One of the biggest issues consumers face is the increasing amount of insurance available on the market. But more than anything else, the risks attached to actually claiming against your insurance policy doesn't begin to cover the scenarios, which may follow.
These can, and for some, have included the refusal to cover some or even all of the claim. And even with a successful payout, increases to your insurance premium, whether you stay with your provider or not can skyrocket.
As consumers, we all too often regard this as a grossly unfair practice. Well, the founders of Black would agree with that too.
What Is Black Insure?
As a company, Black definies itself as an insurance company ‘like Lloyds of London on blockchain without the expense, delays and bureaucracy we see today'. By its own admission, Black uses blockchain as a means of offering a form of insurance cover that's faster and more efficient than any other provider can give.
How Black Insure Blockchain Insurance Broker Marketplace Works
For consumers that feel worried about the extra and building expenses of having insurance. Those are no concerns to have with Black; as its token system allows for risk to be transferred over to dedicated financial backers. As a whole, Black's system allows for a:
- minimizing all inefficiencies
- storing all data securely in blockchains
- transparent business operations using smart contracts
- faster innovation by platform members
The company's two-tiered system of users and tokens means that consumers can pick from a select group of providers on their blockchain. Providers which are generated from local MGA's / brokers or agencies in the area.
This allows for a greater level of competitiveness and exposure for smaller organizations that look to get involved in the blockchain realm.
Black Insure (BLCK Token & ICO Details
The Black Platform Token (BLCK) –
This serves as a utility token for the infrastructure of the platform. These provide users with access to the platform and voting on any system updates. Issued to all users, demand will increase as more insurance business is conducted via the platform.
Black Syndicate Tokens (BST) –
Once the platform is ready, these tokens will be issued as an investment in insurance capital. These tokens are specific to the company with holders of these tokens benefiting from the insurance capitals profitability.
Black's ICO's public crowdsale is scheduled to begin in the summer of 2018. And has a target hard-cap of $45 million and soft-cap of $2 million, the company is due for wide-scale rollout by December 2018, expanding further into the European market by early 2019.