Insurance is broken: it's expensive, complicated and slow to meet customer needs. It's because all decisions are made by a handful of people in a small number of big insurance companies, riddled with bureaucracy.
Black is going to fix insurance by introducing a democratic, blockchain-based marketplace for creating virtual insurance companies that can design and sell their own, innovative insurance products. These products will be backed by security tokens issued in the future ICO-s, allowing crypto investors to tap into insurance profits.
Since blockchain enables to turn administering of insurance policies Â much more efficient, these products will also be less expensive and provide more profit upside.
Black Insurance is one of the most ambitious ICO backed company since it addresses the entire $4 trillion insurance market. Their team, comprised of seasoned insurance and technology executives, stands prepared to take advantage of this opportunity.
Black is currently the only blockchain / insurance startup addressing the biggest and still most wasteful part of the insurance industry: creating and capitalizing insurance products. All insurance products in the world need to be created and capitalized, and currently it can only be done through centralized, wasteful and slow insurance incumbents. We're adding a third option.
Most other blockchain based insurance startups are either addressing one particular product line, or one small, often relatively insignificant part in the insurance value chain. Black works with any insurance product, and with the biggest and most important part of the value chain.
Black is a digital insurance company on blockchain. Their platform connects insurance brokers directly with capital enabling them to launch their own virtual insurance companies. Thus removing the trusted third parties (Insurance Companies) from the value chain.
Black will be a licensed insurance company that provides insurance capacity to Agents, Brokers and MGAs (hereinafter “Brokers”) enabling them to launch their own virtual insurance companies. Their capacity comes without the traditional overheads of insurance company while using blockchain as main platform to get rid of centralized insurance companies.
They connect the idea to the capital directly, replacing the parties that are not needed in the value chain with technology. They will do this through crowdfunding, also giving smaller investors a way in. This leaner model gives more responsibilities to insurance brokers and control over the products they are selling. Insurers as we know them today are simply a trusted third party - blockchain gives us an alternative to that and the need for insurers disappears
|“||Mar 2018: Platform tech demo using Fabric+Composer.
Apr 2018: Released to Public.
May 2018: Demo ready for Investors.
Jun 2018 : Black DAO launchedn on Ethereum.
Aug 2018: Platform accepting first Users.
Dec 2018: Platform accepting new Products.
May 2019: EU-licensed Insurance company, selling new Policies.
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Black Insurance on Twitter
See Also on BitcoinWiki