What is BLACK INSURANCE
Black INSURANCE is a digital insurance company on blockchain. Our platform connects insurance brokers directly with capital that allows them to launch their own virtual insurance companies. Thus getting rid of trusted third parties (insurance companies) from the value chain.
In the 1600s, Edward Lloyd ran a coffee shop in London where traders, bankers and sailors came to do business. Lloyd is known for offering the best class intelligence about shipping, related risks, and other similar things. This is a popular place for two classes of people to meet: those who want to insure their ships from major damage, and others, who are willing to take risks and pay compensation when they occur. To insure potential debris, risk takers begin to receive payments, or premiums. The modern insurance market, as we know it, was born
BLACK INSURANCE is here to make a difference
BLACK INSURANCE will use blockchain to transfer risk directly from clients
(insured) to financial support (BLACK Syndicate Token holder):
- Minimize all inefficiencies.
- Save all data securely on blockchain.
- Transparent business operations using smart contracts.
- Faster innovation by platform members.
The Solution Created by BLACK INSURANCE
The Black Platform creates a blockchain ecosystem for all parties that will bring transparency, democracy and efficiency to the insurance industry. This connects insurance entrepreneurs with innovative ideas for the capital they seek. All policies are written on the blockchain, greatly reducing transaction costs and giving everyone the same playing field to do business.
- Insurance entrepreneurs can establish a virtual insurance company, get funding and start distributing innovative insurance products. They can do this faster than now. Time to market is reduced from 2 years to 2 months.
- Customers benefit from new products that suit their needs. Above that because the transaction costs are lower, customers can enjoy more affordable prices. New and innovative products get the market faster. Customers have more options to choose from.
- Investors can crowdfund syndication syndicates without the need to have a large amount of capital. Even smaller investors can invest in pots and enjoy returns from a stable and reliable insurance portfolio.
How does Black work?
- Entrepreneurs list their insurance products.
- Investors can form and utilize investment syndicates by investing in tokens and allocating capital among various products.
- The policy is written on the blockchain as a smart contract.
- Users have access to data that cannot be changed (premiums sold, claims, profits) on the platform.
- Profits are distributed automatically between token holders.
BLACK INSURANCE will issue two types of tokens:
Black Token Land (BPT; utility tokens) empowers infrastructure, allows access to systems, funding and technical selection for future platform development. All users have to pay at CPM to transact business on the Black platform, so the greater the business on the Black platform, the higher the demand for CPM.
Black Syndicate Token (BST; security token) (will be published later when the platform is ready).
BST, one per syndicate, token stamp depends on the amount of capital needed. BST is an investment into insurance capital that generates revenue based on the profitability of the insurance portfolio in which this particular syndicate invests. BST tokens are security tokens that are supported with currencies.
The Black Insurance is a B2B platform. This changes how insurance is made - the way insurance products are developed and capitalized. This was built for insurance industry participants, including brokers, MGAs, insurance companies and investors.
Cost analysis
We have conducted data analysis on insurance companies registered worldwide. We will show that the costs incurred for the standard insurance company that Black almost eliminated, were quite significant. We have collected financial data from various international and Estonian insurance companies
between 2013 and 2016. Data shows that administrative costs are quite high in the industry, so there is a lot of cost cutting. It also became clear that smaller insurance companies would be the first to fall, because their administrative costs were relatively high against their gross written premiums.
Insurance companies have fees for admin expenses and net income from Gross Written Premium. The industry average is 20%. This is calculated by taking the average amount from the admin and the net profit margin data from the insurance company provided in this blog post.
Black collects fees from users because it uses a platform for various actions. For example: syndicates fund insurance products with capital. The Black Insurance Fee will be% of the GWP (Gross Written Premium). Costs to be paid in BLCK tokens. The Black Foundation will sell tokens on the market to cover operating costs: Development, HR, admin, law & marketing. Excess tokens will be stored in company reserves for opportunities when costs increase and platform usage is lower.
Token Distribution
Token Name: Black Platform Token
- Token Symbol: BLCK
- Soft Cap: US $ 2,000,000
- Hard Cap: US $ 45,000,000
- Maximum inventory assuming that all tokens are sold at maximum discount: 471,082,089
ICO Structure:
- Early Pre-Sales - 7/31/2018
- Pre-Sales Period - 30
- Pre-Sale Cap - $ 15,000,000.00
- Pre-Sales Requirements - First week bonus 25% and after the first week 20% bonus
- Starting Token Sales - 8/31 / 2018
- Token Sales Period - 30 days
- Soft Cap - $ 2,000,000.00
- Hard Cap - $ 45,000,000.00
- Token Symbol - BLCK
- Total Tokens - 471,082,090
- Exchange Rates - 1BLCK = 0.2 USD
- Minimum Purchase - $ 100.00
- Cryptos Received - BTC, LTC, ETH
Adjustability - Distributed tokens will be destroyed by token contracts.
Listing - BLCK tokens will be registered on crypto exchanges
Benefits of Token Holder - BLCK can be used to pay for services on the Black platform. Black will guarantee that until 1 January 2021 the service fees paid by BLCK will be at least 20% cheaper than the service fees paid in other currencies.
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For complete information please visit the link below:
Author: yantiaryan
Mew: 0x2A50375573A1B9A65De13dC27c6A25FC778d5512
