Abstract of Black Insurance

In the 1600s, Edward Lloyd was running a coffeehouse in London where merchants, bankers and seafarers came to conduct business. Lloyd was known for offering best of class intelligence about shipping, associated risks and other similar matters. It thus became a popular place for two classes of people to meet: those who wanted the insure their ships from major damages, and others, who were willing to take risks and pay for damages when they occurred. For that, the risk takers started taking payments, or premiums. Modern insurance markets, as we know them, were born.

It was then and still is today a great idea. But that great idea is facing numerous shortcomings today, for example:

• Huge inefficiencies due to use of paper spreadsheets and 30 year old IT systems
• Surprisingly low amount of information provided to insurers
• People who sell insurance do not design the products they sell

It is time to change that! We will use the blockchain and Black token to transfer risk and data directly from clients (insureds) to financial backers (Black syndicate token holders) eliminating all inefficiencies and allowing all data to be stored in blockchain as smart contracts.

Black is a digital insurance company on blockchain that allows token holders to invest directly into insurance risk and completely change the way how insurance markets work. We will create global digital insurance platform that can make all insurance companies obsolete.

We will run a global insurance company by delegating underwriting decisions to local teams who have access to our capital and technology. This will be like Lloyds of London on blockchain without the huge costs, regulations, slowness and bureaucracy that we witness in insurance today.