Website - https://www.black.insure/
The Challenge
One of the biggest problems in the insurance industry today is that the product design and customer are too far apart. Currently the products are created by insurance companies. This means that there are several parties between the customer and product, the system allows for a lot of bureaucracy, high costs and hinders innovation. Time to market normally takes years.
There are many different parties in the system: Re-insurers, Insurers, MGA’s, Agents, Brokers, Third Parties and Wholesale Brokers. As products are controlled by insurers, launching an insurance product takes a lot of time and the markets’ needs are not attended to fast enough. Whereas insurance brokers that are close to the customer and truly understand the market cannot get the desired product to market fast enough. There will be a lot of negotiations, time and costs involved. Often great ideas get neglected altogether.
Black will use blockchain to transfer risk directly from the client ( the insured ) to the financial supporter ( Black Syndicate Token holder ) :
- minimize all inefficiencies
- keep all data securely in blockchain
- transparent business operations using smart contract
- faster innovation by platform members
Black will fundamentally improve the insurance industry. Black is an insurance platform like Lloyds of London in blockchain at no cost, delay and bureaucracy we are witnessing today
The insurance business will be generated by a local MGA / Broker / Agent responsible for designing insurance products for the market, setting prices and selling products and managing claims handling. Delegating a business to a local agent creates a measurable Black business model while bringing business decisions closer to the end customer
- 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. Our capacity comes without the traditional overheads of insurance company while using blockchain as main platform to get rid of centralized insurance companies.
- We connect the idea to the capital directly, replacing the parties that are not needed in the value chain with technology. We 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.
Business in Broker channel
Black collects fees from users for using the platform for different actions. For example:
- syndicates fund an insurance product with capital.
- Black Insurance’s fee will be a % of the GWP (Gross Written Premium).
- Fees to be paid in BLCK tokens.
Black Foundation will sell the tokens on the market to cover costs of operation :
- Development, HR, admin, legal and marketing. A surplus of tokens will be kept in the company reserve for occasions when costs rise and use of the platform is lower.
- The foundation reserve will have an upper level. Once this level is reached we will decide on what to do with the surplus. Some potential options are
- Invest in entering new markets
- Invest in expansion and growing user base Distribute to platform users wallets as bonuses Burn tokens
In order to guarantee the scalability of Black’s business, insurance business will be generated by Brokers whose responsibility is :
- Designing insurance products for that market
- Determining the right pricing
- Selling the product in the region
We provide easy access to capital and technology for those Brokers. There are a lot of insurance entrepreneurs across countries who have distribution, underwriting know how and who are motivated to run an insurance business, but they do not have enough capital. Minimum amount of capital required is c. €3m. Deal making with Lloyds or other insurers is very difficult and time consuming, even if Brokers get the agreement with some insurer, then these agreements are not very profitable for the Broker, as traditional insurers cover many unnecessary costs (old IT systems, large offices, lots of manual work etc ). There is a lot of inefficiency in the way, which makes the Agent’s life unnecessarily difficult.
What Black provides to Brokers
- Capital to design insurance products and sell them
- Technology. Brokers can use our user interface or API to store insurance policies and claims into our platform.
- Insurance License. Black will establish an EU licensed insurance company, allowing us to cooperate with Brokers across the EU. Depending on capital raised we also intend to apply for licenses in other regions.
- Black Platform Token ( BLCK ) : BLCK empowers infrastructure, provides access to the platform and to vote on system updates to platforms ( utility tokens ). All platform users will use BLCK to manage insurance on the Black platform, and demand for BLCK will increase as more and more insurance businesses are done on the platform.
- Black Syndicate Tokens ( BST ) : ( issued when the platform is ready ). BST is an investment in insurance capital, and a special BST is created for each syndicate ( security token ), Profitability insurance portfolio for a particular syndicate will be forwarded to the holders of the BST.
Black Platform Token (BLCK)
Black Platform Tokens (BLCK) are used by Platform Users to pay service fees to the Black Platform
when requesting Platform services. BLCK is described as a “Utility Token” because it is used by Platform Users when they are executing Smart Contracts on the Black Platform. BLCK is non-refundable and required for running different functionality on the Black Platform. BLCK does not in any way represent any shareholding, participation, right, title, or interest in the Black Foundation, its affiliates, or any other company, enterprise or undertaking, nor will BLCK entitle token holders to any promise of fees, revenue, profits or investment returns, and are not intended to constitute securities in any relevant jurisdiction. Black will guarantee that until 1st of January 2021, service fees paid with BLCK will be at least 20% cheaper than service fees paid in any other currency. Black will evaluate the service fee discount after Jan 1st 2021, and then announce the adjusted discount.
ICO Structure
- Pre-Sales Start : 7/31/2018
- Pre-Sales Period : 30
- Pre-Sale Hat : $ 15,000,000.00
- Pre-Sale Terms : First week bonus 25% and after first week bonus 20%
- Sales Token Start : 8/31/2018
- Token Sale Period : 30 days
- Soft Cap : $ 2,000,000.00
- Hard Cap : $ 45,000,000.00
- Token Symbol : BLCK
- Total Token Amount : 471.082.090
- Exchange rate : 1BLCK = 0.2 USD
- Minimum Purchase : $ 100.00
- Cryptos received : BTC, LTC, ETH
- Adjustments : Unsubscribed tokens will be destroyed by a token contract.
- Register : Token BLCK will be registered on crypto exchange
- Benefits of Token Holder : BLCK can be used to pay for services on the Black platform. Black will guarantee that up to January 1, 2021 the service fee paid with BLCK will be at least 20% cheaper than the fees paid in other currencies.
- Trade Token Restrictions : Only Teams and Advisors have a vesting and sales lock-in period
Use of Dan Token Distribution Funds
Hard stamp $ 45 million
- Use of funds - If $ 2 million + is raised
- Token Distribution - If $ 10 million + is raised
Distribution of Token Bounty
Bonus
Bounties And Referral
RoadMap
Black Insurance Team
RISTO ROSSAR - the founder
Risto is the founder of Black and his role is to develop further ideas including mentoring from all team members as well as seeking partnerships for Black through a vast network in the insurance space.
BUNDEEP RANGAR - Founder
Bundeep is an entrepreneur with over 21 years of experience in financial services, technology and media. He has invested, suggested, or incubated a number of companies in the UK, Canada and India. He holds the role of founding CEO in PremFina, IXL Holdings, and SME loans.
CHRIS WILLIAMS - CTO and Blockchain Solutions Architech
Chris along with the developer team is building our product. He has worked as a Senior Solution Architect at insurance companies, AIG and MetLife. While working at IBM as a Blockchain Consultant, he has built a personal blockchain solution for insurance companies.
MART PARVE - Chief Operating Officer
Mart ensures that all operations run smoothly, so the entire team can contribute most effectively to Black's success. As a lifelong technology lover, he has a managerial background in information security and insurance technology, and holds an MSc in Economics from the Catholic University of Leuven.
LIINA LAAS-BILLSON - Business Development Officer
Liina will ensure that the vision and growth of the Black Foundation are on track. Founding Member of the Council and General Manager of the Estonian Cryptocurrency Association and also working with many FinTech blockchain pioneering companies on marketing and sales strategies, its mission is to revolutionize insurance through blockchain technology.
MARTIN MÄGI - Product Design
Martin is our hands-on product person. Previously he had set up two startups and built more than 15 software products. He likes to design user interfaces and also write code.
PEEP PAUM - Product Manager
Peep believes that blockchain technology will ultimately change the way and logic of how businesses operate today. He has been fortunate enough to participate in various technology projects for nearly ten years. Peep is one of the founders of the early founders named Indoor.Ninja and ICO's campaign platform called Crowd Coinage.
TRIINU MURUMÄE - Management Manager
Triinu is a skilled marketing manager with a good eye for growth. He takes care of all our marketing activities. He has more than 10 years experience in insurance technology as a business developer and is responsible for startup insurance marketing, he has a very good knowledge how to succeed.
BUU TRUONG - Actuarial and Risk Advice
Buu is an experienced non-life actuary and a Fellow of the Institute and Faculty of Actuarial ( IFoA ). He is the Managing Director of Insight Risk Consulting which he founded 5 years ago. Buu and his team suggest Black on models and actuarial risks.
TAAVI KOTKA - Former CIO of the Estonian Government
Awarded as the best CIO in Europe by ICT Spring and being the leader of the Estonia government digitalization, Taavi advises us on strategies and uses his vast network to capitalize on Black's business. Taavi was also selected as the Entrepreneur of the Year in Estonia 2011 ( by Ernst And Young ).
ANDO KIVILAID - Insurance Geek and Investor
Ando has worked a lifetime in the insurance and IT business and is a huge blockchain and a fan of cryptocurrency. Ando advised us on product development and strategy.
ALEX NORTA - Scientific advisor
Alexander Norta is one of the leading experts in the field of intelligent contract technology. He has various expertise in areas such as business - process collaboration, workflow management, e - business transactions, service-oriented computing, software architecture, software engineering, ontology, social web, multi-agent systems, and so on. Norta has written several high profile whitepapers and suggests successful startup blockchain technologies such as Qtum, Cashaa, Cedex and NEO.
KRISTIAN GARANCIS - Reinsurance And Malta
Kristian has over 20 years experience in Reinsurance and Non - Life Insurance as well as Prisoner Insurance. He is also very familiar with Malta's legal and insurance structure also being a resident of Malta itself. Kristian advised us on insurance and insurance related topics and helped by licensing our insurance company in Malta. He also has many connections with brokers who are interested in using Black capacity when we broadcast live.
For more details on our ICO, you can also visit our website address below from me and thank you :
- Website : https://www.black.insure/
- Lightpaper : http://www.black.insure/wp-content/uploads/2018/03/Black-insurance-lightpaper.pdf
- Whitepaper : http://www.noir.insure/whitepaper/
- Twitter : https://twitter.com/BlackInsure
- Facebook : https://www.facebook.com/blackinsure
- Telegram : https://t.me/blackinsurebot
- Bitcointalk : https://bitcointalk.org/index.php?topic=3372186.news#
- linkedin : https://www.linkedin.com/company/black-insurance/
Article Writer : Epengcupeng12
ETH : 0x9A131b646dE6c83Ffd5703ebFf9Ac03869357E61
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