Sounds good so far but I have a few questions?
1. What will be the use of the tokens exactly?
In the broadest of terms, we need to accomplish the following things:
- Finish developing the blockchain enabled insurance platform that lays foundation to Black Insurance's business. Insurance policy administration is a notoriously complex thing, but our staff includes people with ~20 years of policy admin technology experience.
- Become a licensed insurer. In order to enable our users (Syndicates and Brokers) write any insurance policies, we need to be licensed. This requires reserve capital, and also involves significant legal costs.
- Attract Syndicates, Brokers and Investors to join the platform and start transacting business. This requires marketing and sales outreach.
2 who are your competitors in the cryptoshpere?
We indeed have plenty of blockchain / insurance related companies on our radar, including Etherisc, Blocksure, Insurepal, ixledger, PolicyPal, ChainThat, fidentiaX, InsurChain, B3i etc.
Now, in my mind, I'm seeing the blockchain / insurance landscape or positioning as follows (from simplest to most complex):
- Service providers create blockchain solutions for the insurance industry, without participating in the insurance vertical themselves
- Products companies create new, innovative insurance products (e.g. parametric insurance, IoT related stuff etc), by establishing a partnership with an insurance company to underwrite the policies, and sell to customers
- Insurance companies are product companies (above) that don't partner with an existing insurer, and attempt to become a licensed insurer themselves
- Marketplaces enable creation, capitalisation and distribution of insurance products for platform members, that can include other insurers, brokers, agents and all insurance industry members. This strategy also requires an insurance license, and much more.
As far as we know, Black is currently the only blockchain / insurance startup that is actively pursuing the marketplace strategy. The part of the value chain our positioning addresses, is the biggest and most fundamental - all insurance products in the world are created and capitalised, and currently the only ways are through an insurance company, or Lloyd's of London. We're adding a third option.
However, please do list interesting competitors, should you know any!