About Black Insurance
Black is a digital insurance company on blockchain. Our 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. 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
Rated on Sep 12, 2018
Modified on Sep 28, 2018
I think its a really good project, solving some needs of the industry. By democratising how traditional insurance work, this will allow all the stakeholders in the value chain to maximise their gains. Blockchain will help create efficiency as well as transparency. Good team as well.
Rated on Sep 29, 2018
The concept is very interesting though and very effective. Someone thinking about insurance world and come with blockchain. A good and experienced team members and have good Advisory board. KYC approved.
Vision and concept really good . Detailed WP.
Best of luck team and this project.
Rated on Sep 15, 2018
The team has experience in the industry but could use more marketing support to get their ICO internationally known. The concept looks very good to me, It blows a fresh wind in the insurance industry by providing a very interesting platform for brokers and investors. They already have a demo working and it looks very clean. I like the real world usage potential from this project that will surely have a positive effect on the insurance industry if it would be successful. With good partnerships and a strong marketing plan, they can surely make it because of the innovating concept. They are based in Estonia which gives some reassurance to potential investors regarding crypto-regulations. I'm very happy about the whitepaper. It has been split up in a more general concept whitepaper and a more technical whitepaper. 55% of tokens getting distributed in the sale is good compared with industry standards. I would consider this project a good investment opportunity.
Rated on Sep 23, 2018
Have something like proof of concept.
I think that the insurance projects need to develop a standard in the crypto industry. And only after that such solution will work on full power
I think Black Insurance may become a company like this.
Rated on Sep 15, 2018
Nice product idea. Insurance industry needs to be transformed to blockchain infrastructure. The only question is that "who will be the first to implement it successfully?" Positive +
Backed by Venture Capitalists. Positive +
Has an MVP. Positive +
Team is experienced in the field. Positive +
Hype is good. 29k on telegram and 5.5k on twitter. Positive +
Good and detailed whitepapers. Positive +
Competition regarding insurance on blockchain is fierce. Negative -
Token terms are not very good. For example, hard cap is $45 million (too much compared to normal). Also token distribution is not good: team takes %26 and advisors take another 6% (normally the total of those should have been lower than 20%). Negative -
Final word: Introduction video of the founder is a bit messy with distracting noises. Shouldn't it have been made with a little bit more care? It's the promotion video after all... (I'm not cutting points for this though)
Rated on Sep 13, 2018
This is the first time I see a project that focuses on the insurance world.
It will be good for industries, as it will make everything more transparent to stakeholders.
The team needs to be expanded with other advisors and improved marketing, as this project has the foundation to be truly disruptive.
Rated on Sep 12, 2018
Modified on Sep 12, 2018
Finally someone who is really distrupting the insurance sector. I love it. First off my lower scores are for the following reasons:
Team: not everyone on the team is listed on linkedin as being in the company. So that should be fixed asap, especially if you are founders!
I can certainly modify my scores once I see some updates on these points.
On the positives I see a very well balanced team with the right levels of experience including the industry experience that is so critical for the success you need. I also like that you are taking a 2 token model approach to manage the whole system far more efficiently. That is so refreshing to see a team that is really embracing both the industry sector as well as blockchain and really bringing them together in a solid way!
And multiple MVPs. I had to ask to get them but they are there.
I wish you all the success. I believe you will do well. and please do stay in touch. I spent many years working in the Insurance sector so i am happy to provide you further inputs and pointers along the way.
Rated on Sep 19, 2018
Black Insurance states that the current insurance system is broken. It’s too expensive, complicated and slow to meet customer needs. The team is introducing a marketplace for virtual insurance companies that can create and sell their insurance products, backed by security tokens.
The team is small and may have a vast experience in the insurance world, but they are definitely lacking on the blockchain part and most likely the STO legal side. As they are issuing both a utility token (BLCK) and a security token (BST) it will require some additional work. The team is aiming to raise a lot of money and based on competitors they will have a very hard job in doing so (e.g. Etherisc). If they do not raise more than $10M they will not be able to become a licensed insurer in the EU ($30M+ for both EU, US and ASIA), but rather only cooperate with existing insurers in the EU – taking away the entire part of revolutionizing the insurance industry.
A rather large portion of the total tokens are going to the team (26%), in comparison to the only 55% that will be available for the market.
According to their roadmap they are aiming to fully deploy their product in the summer of 2019, which I like – as it is not that far stretched. However, they will have to deal with some legalities and policies with becoming a licensed insurance company (if they indeed raise enough money), which may take more time than they hope it does.
I, personally, would sit out this project and wait and see how it develops over time instead of entering their ICO/STO.
Rated on Sep 14, 2018
Modified on Sep 14, 2018
The Black platform is striving to create a blockchain ecosystem that will bring transparency, democracy and efficiency to all parties in the insurance industry.
The core team members, including both founders are experienced in the insurance space. Risto Rossar, one of the two founded Insly five years ago, which is a company providing software to over 300 agents and brokers from different countries to administer all type of insurance policies. Risto is a seasoned insurance veteran, responded within minutes, and quickly directed me to Mart Parve, COO of Black Insurance with whom I had a 45 minute long phone call.
One of the biggest problems in the insurance industry today is that the product design and customer are too far apart. Re-insurers, insurers, MGA’s, agents, brokers, third parties and wholesale brokers who exchange and negotiate between each other.
Insly is about mediating the friction that comes from different parties in the insurance chains. We already do this with Insly, says Mart. “Helping other companies to reduce these costs.”
The team will now take the next step with an appropriate blockchain platform that will oust the majority of reporting between these parties. Open-sourced smart contracts will render the system and processes transparent. Safely reducing costs by a factor of two, potentially by three or four. Nearly all insurance administrative costs could be saved.
An absence of marketing experience in the advisory is apparent. Triinu Murumäe the current marketing manager has no previous experience in the crypto space. The team only has one Blockchain developer, Chris Williams who seems to have a good track record as a Blockchain consultant for IBM and Pure Money systems. Alex Norta, who is behind some popular whitepapers contributed heavily to the scientific whitepaper.
The hard cap of 45 million seemed unnaturally high and there are only two token allocation models for +2 mil and +10 mil on the website and a third of 30+ mil in the whitepaper.
After discussing this with Mart he voiced several mentionable arguments.
The team has planned and prepared for a variety of funding goals. 2 million with which the team can create a minimal platform and pilot the entire scheme with some support from the existing insurance carriers. They have great relationships with some of the major European carriers. Basically a proof of concept. Further strategies are for 5+ million and 10+ million where I was intrigued by Marts words.
Upwards of 10+ mil contributed it becomes viable to incorporate insurance carriers in more than one region. Asian countries like Singapore. All money contributed beyond this point will be allocated to further Black’s geographical expansion. The means of funding are not required for the team to pursue their goals. They are backed by some major VC firms. It would simply be a means to accelerate the growth. In his words:
“We will proceed with this project in any case. Whether we reach the soft cap, the hard cap, with an ICO, or without one.”
Thats a refreshing thing to hear in the current space.
Black Insurance will issue two different types of token. A utility and a security token, but no information on research about the regulations surrounding the two is available.
The distinction between the utility and the security token is clear and strongly worded. Props for that! ICOs often hide behind technical jargon at this stage and only vaguely describe their tokens true purpose to evade governmental regulation.
BST is clearly defined as a security token. I am intrigued by the idea of the custom “Cash Flow models” for their syndicate. I am glad to see the team thought this through. It will add an unprecedented ability to the platform.
The project utilizes a combination of technologies including Hyperledger fabric with a PoA algorithm to result in a private-public blockchain network. In the technical architecture design the Black DAO is listed to contain 7 members which are appointed by the Black Foundation. 2 seats are available annually. According to the companies COO, Mart Parve, the board of directors will include insurance, regulation, and government veterans to legitimize Black in the eyes of the crypto community.
The technical design is intricate and sound and the scientific whitepaper is precise and contains a large amount of complex information for further examination.
Roadmap is a little ambiguous and lacks detail, but the product timeline seems realistic. The whitepaper lacks any competitor analysis or marketing strategy as the team is not aiming to market to new audiences. “Brokers bring their own customer pools” and 54 Brokers already signed up on the platform.
I believe Black Insurance is a sound project. The current industry is monopolized and in dire need of a technological revolution. The platform takes advantage of blockchain and the tokens have true usability within it. The team is experienced and firmly established in the existing space.
Rated on Sep 17, 2018
Modified on Sep 17, 2018
its good to see a new project on insurance industry, i have only seen 2 projects till now it will be good for insurance industry, as it will make everything more transparent to user & stakeholders.
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TeamApply as an advisor
|After first week||20%|
Platform tech demo using Fabric+Composer.
Whitepaper, Released to Public.
MVP, Demo ready for Investors.
Black DAO launchedn on Ethereum.
Alpha, Platform accepting first Users.
BLCK token listed on exchange(s)
First Syndicate management agreement signed
Beta, Platform ready for pilot projects
First insurance policy sold
Black gets its own insurance license in EU
$300 million insurance premiums sold
Black's model of insurance becomes mainstream