AXA XL and Assurely Collaborate to Form New Security Token Insurance Service

Insurance giants AXA have joint forces with the technology platform Assurely to spawn a new insurance service using Security Tokens and Crowdfunding.

In a press release, the news came that they were going to create an innovative new service for customers to insure any new online capital formation strategies they undertake. The project will be known as CrowdProtector and will focus predominantly on crowdfunding projects, hence the name, but will also encompass security tokens acquired online.

This will allow those who own security tokens to receive further peace of mind that their assets will be protected by a third party, a guarantee not previously provided to all investors.

“The adaptability of CrowdProtector™ is a great example of the future of insurance. Heavily focusing on our technology, we have been able to increase underwriting, adapt a new product to fit the need of an exciting new industry, and deliver the entire solution in a frictionless manner.” Said President and Chief Insurance Officer of Assurely, Ty Sagalow.

He went on to emphasise the ease of service that the option will provide users, stating it “is application-free, completely instantaneous, and automated for the end user.”

Assurely has been directing its efforts more and more towards the insurance industry recently, with their main focus becoming centred on crowdfunding and digital assets.

Numerous parties are already set to implement the service, including CryptoLaunch and Nvsted, with many more interested parties to follow suit in the coming weeks.