Black Insurance ICO: Insurance on the Blockchain - Bitsonline

Black Insurance ICO: Insurance on the Blockchain

Black Insurance is raising a round of up to $5 million USD in the ICO starting today, October 1st, 2018 to fund the development and distribution of their technology for the digital insurance platform on the blockchain. Utility tokens will be used in all transactions and supporting the governance system on the platform, the first known example of insurance on the blockchain.

Black $5 Million ICO Starts October 1st Following a Successful Round From VC and Insurance Domain Angel Investors

The funds raised will be used mainly on developing the technology, in addition to that also on distribution, marketing, legal and admin costs to launch in the European markets.

insurance on the blockchain

Black has strategic partnerships in the works today with large insurance players and commitments of $800,000 from VCs like Concentric, BlackPearls, Fineqia, and Siena, as well as from insurance domain angel investors like Risto Rossar and Bundeep Rangar to name just a few, to work on the pilot project to be launched in 2019. Per CEO and Founder of Black Risto Rossar:

“Initially we were aiming to raise $45 million already with the first ICO but as the ICO and crypto market are not in best state today as well as while working on the Black project we realised that it is very very reasonable to progress with stages, so we decided to adjust our short term goals.”

“We will do an additional round of funding in 2019-2020 once initial milestones have been achieved, to fund becoming a licensed insurer and expand to new markets.” he added.

57 insurance brokers have signed up to use the platform, collectively doing over $350 million worth of revenue per year. Operating through Black by offering insurance on the blockchain would mean a direct saving of $45 million on average per year for the total brokers signed up compared to admin costs in underwriting today.

Black Insurance CEO Risto Rossar insurance on the blockchain

Insurance Enterprise Platform on the Blockchain

Black Insurance is building an insurance enterprise platform on blockchain. Admin costs in the creation of new insurance products will be reduced by 2x, time to market and capital requirement by 10x. The Black platform allows insurance brokers to bypass the traditional insurance companies and start selling policies using the Black partners’ license. Insurance on the blockchain is essentially like Lloyd’s of London but without the paperwork.

In the past, only insurance companies and re-insurers could profit from the $4 trillion insurance industry, but now the door is swinging open for everyone to invest through tokenized crowdfunding.

Black Insurance team is a great mix of insurance and blockchain industry veterans. Vision lead by Risto Rossar which came from his personal pain as an insurance broker. It is too costly and time consuming to launch a novel insurance product, hence he started seeking ways to bypass the route through insurance companies for underwriting.

Prof. Alex Norta, behind projects like Qtum, Cedex, Datawallet and Agrello, one of today’s highest regarded experts on smart contracts is behind the technical whitepaper.

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Images via Black Insurance

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