Black Insurance is the new digital insurance company on blockchain. Our platform connects insurance brokers directly with capital enabling them to launch their own virtual insurance companies. Thus removing the trusted third parties (Insurance Companies) from the value chain.
Black Insurance will be a licensed insurance company that provides insurance capacity to Agents, Brokers and MGAs (hereinafter “Brokers”) enabling them to launch their own virtual insurance companies. Our capacity comes without the traditional overheads of insurance company while using blockchain as main platform to get rid of centralized insurance companies.
We connect the idea to the capital directly, replacing the parties that are not needed in the value chain with technology. We will do this through crowdfunding, also giving smaller investors a way in. This leaner model gives more responsibilities to insurance brokers and control over the products they are selling. Insurers as we know them today are simply a trusted third party – blockchain gives us an alternative to that and the need for insurers disappears