Blockchain Insurance Marketplace
SuretyBlock is an online blockchain insurance marketplace where organizations can setup captive insurance companies. The project is near completion and on track to generate revenue in Q2 2023.
A captive insurance company is a private insurer that is typically owned by the organization it insures.
SuretyBlock aims to provide trade associations, organizations, and event organizers the option to insure themselves against various liabilities using the power of blockchain technology to pool and distribute funds.
The first decentralized product from SuretyBlock, called Eagle1, is a Hole-in-One insurance platform for the golf industry that makes it easier, quicker and more efficient for hole-in-one prizes to be obtained and issued on golf courses, and in some cases, driving ranges.
Reducing Capital Requirements
In order to be licensed, captive insurance companies need to meet minimum capitalization and reserve requirements. For group and association captives, this is the most challenging requirement, and one that is solved by SuretyBlock through the decentralized finance (“DeFi”) Ocean Falls Exchange.
Simplifying Captive Setup
Insurance program setup includes feasibility studies, actuarial reviews, legal, security, accounting and other associated administrative costs. Obtaining regulatory approval alone is a time consuming, expensive and laborious process. Ocean Falls Indemnity offers a one-stop shop for captive setup, including regulatory approval.
Providing Ongoing Management
Use new components that come included, as shown in the theme docs you don't need to write any code to get a website up and running.
Although captives would benefit many organizations, they are out of reach for most organizations due to:
Minimum Capital Requirements
Onerous Administrative Burden
Required Expertise To Operate
Ocean Falls Exchange
The Ocean Falls Exchange (Exchange) is a Decentralized Exchange that makes it possible for captives on the OFI platform to be funded.
The Exchange operates without an intermediary utilizing smart contracts which are programs that execute the terms of the funding contract between cryptocurrency holders and the financial institutions issuing the Standing Letter of Credit for the min capitalization and reserve.
Exchange Capital Flow
Lenders earn interest on their crypto assets by investing through smart contracts on the Exchange.
Letter of Credit
When funds are received, the smart contract triggers the issuance of a Letter of Credit which is used to meet regulatory capital and reserve requirements.
With reserve and minimum capitalization requirements met, the captive is funded and can write insurance.