Black is a 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. 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.
Black Insurance will use two types of tokens. Black Platform Token (BLCK). BLCK powers the infrastructure, providing access to the platform and for conducting voting on system updates to the platform (utility token). All platform users will use BLCK for managing insurance on the Black platform, and demand for BLCK will increase as more insurance business is conducted on the platform. Black Syndicate Tokens (BST) (issued when the platform is ready). BST is an investment in insurance capital, and a specific BST is created for each syndicate (security token), The profitability of the insurance portfolio for a specific syndicate will pass-through to the holders of it’s BST.