Our Work

Platform for Trading Insurance Assets: MVP

Solution:Managed Project
Business Domain: InsurTech
Technology and Tools:

Golang, DB: PostgreSQL, RestAPI: Gin, OS: Linux, UI: React/Redux/Sagas/React Forms, Blockchain – Ethereum

THE SITUATION

Our Client (under NDA) is building an innovative digital marketplace for structuring, issuing, and trading insurance assets. Its platform marketplace enables both insurance and reinsurance companies to connect with investors to trade insurance-linked securities (ILS).

The company’s vision is to create a world where insurance and alternative capital are connected and globally accessible.  

The Client turned to 8allocate for custom development of their ILS platform’s MVP.

THE SOLUTION

The project consisted of 3 key phases:

1. Business analysis and discovery – 3 weeks

Within this phase, our consultants and the product owner on the client’s side held a workshop which resulted in the development of a comprehensive technical requirements specification with wireframes and estimates and project plan for MVP development.

2. MVP design – 2 weeks

MVP design included:

  • 3 user interfaces: investor, insurer, and trustee
  • KYC-AML Reviewer
  • Bordereau Reviewer
  • ILS Creator
  • System Administration

Deliverables: mockups

3. MVP development – 10 weeks

At this stage, we implemented front-end, back-end, database setup, as well as deployed smart contracts. Bug-fixing and QA were included in this stage, too.

The project was executed based on a Time & Materials (T&M) engagement model.

THE RESULT

The MVP dev project took 15 weeks to complete. It helped the Client determine the right set of features to avoid feature creep in the actual product. At the moment, we’re negotiating a full-fledged product development contract with the Client.