Place/Date: Tallinn, Estonia - May 22nd, 2018 at 11:42 pm UTC · 4 min read
Contact: Liina Laas-Billson, Source: Black Insurance
The goal of this platform is to empower the insurance brokers by connecting them directly with capital, allowing them to launch their own virtual insurance companies.
Black Insurance is delighted to announce that the company has recently engaged the renowned scientist and technology expert Professor Alex Norta as the Scientific Advisor for their upcoming blockchain venture. As part of the team, Prof. Norta will help Black Insurance write their scientific whitepaper.
Black promises to be a gamechanger in the world of digital insurance by using the blockchain to transfer risk directly from clients to financial backers.
In spite of its immense potential, the global insurance industry faces several serious challenges. The products are created by insurance companies, allowing many different parties in the system such as the re-insurers, insurers, MGA’s, agents, brokers, third parties and wholesale brokers.
Therefore, launching an insurance product takes a lot of time. As a result, the insurance brokers with a thorough understanding of the market fail to deliver the desired product fast enough. The involvement of too many parties also results in high costs and barriers in entry.
As a licensed insurance company, Black proposes to solve the current inadequacies of the insurance industry by providing insurance capacity to agents, brokers and MGAs, enabling them to launch their own virtual insurance companies.
The platform will eliminate the traditional overheads of an insurance company while using blockchain as the main platform to get rid of the centralized insurance companies.
The new Scientific Advisor for Black Insurance, Professor Alex Norta is the owner of Norta & Partners, offering holistic consultation and software development service in the field of blockchain technology. He has advised and written whitepapers for many successful blockchain projects such as: Neo, Qtum, Cedex, Datawallet, Cashaa and many more.
In the past, he has worked as a post-doctorial researcher on the SOAMeS project at the computer-science department of Helsinki University. His research on a PhD about dynamic inter-organizational business process collaboration was featured in an FP6-EU research project called CrossWork.
Prof. Norta explains:
“The insurance industry today is slow with bringing products to market because of excessive bureaucracy that distorts free-market mechanisms to the detriment of customers. Blockchain technology is a means to replace this excessive bureaucracy with a novel control mechanism that is much cheaper, faster and more trustable. Thus, the insurance industry can start to meet the markets needs quick and in a cost effective way.”
The concept derived by the team Black Insurance has already gained momentum in the global blockchain community. Earlier this year, the company participated in a panel discussion about regulations on blockchain in EU and Estonia at the Tallinn Blockchain Conference.
The team also secured the second place at the recently held d10e Tokyo ICO Pitch Competition, with their idea and vision receiving great feedback from the eminent participants. In the days to come, Black Insurance will take part in numerous poplar blockchain events and conferences across the globe.
Highlighting the potential of Black Insurance, the company’s founder Risto Rossar said:
“I have been in the insurance industry for over eighteen years and I realized that I don’t care about insurance. In fact, no one should care about insurance. It should be as simple as breathing and work without customers having to worry about it. We can solve a lot of inefficiencies through technology and will disrupt the insurance industry from the inside, building a seamless process that customers don’t have to deal with.”
Black is a digital insurance company on blockchain. The platform connects insurance brokers directly with capital, enabling them to launch their own virtual insurance companies. Black looks to make the global insurance industry more efficient by removing the third parties from the value chain.