Parametric insurance is a type of insurance that issues a fixed payment upon the occurrence of an objective or triggering event. With the convergence of digitization, smart contracts, blockchain, artificial intelligence, and the rise in the availability of real-time data, the potential to reinvent the insurance industry has never been greater.
HCXI is building new models of insurance with more firmly defined claims payment parameters enabling their digitization and administration through the transparency benefits of blockchain. By pairing artificial intelligence and smart contracts with parametric insurance, risk bearing entities can reinvent how existing offerings are delivered and significantly reduce frictional system costs. 35% of insurance premium payments are lost due to frictional costs in the system according to a 2015
HCXI recently filed a US Patent for a new parametric insurance product to help curb the US's
HCXI plans to leverage smart contracts and a digital asset framework to operate and administer the underlying risk capital and incentive system pools for parametric products created. By utilizing blockchain technology and digital representation of value, HCXI will reduce the costs and friction associated with regulatory and auditing requirements and improve the transparency of risk-bearing entities enhancing regulatory oversight.
HCXI recently launched its first funding round and landed an initial investment from private equity firm
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SOURCE HCXI, INC