Black Insure - The Product Is Controlled By An Insurance Company
Hai guys, come back again with me .. this time i will explain a little about black insure. and happy reading guys
Products are controlled by insurance companies
One of the biggest problems in the insurance industry today is that product design and customers are far apart. Currently products are made by insurance companies. This means there are several parties between customers and products, this system allows a lot of bureaucracy, high costs and inhibits innovation. Time to market usually takes years.
There are many different parties in the system: Re-insurance, Insurers, MGA, Agents, Brokers, Third Parties, and Wholesale Brokers. Because products are controlled by insurance companies, launching insurance products requires a lot of time and market needs are not fast enough. Though insurance brokers who are close to customers and truly understand the market cannot get the desired product to market fast enough. There will be a lot of negotiation, time and costs involved. Often big ideas are completely ignored.
High cost
15% - 25% of Gross Written Premium is spent on most administrations. Unbelievable, data on premiums, payments, and capital are still shared by sending back and forth spreadsheets between different parties. Each has its own mastersheet for copying & pasting data to. All this time can be saved if instead of sending data between each other, everyone will see the same info. Traditional insurance companies also have high HR and office costs, many of these costs can be avoided through automated companies in blockchain.
Barriers to Entry
The insurance industry is very consolidated and controlled by several big players. Becoming an insurance company or launching a beginner insurance product often proves impossible. From the investor's side, this is also a closed circle. Only large institutional investors can participate, the door for retail investors seeking to profit from stable insurance portfolios remains closed. Our Solution
Black will become a licensed insurance company that provides insurance capacity to Agents, Brokers and MGA (hereinafter referred to as "Brokers") which allows them to launch their own virtual insurance companies. Our capacity comes without the traditional cost of insurance companies while using blockchain as the main platform to get rid of centralized insurance companies.
We connect the idea to capital directly, replacing those that are not needed in the value chain with technology. We will do this through crowdfunding, also giving investors smaller access points. This slimmer model gives insurance brokers more responsibility and control over the products they sell. The insurer as we know it today is only a trusted third party - the blockchain gives us an alternative to that and the need for insurance companies to disappear.
Products to broker
By connecting brokers to capital on the Black platform they can set up their own virtual insurance companies within months. We believe that insurance should function in the opposite way, giving more power to brokers and removing uninovative, slow and expensive insurers from the value chain. This helps great ideas get to the faster market, reduce costs and help innovation.
Lower the cost
By connecting brokers to capital directly, we can reduce costs by more than 2x. Reporting and funding will be carried out on the Black platform. Because most insurance processes can be automated with smart contracts, we can save admin costs significantly. Global savings will reach $ 600 billion per year.
So much for my explanation, next time I will go back to discuss about black insure. I hope this article is helpful for all of us . thank you
Author by: thomas_sugiarto
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