blackinsurance
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blackinsurance

Black Insurance raises funding to power next stage of development

Black is joining forces with a seasoned VC firm to bring insurance disruption yet closer

Black is pleased to announce that we’ve just closed a new funding round, taking us a big step closer to bringing our insurance software and carrier capability to market.

The round was led by Concentric, a London-based early-stage VC that also invested in our partner Insly, and has extensive knowledge of the market we operate in.

This funding round marks an important point in our growth, providing the resources we need to further develop and refine our insurance software, with a beta version finished in May. It will also allow us to prepare for acquiring an insurance license from the regulators, and start raising the solvency capital we need to start trading.

Black is in advanced stages of developing a next generation insurance software, which will simplify and reduce the cost of offering insurance capacity to managing general agents (MGAs). By building our insurance platform from scratch, rather than relying on legacy systems and processes, we avoid the inefficiencies faced by traditional insurers. Prioritising growth over immediate ROI, we pass these savings onto MGAs and consumers, as higher commissions and lower prices.

Selling via insurance intermediaries means Black doesn’t need to specialise on a particular type of cover or geography, or offer sales and claims, as this is all provided by the MGAs. This makes the business highly scalable and ensures we can focus on building the best technology, with seamless integration and sophisticated underwriting data facilities for MGA-s.

MGAs control substantial insurance portfolios and are always on a lookout for better insurance carriers. Our value proposition has resonated strongly with them so far, resulting in a €2 billion sales pipeline, with €30m for imminent onboarding. Once the technology is ready and our license is secured, we’re in a solid position for growth. Stay tuned!

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Digital insurance company on blockchain

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Mart Parve

Mart Parve

Product at Bolt

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