The team behind Black Insurance believes that insurance nowadays presents a big problem for the world, failing to meet the need of customers. Apart from the corrupt bureaucracy, insurance companies create one-size-fits-all offers, not enabling brokers to customize insurance products and present them to the customers.
This is where Black Insurance comes in and, by using a decentralized technology, will try to make the whole process more democratic, allowing the brokers to create their custom insurance product and virtual insurance company. These products will be fueled by the security tokens that will be sold during the ICO.
Their token is Ethereum-based and its symbol is BLCK. The pre-sale is scheduled to start on July 7, 2018, and it will last for 30 days. If you are quick and decide to buy coins in the pre-sale, you will catch the 25% discount during the first week and 20% until the end of this part of the sale.
The soft cap is $2 million, while the hard cap goes as high as $45 million. A total number of 471,082,090 BLCK will be issued and the price of 1 BLCK is currently valued at $0.2. In order to enter the presale, you need to make a minimum purchase of $100 with one of the accepted cryptos - BTC, LTC, and ETH. Undistributed tokens will be destroyed.
The distribution of tokens will differ in regard to the amount raised.
If more than $2 million is raised:
- 35% for IT and development
- 20% for reserve and unexpected costs
- 20% for marketing and sales
- 15% for admin and operations
- 10% for legal services
If more than $10 million is raised:
- 30% for licensing insurer
- 20% for marketing and sales
- 18% for IT and development
- 15% for reserve and unexpected costs
- 10% for admin and operations
- 7% for legal services
There are currently 8 core team members and 4 advisors. Let’s take a look at who the founders are.
- Risto Rossar - Co-Founder and Chairman of Black Insurance
- Bundeep Rangar - Co-Founder and Chairman of Black Insurance
The initial idea was suggested in October 2017 when the first team was compiled. Right away, the team conceptualized the product and opted for seed funding in December. During May 2018, MVP was launched and ICO public sale planned for the summer.
The plan for the future is not really detailed. So far, we only know that they plan to launch the platform in December and obtain the EU license in 2019.
This Estonia-based project called Black Insurance certainly looks like a promising plan which can potentially revolutionize the way insurance works! However, there is still insufficient info on their website regarding the detailed processes on how they plan to achieve their goals! If you happen to be a broker who wants to create your own insurance product or insurance company, this is an investment to consider.
Idea and team compiledNov, 2017
Seed fundingDec, 2017
ICO public saleJul, 2018
EU licenseAug, 2019
Product concept in placeNov, 2017
MVP launchedMay, 2018
Platform launchedDec, 2018
CHRIS WILLIAMSCTO & Blockchain Development Architect
MART PARVEChief Operating Officer
LIINA LAAS-BILLSONBusiness Development Officer
MARTIN MÄGIProduct Design
PEEP PAUMProduct Manager
TRIINU MURUMÄEMarketing Manager