Blockchain Insurance Disruptor, Black Insurance Team and CEO of Fineqia International Inc. (CSE: FNQ.CN), (OTC: FNQQF) Discuss How They Plan to Change the Insurance Industry and Upcoming ICO
According to a recent report at ResearchandMarkets.com, "The global blockchain in insurance market size is expected to grow from
"Globally, it is estimated, insurance companies lose over
The management team at
Risto Rossar, thanks for joining us today. Knowing the value proposition of blockchain it seems like a natural fit for the insurance industry. In fact Deloitte says, "New insurance processes and business models built on blockchain will call into question current orthodoxies and challenge multiple pain points that are prevalent across the value chain." So on that note, can you give our listeners a short history of your background and how and why you married insurance and blockchain in
A: Risto Rossar, Black Insurance Team
I've been involved in insurance for about 20 years. In the early 2000s, I founded Iizi.ee – one of the first (if not the first) wholly digital brokers in the world, operating on the Estonian market. To put it into context, it was the time when
We tried to expand to other markets with IIZI, but soon discovered that insurance is kind of a local business by nature. Trust and relationships between the local brokers and insurers, peculiarities around distribution – it all adds up to a mix that is notoriously hard to shake up, especially in personal lines of insurance. By the way, that's exactly the reason why
After Iizi became a self-sufficient, profitable company, I needed a new challenge, and thus my next big venture was born – Insly. We took the excellent software that enabled Iizi's success and turned into a SaaS product for brokers who also aspire to go digital. Insly now lists hundreds of brokers in dozens of countries as its customers and is turning a profit from its existing customers.
Every step throughout this journey, I have felt an enormous frustration on the brokers' side. They want to innovate, provide insurance products that meet the customer expectations, and turn processes more efficient for everyone's benefit. However, they are often blocked by large, complacent insurance companies who dictate the status quo and just don't approve their product propositions. Now when blockchains as a technology have matured to be ready for business adoption, I saw a window of opportunity to take on the highest summits of the insurance industry – cutting out wasteful insurance companies and breaking down silos around how big insurers, reinsurers and insurance capital work.
While almost all other insurance start-ups focus on how to sell the insurance that's already there, the biggest upside is where these insurance products are fundamentally created, and that's where we have positioned
A: Bundeep Singh Rangar, CEO
Besides that,
Your platform uses blockchain to transfer risk directly from clients (insureds) to financial backers (Black Syndicate Token holders), Can you explain in simple terms how this works and how Black Insurance is changing the insurance sector?
A: Bundeep Singh Rangar, CEO
In simple terms, when an insurer sells you a policy with a premium of
Our big idea is to disintermediate most of this, by creating an open and transparent marketplace for the insurance capital, so all brokers get to seek capital for their insurance products, and all capital holders can seek insurance returns. We do this by issuing security tokens that represent underlying insurance portfolios, managed by the brokers and syndicates that operate on the Black platform. Syndicates are groups of insurance professionals who manage the portfolios on token holders behalf. Syndicates are necessary since managing an insurance portfolio is a professional activity, one that investors themselves just aren't capable of.
The scheme will result with a torrent of innovation on the insurance market side, and creates an entirely new crypto asset class on the capital side.
Can you talk about the team at
A: Risto Rossar, Black Insurance Team
The Black team ties together the Estonian fintech and startup scene, where Insly is a prominent player at, and the global angle we've got involved with through Insly. An example of the former is our advisor
Team is our main sustainable competitive advantage. Try and copy a team whose members have operated on the crossroads of insurance and technology for years. We know the industry problems intimately, and have vast, specific experience around navigating the maze of regulatory red tape, innovation aversion and other challenges riddling the insurance landscape.
A: Mart Parve, Black Insurance Team
The Black team ties together the Estonian fintech and startup scene, where Insly is a prominent player at, and the global angle we've got involved with through Insly. An example of the former is our advisor
Team is our main sustainable competitive advantage. Try and copy a team whose members have operated on the crossroads of insurance and technology for years. We know the industry problems intimately, and have vast, specific experience around navigating the maze of regulatory red tape, innovation aversion and other challenges riddling the insurance landscape.
Your Presale starts this fall. Can you tell our readers how they can get involved and your token?
A: Risto Rossar, Black Insurance Team
First, go to our website https://black.insure and whitelist yourself for the upcoming ICO to secure a bonus. Then join our Telegram group to chat with the team: https://t.me/BlackInsurance
About
Black is a digital insurance company on blockchain that allows token holders to invest directly into insurance risk and completely change the way how insurance markets work. Their aim is to create global digital insurance platform that can make all insurance companies obsolete. For more information visit: https://www.black.insure/
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