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30 August 2018 Insurance

Insurtech Heluss strikes $2m gold agreement with fintech HelloGold

Canadian blockchain-based insurtech firm Heluss has entered into an agreement with Southeast Asian fintech investment platform HelloGold over supply of gold and custody services.

The Malaysian company HelloGold has agreed to provide the insurtech company with $2 million worth of gold. The gold will be used by Heluss to increase stability of its HUT tokens. In the long-term, HelloGold will explore using Heluss’ technology to provide tailor-made insurance products for the underserved and unbanked.

Canada-based Heluss provides solutions to the insurance industry intending to transform how traditional policies work with the use of blockchain technologies, smart contract and artificial intelligence (AI) in claims management. As part of its strategy, forty percent of premiums are allocated for claims and the reinsurance fund. Any savings are returned to token holders as bonuses, rewards, incentives and other means to increase community engagement. Another 40 percent is tokenised for policyholders in HUT tokens. These funds are kept in an “H-Vault” reserve in the form of physical assets, while the remaining 20 percent is allocated for Heluss’ ecosystem operations.

Robin Lee, CEO and co-founder of HelloGold said: “Gold is a traditional store of investment and savings, notably in Asia, which represents 70 per cent of the gold market. Gold is a powerful means of wealth preservation and financial inclusion, and being able to buy, hold and sell gold in a convenient, safe, physical format brings tremendous value to people.”

“Our partnership with Heluss reflects our commitment to develop more products, enabling financial inclusion and wealth creation for underserved and unbanked communities,” he added.

Heluss CEO and founder Jean Pierre Rukebesha commented: “Heluss is dedicated to disrupting the insurance industry by tokenising and gamifying travel, home, auto and loan insurance by leveraging new technologies. This lowers cost, reduces chances of fraud and increases transparency for policyholders. Partnering with HelloGold will help us focus on our core business while ensuring transparency and third-party custodianship for our hard assets which supports our overall company stability.”

If you enjoyed this story and have an interest in Insurtech, join us at Intelligent InsurTECH Europe 2018, the only insurtech event with dedicated streams for CXOs, Data/Analytics, and Claims. Find out more here.

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