximum amounts raised during the crowd-sale: it is not clear how the project will develop if, for example, the total amount of the crowd-sale is close to the lower limit.
  • The creators have no agreements with the market participants.
  • Legal risks: it is not clear how professional participants – legal entities – will work with the blockchain project and tokens under today’s legal realities.
  • The team does not have experienced specialists in implementing blockchain projects.
  • The target audience is too narrow.


It is strange enough but so far there has been no distinct attempt to create an infrastructure for organizing the market of insurance products on the market for blockchain solutions. That is why the niche remains uncovered, despite of the interest from the end customers.

In a sense, the project peculiarity is that it is focused on the enterprise right away. Earlier we have already seen only the projects that offered insurance products - InChain and WeTrust. However, it is not correct to directly compare them with Insurex.


According to the estimations of Swiss Re, in 2015 the global insurance market was USD 4.55 tln. In its research the Allianz Company estimated the global insurance market in the amount of EUR 3.5 tln.

According to the research made by Munich Re, the potential of the insurance market growth during the next two years is 4.5% per year. The company relates it to good forecasts as for the growth of the global economy, as a whole. In any case, if there are no new crisis events, the insurance market will be better than it has used to be during the previous 15 years.


It is possible to show the technical implementation of the project by using the scheme the authors placed on their website.

Indeed, superficially the implementation looks modern and functional. However, it is impossible to say anything specific because the project creators themselves have not yet started its implementation.

At the same time the project promises the following functionality to its customers:

  • Listing and active market of insurance products,
  • Execution of transactions,
  • Effective products portfolio management, and
  • Market analysis of products (Market Insights).

The IXT token will be implemented on the Ethereum platform and will be used as a “fuel” for the InsureX. The IXT tokens will be used to pay for transactions, data provision, subscription to the platform, and license for the API.


The project website contains Whitepaper. The document turned out to be capacious and easily understandable; the text is not overloaded with redundant terminology or technical details. However, this is also a disadvantage of this document because it does not contain code samples or other deeper technical characteristics that would be very useful for potential customers of the future service.

The Whitepaper gives a very superficial idea of the technical implementation of the future platform. We assume that the creators themselves have not yet determined the specific implementation of the services.

A considerable drawback is the complete absence of a financial model. For example, it is completely unclear what the authors are going to do if they raise funds on the lower boundary of the placement, especially since the spread between the upper and lower boundaries is 98%.


Token: IXT

Beginning: July 11

End: July 31

Price: 1 ETH – 1,125 IXT

Crowd-sale pool: 100,000,000 IXT

Reserve: 30,000,000 IXT

2/3 of the reserve will be distributed among early adopters, and it will be used to provide the liquidity on the market. It is not clear about the proportion.

1/3 of the reserve will be transferred to the team and advisors as a reward.

Minimum target: 1,634 ETH

Maximum target: 83,778 ETH

The project team is going to allocate the funds raised during the ICO using the following scheme:

70% InsureX Team – for expanding the staff of developers, paying for the team’s work: it is supposed to hire 18 IT specialists,

10% Compliance and Legal;

10% Business Development;

10% Reserve.

Taking into account that 70% of the crowd-sale amount will be spent for financing the development, the project success in case of the ineffectual ICO is doubtful. Will 2,000 ETH be enough to pay for the work of expensive specialists?

Bonus program:

0 – 1,634 ETH – 36%

1,634 – 1,852 ETH – 20%

1,852 -15,456 ETH – 15%

15,456 – 20,392 ETH – 9%

20,392 – 83,778 ETH - 0%

Dividends or other tools to improve the investment attractiveness of the token are not provided. However, burning out of a part of tokens that will be paid by users of the ecosystem in favor of InsureX is provided. InsureX will charge a commission for transactions within the ecosystem and payment for the right to use the ecosystem (subscription). However, the Whitepaper shows neither benchmarks for the commission income nor rules for burning out the tokens.

All this together with insufficient project design causes increased risks for the dynamics of the token price next year. 


According to the Roadmap, the released product will be launched in a year. At the same time, unfortunately, the project authors did not estimate the minimum necessary expenses for the implementation of the project within the stated period. There is a high probability that the team will face insufficient financing and/or outflow of highly qualified personnel which will make it impossible to complete the development.

Moreover, it is not clear how InsureX will stimulate participants of the insurance market to use the created ecosystem. There is no marketing strategy. It is not yet possible to evaluate the quality of the service.


The company was founded by Ingemar Svensson, former CTO of Risk and Valuation at SunGard Asset Management. He is joined by MIT alumni and early blockchain pioneer Cristina Dolan and Mikael Olofsson, an insurtech expert and entrepreneur.

The team of advisors includes Ross Campbell, Chief Underwriter at General Re and Nick Pester, Head of Insurance and Insurtech at Capital Law LLP.

Ingemar Svensson, Founder & CEO/CTO


Cristina Dolan, Co-founder & COO


Mikael Olofsson, Co-founder & Entrepreneur in Residence



The InsureX threat at the Bitcointalks forum is not extended and informative. The developers do not participate in discussing the project with the community.

This project was not largely described in mass media. In fact, the creators made several short releases on such websites as Bitcoin.com. Bounty hunters make up the basic activity in media.


It is possible to contact the team of developers via e-mail: [email protected]

The information contained in the document is for informational purposes only. The views expressed in this document are solely those of the ICORating Team, based on data obtained from open access and information that developers provided to the team through Skype, email or other means of communication. Our goal is to increase the transparency and reliability of the young ICO market and to minimize the risk of fraud. We appreciate feedback with constructive comments, suggestions and ideas on how to make the analysis more comprehensive and informative.