In the 1600s, Edward Lloyd runs a coffee shop in London where merchants, bankers and sailors come to do business. Lloyd is known for offering the best class of intelligence about delivery, related risks, and other such important things. It became a popular place for two classes of people to meet: those who wanted to make sure their ship was damaged, and others, who were willing to take the risk and pay compensation when they happen. To insure its potential debris, risk takers begin to receive payments, or premiums. The modern insurance market, as we know them, was born
ABOUT US
Black is a digital insurance company in blockchain. Black connects insurance entrepreneurs with capital. It leverages blockchain technology to bring democracy, transparency and cost effectiveness into an established field that strives to meet the demands of the digital age.
PROBLEMS
Currently there are three parties in the insurance value chain - customers, capital and insurance entrepreneurs
The way the insurance industry works today does not fulfil the needs of any of these parties sufficiently.
- Currently, there is a lot of bureaucracy involved and time to market is measured in years. The product creator and customer are too far apart.
- New times bring new risks and customer expectations. Insurance industry is failing to keep up with the pace of customers’ needs.
- Investing in insurance is only open for institutional investors. This means that smaller and retail investors don't have a way in.
Solutions
The Black platform creates a blockchain ecosystem for all parties that will bring transparency, democracy and efficiency to the insurance industry. 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.
- Insurance entrepreneurs can establish a virtual insurance company, get the funding and start distributing innovative insurance products. They can do this much faster compared to the way it is done now. Time to market is reduced from 2 years to 2 months.
- Customers benefit from new products that suit their needs. On top of that as transaction costs are lower, customers can enjoy more affordable prices. New and innovative products get to market faster. Customers have more options to choose from.
- Investors can crowdfund insurance syndicates without the need to have vast amounts of capital. Even smaller investors can put their investments into the pot and enjoy the return from stable and reliable insurance portfolios.
OPPORTUNITY
Insurance companies have costs for admin expenses and net profit of Gross Written Premium. The industry average is 20%.
Black can bring the costs down to 5-10% with blockchain technology.
HOW IT WORKS
- Entrepreneurs list their insurance products.
- Investors can form and capitalise investment syndicates by investing in tokens andallocating capital between different products.
- Policies are written on blockchain as smart contracts.
- Users have access to immutable data (premiums sold, claims, profit) on the platform.
- Profits are automatically distributed amongst the token holders.
Black Insurance will be issuing two types of tokens :
Black Platform Token (BPT; utility token) powers the infrastructure, allowing access to system, funding and technical voting for future development of the platform. All the users need to pay in BPT to transact business on Black platform, thus the bigger the business on Black platform, the higher the demand for BPT.
Black Syndicate Tokens (BST; security token) (to be issued later when platform is ready).
BST, one per syndicate, token cap depends on amount of capital needed. BST is an investment into the insurance capital that generates income based on the profitability of the insurance portfolios where this specific syndicate invests. BST tokens are security tokens backed with currency.
BST, one per syndicate, token cap depends on amount of capital needed. BST is an investment into the insurance capital that generates income based on the profitability of the insurance portfolios where this specific syndicate invests. BST tokens are security tokens backed with currency.
WHO IS IT FOR
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.
MILESTONES
ICO structure
- Pre-Sale Starts : 1. October 2018
- Pre-Sale Period : 30
- Pre-Sale Cap : $15,000,000.00
- Pre-Sale Terms : First week 25% bonus and after first week 20% bonus
- Token Sale Starts : 1. November 2018
- Token Sale Period : 30 days
- Soft Cap : $2,000,000.00
- Hard Cap : $45,000,000.00
- Token Symbol : BLCK
- Total Number of Tokens : 575,000,000
- Tokens Sold in This Sale : 316,250,000
- Exchange Rate : 1BLCK = 0.2 USD
- Minimum Purchase : $100.00
- Accepted Cryptos : BTC, LTC, ETH
- Adjustability : Undistributed tokens will be destroyed by smart contract
- Listing : BLCK tokens will be listed on crypto exchanges
- Token Holder Benefits : BLCK token serves as the only payment method to pay insurance premiums and services fees on Black platform.
- Token Trade Limitation : Only Team and Advisors have vesting and sales lock-in periods
HARD CAP $45 MILLIONUse of funds & Token distribution
Our team and advisors
- Advisors
To contribute and Know the progress of this offer, you may visit some of the following Links :
- Website : https://www.black.insure/
- Whitepaper : https://www.black.insure/whitepaper.pdf?pdf=whitepaper.pdf
- Facebook : https://www.facebook.com/blackinsure
- Twitter : https://twitter.com/BlackInsure
- Telegram : https://t.me/blackinsurebot
author :fatimahzahra
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