Black Insurance
Black Insurance
Token: BLCK

Market Place for Insurance Brokers and Investors

PreICO dates
Start date: 2018-10-01
End date: 2018-10-31

ICO dates
Start date: 2018-11-01
End date: 2018-11-30

Registrated in: Estonia

Platform: Ethereum
Type: ERC20


Black Insurance categories
Business services Investment
Black Insurance token sale
KYC passing required Yes | Whitelist Yes | Restriction for countries USA
Hard cap 5,000,000 USD
Tokens for sale 25,000,000
Token distribution in ICO
Investors - 67%, team - 19%, advisors - 3%, reserv - 10%, bounty - 1%
Investors - 67%, team - 19%, advisors - 3%, reserv - 10%, bounty - 1%
Minimal investment 100 USD
Acceppting BTC,ETH,LTC
Bonus in ICO TIME BONUSES PRE-SALE 1st week 25% after 1st week 20% MAIN SALE 1st day 15% 1st week 11% 2nd week 7% 3rd week 3% 4th week 0% AMOUNT BONUSES From $500 up 5% From $1000 up 10% From $3000 up 15% From $5000 up 25%
Our platform connects brokers directly with investors, enabling brokers to launch their own virtual insurance companies and products, and creating a new investment asset for investors.
Insurance is broken: it's expensive, complicated and slow to meet customer needs. It's because all decisions are made by a handful of people in a small number of big insurance companies, riddled with bureaucracy.

Black is going to fix insurance by introducing a democratic, blockchain-based marketplace for creating virtual insurance companies that can design and sell their own, innovative insurance products. These products will be backed by security tokens issued in the future ICO-s, allowing crypto investors to tap into insurance profits.

Since blockchain enables to turn administering of insurance policies much more efficient, these products will also be less expensive and provide more profit upside.

Black Insurance is one of the most ambitious ICO backed company since it addresses the entire $4 trillion insurance market. Our team, comprised of seasoned insurance and technology executives, stands prepared to take advantage of this opportunity.
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Random whitepaper excerpts

1. Abstract
In the 1600s, Edward Lloyd was running a cof-
feehouse in London where merchants, bankers
and seafarers came to conduct business. Lloyd
was known for offering best of class intelligence
about shipping, associated risks and other similar
matters. It became a popular place for two class-
es of people to meet: those who wanted to in-
sure their ships from major damages, and others,
who were willing to take risks and pay for dam-
ages when they occurred. For insuring the poten-
tial wreckage, the risk takers started taking pay-
ments, or premiums. Modern insurance markets,
as we know them, were born.
The same idea is in place today and has been
working neatly. However the industry is in many
ways stuck in the past. It is very consolidated and
controlled by a handful of big players. As new
technology emerges there are ways we can auto-
mate many processes, cut down costs and bring
transparency to reporting. It also allows us to cre-

2. The Challenge
Product controlled by insurers
One of the biggest problems in the insurance industry today is that the product design and customer
are too far apart. Currently the products are created by insurance companies. This means that there
are several parties between the customer and product, the system allows for a lot of bureaucracy, high
costs and hinders innovation. Time to market normally takes years.
There are many different parties in the system: Re-insurers, Insurers, MGA’s, Agents, Brokers, Third
Parties and Wholesale Brokers. As products are controlled by insurers, launching an insurance product
takes a lot of time and the markets’ needs are not attended to fast enough. Whereas insurance brokers
that are close to the customer and truly understand the market cannot get the desired product to
market fast enough. There will be a lot of negotiations, time and costs involved. Often great ideas get
neglected altogether.

High Costs
The industry average costs for an insurance company are 20%.
15% - 25% of Gross Written premium are spent on mainly administration. Unbelievably, data about
premiums, payouts and capital is still shared by sending spreadsheets back and forth between
different parties. Each have their own mastersheet to copy & paste data to. All of this time could be
saved if instead of sending data between each other, everyone would look at the same info. Traditional
insurance companies also have high HR and office costs, a lot of these costs can be avoided through an
automated company on blockchain.
Barriers of Entry
The insurance industry is very consolidated and controlled by a few
big players. Becoming an insurer or launching a novice insurance
product often proves impossible. From the investors’ side it is also
very much a closed circle. Only big institutional investors are wel-
come to participate, the door for retail investors who would like to
profit from stable insu...

Product to brokers
Lower costs
By connecting brokers to capital on the Black
platform they can set up their own virtual insur-
ance company within months. We believe that in-
surance should function in fact the opposite way
round that it is currently, giving more power to
brokers and removing uninnovative, slow and ex-
pensive insurers from the value chain. This helps
great ideas get to the market faster, reduce costs
and help innovation.
By connecting brokers to capital directly we can
bring costs down over 2x. Reporting and funding
will be done on the Black platform. As most in
surance processes can be automated with smart
contracts we can cut down on the admin costs
significantly. The global savings will come up to
$600 bln annually.
Operating Expenses and cost of capital will be lowered by building a blockchain solution.
By managing interactions of the specialized service companies with smart contracts on a blockchain,

Way in for everyone
Compared to the very strict and closed insurance industry today we give way
in for new entrepreneurs with innovative ideas that normally would not have a
way to launch their insurance product. By crowdfunding the capital we also give
retail investors an opportunity to invest in stable insurance portfolios. By to
kenizing the process we allow the cryptocurrency market to participate as well.
Our Platform in Development
Figure x: Both retail and institutional investors can make returns from the value created by
portfolios of insurance products on the Black platform by investing in the syndicate tokens.

Figure x: After setting up a virtual insurance company, the brokers can start writing business
using Black web front end, or the API.
Figure x: Black is also a social platform. Brokers and Syndicates are formed by the platform users, by
inviting partners and colleagues to manage the business. This also creates network effects in upscaling
the professional user base.

4. Cost Analysis
We’ve done an analysis about data on the listed insur-
ance companies across the world. We will show that
the costs that occur for standard insurance compa-
nies that Black would almost eliminate, are quite sig-
nificant. We have gathered financial data from vari
ous international and Estonian insurance companies
between 2013 and 2016. The data shows that admin-
istrative expenses are quite high in the industry, thus
there is a lot of cost cutting possible. It also becomes
clear that smaller insurance companies would be first
to fall, as their administrative expenses are relatively
high to their gross written premiums.
Insurance company today
takes 15 - 25% of Gross Written premium
excluding distribution
Provides capital to take risk
Old IT systems, a 30-year old burden of legacy
expenses run high
5 - 10% of GWP
Replaced by Black’s token holderspital to take risk
Replaced by blockchai...

5. Business Model
Black collects fees from users for using the plat
form for different actions. For example: syn
dicates fund an insurance product with capi-
tal. Black Insurance’s fee will be a % of the GWP
(Gross Written Premium). Fees to be paid in BLCK
Black Foundation will sell the tokens on the mar
ket to cover costs of operation: Development, HR,
admin, legal & marketing. A surplus of tokens will
be kept in the company reserve for occasions
when costs rise and use of the platform is lower.
The foundation reserve will have an upper level.
Once this level is reached we will decide on what
to do with the surplus. Some potential options are:
Invest in entering new markets
Invest in expansion and growing user base
Distribute to platform users wallets as bonuses
Burn tokens
Business in Broker channel
In order to guarantee the scalability of Black’s busi-
ness, insurance business will...

Black Insurance Roadmap

Mar 2018
Prototype, Platform tech demo using Fabric+Composer
Apr 2018
Whitepaper, Released to Public
May 2018
MVP, Demo ready for Investors
Jun 2018
Black DAO launchedn on Ethereum.
Aug 2018
Alpha, Platform accepting first Users
Oct - Nov 2018
Jan 2019
BLCK token listed on exchange(s)
Mar 2019
First Syndicate management agreement signed
Fall 2019
Beta, Platform ready for pilot projects
Dec 2019
First insurance policy sold
Black gets its own insurance license in EU
$300 million insurance premiums sold
Black's model of insurance becomes mainstream