Black Insurance Expert Review

Luis Wester
Sep 17, 2018 · 4 min read

The Black platform is striving to create a blockchain ecosystem that will bring transparency, democracy and efficiency to all parties in the insurance industry.

The core team members, including both founders are experienced in the insurance space. Risto Rossar, one of the two founded Insly five years ago, which is a company providing software to over 300 agents and brokers from different countries to administer all type of insurance policies. Risto is a seasoned insurance veteran, responded within minutes, and quickly directed me to Mart Parve, COO of Black Insurance with whom I had a 45 minute long phone call.

One of the biggest problems in the insurance industry today is that the product design and customer are too far apart. Re-insurers, insurers, MGA’s, agents, brokers, third parties and wholesale brokers who exchange and negotiate between each other.

Insly is about mediating the friction that comes from different parties in the insurance chains. We already do this with Insly, says Mart. “Helping other companies to reduce these costs.”

The team will now take the next step with an appropriate blockchain platform that will oust the majority of reporting between these parties. Open-sourced smart contracts will render the system and processes transparent. Safely reducing costs by a factor of two, potentially by three or four. Nearly all insurance administrative costs could be saved.

An absence of marketing experience in the advisory is apparent. Triinu Murumäe the current marketing manager has no previous experience in the crypto space. The team only has one Blockchain developer, Chris Williams who seems to have a good track record as a Blockchain consultant for IBM and Pure Money systems. Alex Norta, who is behind some popular whitepapers contributed heavily to the scientific whitepaper.

The hard cap of 45 million seemed unnaturally high and there are only two token allocation models for +2 mil and +10 mil on the website and a third of 30+ mil in the whitepaper.

After discussing this with Mart he voiced several mentionable arguments.

The team has planned and prepared for a variety of funding goals. 2 million with which the team can create a minimal platform and pilot the entire scheme with some support from the existing insurance carriers. They have great relationships with some of the major European carriers. Basically a proof of concept. Further strategies are for 5+ million and 10+ million where I was intrigued by Marts words.

Upwards of 10+ mil contributed it becomes viable to incorporate insurance carriers in more than one region. Asian countries like Singapore. All money contributed beyond this point will be allocated to further Black’s geographical expansion. The means of funding are not required for the team to pursue their goals. They are backed by some major VC firms. It would simply be a means to accelerate the growth. In his words:

“We will proceed with this project in any case. Whether we reach the soft cap, the hard cap, with an ICO, or without one.”

Thats a refreshing thing to hear in the current space.

Black Insurance will issue two different types of token. A utility and a security token, but no information on research about the regulations surrounding the two is available.

The distinction between the utility and the security token is clear and strongly worded. Props for that! ICOs often hide behind technical jargon at this stage and only vaguely describe their tokens true purpose to evade governmental regulation.

BST is clearly defined as a security token. I am intrigued by the idea of the custom “Cash Flow models” for their syndicate. I am glad to see the team thought this through. It will add an unprecedented ability to the platform.

The project utilizes a combination of technologies including Hyperledger fabric with a PoA algorithm to result in a private-public blockchain network. In the technical architecture design the Black DAO is listed to contain 7 members which are appointed by the Black Foundation. 2 seats are available annually. According to the companies COO, Mart Parve, the board of directors will include insurance, regulation, and government veterans to legitimize Black in the eyes of the crypto community.

The technical design is intricate and sound and the scientific whitepaper is precise and contains a large amount of complex information for further examination.

Roadmap is a little ambiguous and lacks detail, but the product timeline seems realistic. The whitepaper lacks any competitor analysis or marketing strategy as the team is not aiming to market to new audiences. “Brokers bring their own customer pools” and 54 Brokers already signed up on the platform.

I believe Black Insurance is a sound project. The current industry is monopolized and in dire need of a technological revolution. The platform takes advantage of blockchain and the tokens have true usability within it. The team is experienced and firmly established in the existing space.

See this review and others about Black Insurance on my profile,, and ICOBench.


Welcome to decentralized project assessments and democratised investing.

Luis Wester

Written by

Luis is a marketing expert, the founder of and the author of Blockchain Maximalist and numerous articles on technology, predominantly blockchain.



Welcome to decentralized project assessments and democratised investing.