Black Insurance: digital insurance company on the blockchain
Black is a B2B platform from Estonia, that provides the capital to agents, brokers and MGAs to launch their own insurance products, fast. It is built on a distributed ledger technology, commonly referred to as the blockchain, which will improve the current insurance business model by connecting the insurance entrepreneurs with capital making it easier for them to launch new products and saves costs.
Black rethinks the whole value chain. Instead of insurance companies designing products, it involves brokers, MGAs and Agents in local markets in the design of insurance products and schemes, pricing and sales strategy. These agents have the know-how to succeed in local markets but don’t usually have access to the capital required to create insurance products.
Black Insurance will provide the required capital to underwrite insurance portfolios via the issuance of Black Syndicate Tokens (BST) and the Black Insurance platform will be empowered by Black Platform Tokens (BPT), which will serve as tools to transfer risk. Black has a global focus but will launch the first blockchain-backed insurance products in Europe, in 2019.
Black Insurance: replaces insurers as risk carriers for a blockchain-based marketplace of insurance capacity:
- Making the process of creating and funding insurance products agile and transparent by creating a decentralized, efficient market for insurance risk.
- Black creates a data standard with a decentralized, permissions-controller data store, by taking the administration and distribution of wholesale insurance to blockchain.
- The option to invest directly in insurance risk is currently limited to a narrow circle of institutional investors. Black Insurance gives everyone (individual and institutional level) an option to invest in insurance.
How it works :
Black Insurace has the ability to design the whole system from zero and this gives them the possibility to remove a lot of unnecessary steps and costs, thereby creating a truly decentralized insurance value chain (from Agent to Investor) on blockchain.
They bring startup-style innovation, agility and efficiency to the insurance market by enabling the creation of a virtual insurance company and getting an insurance product operational in a matter of a few weeks with minimal investment, instead of a few years and a dozen million euros.
Why we selected Black Insurance for DIA Amsterdam
Black is the first company to bring the entire insurance value chain to the blockchain, and give insurance entrepreneurs the ability to innovate with product offerings, and investors to take part in that.
As the industry has acknowledged, the cost levels of the insurance value chain are far too high. While introducing efficiencies into the status quo can bring relief, the key for dramatic change is in innovating the underlying business model – and that’s what Black is taken on to achieve, by breaking down the silos with a blockchain-based marketplace.
At DIA Amsterdam Black will speak about how its solution can make the insurance industry innovate “outside of the box”, while most current attempts stay conservatively and comfortably inside of the box.
Who is Black Insurance?
Black Insurance is founded in 2017 by Risto Rossar and Bundeep Rangar (Co-founder). All forward-looking experienced industry experts, who have successfully brought new technology and innovation to the market. The company is funded through a token pre-sale.
Main stakeholders are insurance intermediaries who seek backing for their existing and new products from the Black investor community, instead of traditional insurers and Lloyd’s. Although Black is not operational yet, they have solid relations with dozens of MGA-s.
Insurance industry has remained too rigid for far too long. Blockchain has brought the technological means to break down the silos and give the true entrepreneurs the chance to start rapid innovation. Risto Rossar, CO-founder Black Insurance