iXledger, a London-based blockchain InsurTech start-up and Gen Re collaborator, has partnered with online information hub Self Insurance Market to develop a marketplace for the growing self-insurance risk management sector.
The companies plan to leverage iXledger’s blockchain platform to navigate the complex, data-intensive processes of self-insurance, and to provide the visibility, workflow, and resource management to receive cost-effective bids for appropriate services.
Self-insurance is a growing sector, particularly in regard to employee health insurance, as it offers many employers greater flexibility and savings potential.
In the U.S., around 65% of employers self-insure their employee medical benefits through The Employee Retirement Income Security Act (ERISA), which allows companies to establish trusts protected by stop-loss re/insurance, a sector which is itself worth over $15 billion in the U.S.
Ingemar Svensson, Chief Executive Officer (CEO) and Founder of iXledger, said: “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.
“We are excited to have Dominic Higham joining iXledger as a Senior Strategic Advisor, his strong industry expertise is complementary to the iXledger team.”
Higham founded Self Insurance Market as an online portal to offer information and advice to self-insurers and to host listings of relevant service providers.
The site also provides a Business Enquiry and Provider Search facility that allows companies looking for partners to direct business enquiries to self-insurance service providers.
Higham, now 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 iXledger 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.”