#Blockchain #Insurance Disruptor, Black Insurance Team and CEO of Fineqia International Inc. (CSE: $FNQ.CN), (OTC: $FNQQF) Discuss How They Plan to Change the Insurance Industry and Upcoming #ICO
#Blockchain #Insurance
Disruptor, Black Insurance Team and CEO of Fineqia International Inc. (CSE: $FNQ.CN),
(OTC: $FNQQF) Discuss How They Plan to Change the Insurance Industry and
Upcoming #ICO
POINT
ROBERTS, WA and DELTA, BC - July 23, 2018 (Investorideas.com Newswire)
Investorideas.com, a leader in Blockchain content with its Bitcoin and
Blockchain portals Bitcoinandblockchainstocks.com, Cryptocurrencyinvestorideas.com and Blockchaininvestorideas.com release
an exclusive Q&A interview with Risto Rossar and Mart Parve from the Black
Insurance Team and Bundeep Rangar of Fineqia International (CSE: FNQ),
(OTC: FNQQF)
(FNQA.F).
Read
this in full at http://www.investorideas.com/CO/FNQ/news/2018/07231Insurance-ICO.asp
According
to a recent report at
ResearchandMarkets.com, "The global blockchain in insurance
market size is expected to grow from USD 64.5 million in 2018 to USD 1,393.8
million by 2023, at a Compound Annual Growth Rate (CAGR) of 84.9%."
"Globally,
it is estimated, insurance companies lose over USD 80 billion to frauds every
year. Blockchain is one-stop solution to reduce/combat frauds related to
insurance and financial sectors. Traditionally, insurers have been relying upon
physical processes to authenticate claim information related to ownership,
history item, and authenticity of the product."
The
management team at Fineqia International and Black Insurance discuss their
vision of being part of the insurance revolution implementing blockchain.
Q: Investorideas.com
Risto
Rossar, thanks for joining us today. Knowing the value proposition of
blockchain it seems like a natural fit for the insurance industry. In fact
Deloitte says, "New insurance processes and business models built on
blockchain will call into question current orthodoxies and challenge multiple
pain points that are prevalent across the value chain." So on that note,
can you give our listeners a short history of your background and how and why
you married insurance and blockchain in Black Insurance?
A: Risto Rossar, Black Insurance
Team
I've
been involved in insurance for about 20 years. In the early 2000s, I founded
Iizi.ee – one of the first (if not the first) wholly digital brokers in the
world, operating on the Estonian market. To put it into context, it was the
time when Estonia as a country started to dream of moving as many public and
private sector services as possible online. Online banking was getting big
already, there were decent online payment facilities, and thus the consumers
were eager to adopt online insurance purchasing as well. By now, Estonia is the
#1 digital nation in the world across many metrics, and Iizi continues to be
the #1 broker in Estonia, with a 20% market share.
We tried
to expand to other markets with IIZI, but soon discovered that insurance is
kind of a local business by nature. Trust and relationships between the local
brokers and insurers, peculiarities around distribution – it all adds up to a
mix that is notoriously hard to shake up, especially in personal lines of
insurance. By the way, that's exactly the reason why Black Insurance focuses on
the B2B segment of insurance, providing local brokers with capability to create
excellent products, while leaving the distribution into their capable hands.
After
Iizi became a self-sufficient, profitable company, I needed a new challenge,
and thus my next big venture was born – Insly. We took the excellent software
that enabled Iizi's success and turned into a SaaS product for brokers who also
aspire to go digital. Insly now lists hundreds of brokers in dozens of
countries as its customers and is turning a profit from its existing customers.
Every
step throughout this journey, I have felt an enormous frustration on the
brokers' side. They want to innovate, provide insurance products that meet the
customer expectations, and turn processes more efficient for everyone's
benefit. However, they are often blocked by large, complacent insurance
companies who dictate the status quo and just don't approve their product
propositions. Now when blockchains as a technology have matured to be ready for
business adoption, I saw a window of opportunity to take on the highest summits
of the insurance industry – cutting out wasteful insurance companies and
breaking down silos around how big insurers, reinsurers and insurance capital
work.
While
almost all other insurance start-ups focus on how to sell the insurance that's
already there, the biggest upside is where these insurance products are
fundamentally created, and that's where we have positioned Black Insurance.
Q: Investorideas.com
FINEQIA
recently announced investment into Black Insurance. Can you give our readers an
overview of the partnership and synergies between the firms and how you see it
developing moving forward?
A: Bundeep Singh Rangar, CEO
Fineqia International Inc.
Fineqia
is a platform that matches investors with equity and debt financing
opportunities. Its stated interest is to invest in blockchain companies that
are strategically relevant to its business model.
Black
Insurance intends to make fractional ownership possible in the financing of
insurance products via its syndicate tokens. We intend for such tokens to be
offered on the Fineqia platform and match them with interested investors.
Besides
that, Fineqia has invested in PremFina, which is a financier of insurance
premiums. Its investment is alongside Rakuten, Draper Esprit, Thomvest
Ventures, Talis Capital, Emery Capital and Rubicon VC, among other notable
investors. Black Insurance, therefore, has potential synergies with other
companies in Fineqia's portfolio.
Q: Investorideas.com
Your
platform uses blockchain to transfer risk directly from clients (insureds) to
financial backers (Black Syndicate Token holders), Can you explain in simple
terms how this works and how Black Insurance is changing the insurance sector?
A: Bundeep Singh Rangar, CEO
Fineqia International Inc.
In
simple terms, when an insurer sells you a policy with a premium of $100, they
must have $30-40 worth of reserve capital. Essentially, the capital providers
assume the risk that the customers face, and back it up with their reserve. If
the insurer faces less claims than their collected premiums, this reserve
capital sees a financial return, if the claims exceed collected premiums, the capital
suffers a loss. Today, there is an intricate and rather exclusive web of
insurers, reinsurers, Lloyds of London syndicates and other partiers that
collect and manage this capital.
Our big
idea is to disintermediate most of this, by creating an open and transparent
marketplace for the insurance capital, so all brokers get to seek capital for
their insurance products, and all capital holders can seek insurance returns.
We do this by issuing security tokens that represent underlying insurance
portfolios, managed by the brokers and syndicates that operate on the Black
platform. Syndicates are groups of insurance professionals who manage the
portfolios on token holders behalf. Syndicates are necessary since managing an
insurance portfolio is a professional activity, one that investors themselves
just aren't capable of.
The
scheme will result with a torrent of innovation on the insurance market side,
and creates an entirely new crypto asset class on the capital side.
Q: Investorideas.com
Can you
talk about the team at Black Insurance and the collective expertise you have
pooled?
A: Risto Rossar, Black Insurance
Team
The
Black team ties together the Estonian fintech and startup scene, where Insly is
a prominent player at, and the global angle we've got involved with through
Insly. An example of the former is our advisor Taavi Kotka, who, as the
Estonian government CIO was essentially the founder-CEO of the Estonian
e-residency (go ahead, Google it!), while a co-founder Bundeep Rangar
represents the latter. We have insurance and reinsurance experts, a former IBM
and AIG blockchain engineer, and overall, a very diverse and experienced team.
Team is
our main sustainable competitive advantage. Try and copy a team whose members
have operated on the crossroads of insurance and technology for years. We know
the industry problems intimately, and have vast, specific experience around
navigating the maze of regulatory red tape, innovation aversion and other
challenges riddling the insurance landscape.
A: Mart Parve, Black Insurance
Team
The
Black team ties together the Estonian fintech and startup scene, where Insly is
a prominent player at, and the global angle we've got involved with through
Insly. An example of the former is our advisor Taavi Kotka, who, as the
Estonian government CIO was essentially the founder-CEO of the Estonian
e-residency (go ahead, Google it!), while a co-founder Bundeep Rangar
represents the latter. We have insurance and resinsurance experts, a former IBM
and AIG blockchain engineer, and overall, a very diverse and experienced team.
Team is
our main sustainable competitive advantage. Try and copy a team whose members
have operated on the crossroads of insurance and technology for years. We know
the industry problems intimately, and have vast, specific experience around
navigating the maze of regulatory red tape, innovation aversion and other
challenges riddling the insurance landscape.
Q: Investorideas.com
Your
Presale starts this fall. Can you tell our readers how they can get involved
and your token?
A: Risto Rossar, Black Insurance
Team
First,
go to our website https://black.insure and whitelist
yourself for the upcoming ICO to secure a bonus. Then join our Telegram group
to chat with the team: https://t.me/BlackInsurance
About Black Insurance
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. Their aim is to create global digital insurance platform that can
make all insurance companies obsolete. For more information visit: https://www.black.insure/
About Fineqia International
Fineqia
International is a listed entity in the Canada (FNQ.CN), US (FNQQF) and Europe
(FNQA.F). Fineqia International outlines the Company's corporate governance,
culture, processes and relations by which the Company and its subsidiaries are
controlled, directed and governed. Fineqia International oversees and ensures
the overall success, planning and growth of the Company and all of its
subsidiaries. It recently announced the incorporation of blockchain
technologies to achieve these objectives. For more information visit: https://investors.fineqia.com/news
About Fineqia Limited
Fineqia
provides a platform and associated services to support security issuances and
manage administration of equity and debt securities. It acts as a broker
bringing an issuing company's securities to market, distributing and marketing
them as well as transparently highlighting the risks and objectively outlining
opportunities involved. For more information visit www.fineqia.com
Fineqia
International Inc. (CSE: FNQ) is a featured tech stock on Investorideas.com
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