hello dev, where can I see the MVP that has been launched?
when will ico start and what date?
Black will use the blockchain to transfer risk directly from clients (insureds) to financial backers (Black Syndicate Token holders): minimizing all inefficiencies storing all data securely in blockchains transparent business operations using smart contracts faster innovation by platform members
Black Insurance will use two types of tokens:
Black Platform Token (
BLCK). BLCK powers the infrastructure, providing access to the platform and for conducting voting on system updates to the platform (utility token). All platform users will use BLCK for managing insurance on the Black platform, and demand for BLCK will increase as more insurance business is conducted on the platform.
Black Syndicate Tokens (
BST) (issued when the platform is ready). BST is an investment in insurance capital, and a specific BST is created for each syndicate (security token), The profitability of the insurance portfolio for a specific syndicate will pass-through to the holders of it’s BSTtokens:
Black Platform Token (BLCK). BLCK powers the infrastructure, providing access to the platform and for conducting voting on system updates to the platform (utility token). All platform users will use BLCK for managing insurance on the Black platform, and demand for BLCK will increase as more insurance business is conducted on the platform.
Black Syndicate Tokens (BST) (issued when the platform is ready). BST is an investment in insurance capital, and a specific BST is created for each syndicate (security token), The profitability of the insurance portfolio for a specific syndicate will pass-through to the holders of it’s BST.
Black will use the blockchain to transfer risk directly from clients (insureds) to financial backers (Black Syndicate Token holders): minimizing all inefficiencies storing all data securely in blockchains transparent business operations using smart contracts faster innovation by platform members
HOW BLACK INSURANCE WORKS
1) Entrepreneurs list their insurance products.
2)Investors can form and capitalise investment syndicates by investing in tokens and
allocating capital between different products.
3)Policies are written on blockchain as smart contracts.
4)Users have access to immutable data (premiums sold, claims, profit) on the platform.
5) Profits are automatically distributed amongst the token holders.
The Black Insurance is a B2B platform. It changes how insurance is made - the way insurance products are developed and
capitalised. It is built for insurance industry participants,
including brokers, MGAs, insurers and investors.
We are speaking at Crypto Health Summit in LA on the 22nd of May.
https://www.cryptohealthsummit.com/losangeles Black Insurance will disrupt the insurance industry, this really goes hand in hand with the health sector. A lot we can do there
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.
Sound Business Plan
Black will ask Brokers to present their business plan. Black’s specialists will analyze the plan and consult with specialists in the local market if necessary.
We are in Amsterdam today, presenting our platform!
"How do we differ from other blockchain / insurance projects?" - we get this question a lot.
We indeed have plenty of blockchain / insurance related companies on our radar, including Etherisc, Blocksure, Insurepal, ixledger, PolicyPal, ChainThat, fidentiaX, InsurChain, B3i etc.
Now, in my mind, I'm seeing the blockchain / insurance landscape or positioning as follows (from simplest to most complex):
Service providers create blockchain solutions for the insurance industry, without participating in the insurance vertical themselves
Products companies create new, innovative insurance products (e.g. parametric insurance, IoT related stuff etc), by establishing a partnership with an insurance company to underwrite the policies, and sell to customers
Insurance companies are product companies (above) that don't partner with an existing insurer, and attempt to become a licensed insurer themselves
Marketplaces enable creation, capitalisation and distribution of insurance products for platform members, that can include other insurers, brokers, agents and all insurance industry members. This strategy also requires an insurance license, and much more.
As far as we know, Black is currently the only blockchain / insurance startup that is actively pursuing the marketplace strategy. The part of the value chain our positioning addresses, is the biggest and most fundamental - all insurance products in the world are created and capitalised, and currently the only ways are through an insurance company, or Lloyd's of London. We're adding a third option.
The Black Insurance is a B2B platform.
It is built for insurance industry participants,including brokers, MGAs, insurers and investors.It connects insurance entrepreneurs with innovative ideas to the capital
they seek. All policies are written on blockchain, greatly reducing transaction costs and giving everyone an equal playing field for conducting business.
The Black platform creates a blockchain ecosystem for all parties that will bring transparency, democracy and efficiency to the insurance industry.
Yesterday Risto Rossar and Martin Mägi had a super exiting day at DIA Amsterdam, where over 1000 brightest minds of insurance community were present – there was constant line of people in front of our booth who wanted to talk whith us about our product demo. Black was also mentioned in several panel discussions as potential disruptor. Insurance brokers already wanted to start using our product and insurance companies were just “exited”.
Over time Black will gather large quantities of data from different markets, and by analyzing it with machine learning and AI, Black is able to calculate the prices at which any insurance business can be profitable.
We will implement smart contracts that accept insurance policies from Brokers only in case insurance premium is at least on the level that does not create loss to Black.
[moderator's note: consecutive posts merged]
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