You will always be asked to join an insurance policy by an insurance broker, there will mostly be no connection between you and the insurance providers. The insurance process goes through many connections that follow when you are making an insurance claim. This makes the process complicated and so many loose connections are experienced in the process leaving the customer in the blues not understanding the insurance products.
The complicated process through insurance brokers also increases the costs, and makes it hard for insurance companies to launch new products. The marketing process is always affected making it hard for the information to be relayed to customers.
Currently you are likely to be introduced to an insurance through a re-insurer, insurance brokers, wholesale brokers, your friend who is a broker representing third party brokers, MGAS and many more. When you want to join an insurance policy the process will be ineffective, costly and time consuming due to the complicated process of interlinking of processes to the insurance provider.
One of the projects that is revolutionizing the insurance industry is Black Insurance, a blockchain project that is powered by blockchain technology to make it easy to connect insurance providers and customers even with value contributing brokers. Black insurance is proving the tools needed to streamline the insurance process allowing insurance brokers the ability to automate their process and control the flow of their business model by customizing their insurance product prices, governance and insurance rewards.
Black insurance will be powered by blockchain and hyperledger technologies to allow the use of private and public channels to ensure maximum protection of data and processes. Through the use of smart contracts users will be able to have control of their data and control who has access to the information. Black insurance innovative features such as distributed ledger technology will also enforce data security through improved decentralized storage mechanisms which support on chain and off chain transactions.
To allow the maximum use of Black insurance features and processes the platform is tokenized using its native tokens, Black Platform tokens (BLCK) and Black Syndicate Tokens (BSTs), Users on the platform can own BLCK Tokens and sue them on the platform to pay for services and also use them to process smart contracts, BSTs Toks will be useful to Black insurance investors and Syndicates who will be able to buy and hold them as investments tokens.
In the diagram below, you will get to understand the main participants of Black insurance and the roles they play on the platform.
Black Insurance Technologies.
Black insurance is building a blockchain powered platform that will simply the insurance process by allowing agents to launch virtual insurances companies, with this process we will get rid of the long processes required to link clients with insurance products.
This decentralized business model will get rid of centralized insurance companies and also allow small insurance companies to have the tools and infrastructure needed towards competitively existing in the insurance industry.
The most valuable parties in the insurance brokers who are trusted by the community because they have been the most active in the value chain, through the use of Black insurance the brokers will have more responsibilities by being empowered with infrastructure needed towards effectively having control of the products and processes to execute and process insurance products.
Challenges in the insurance industry.
Currently in the insurance industry the most valuable and hardworking parties are the men in the ground, the brokers. They are more in connect with the market yet the high overhead costs are spent in the high offices where there is no value in the insurance processes. Managers and the human resources are paid large amount of salaries compared to the men in the ground who are they key individuals in the insurance industry.
The process is also complicated by the long process of sending information from one connection to another before it reaches the high offices, empowering the brokers and blockchain technology can help automate these processes getting rid of substandard services rendered by intermediaries which is costly to insurance companies and later the loses transferred to the community.
Black Insurance Solutions in the insurance industry.
Black insurance will improve insurance process through allowing brokers to create their own virtual insurance companies to bring the insurance products close to the customer, this means that the insurance brokers will be able to underwrite and verify the authenticity of an insurance claim. This will speed up the process through a transparent and trustworthy flow of transactions and information through the blockchain.
Black Insurance will also benefit general insurance customers by improving the insurance claim process through smart contracts and automated after a consensus agreement is made between the client and the insurance company. The claim process will be done through the use of technology allowing automation that will get rid of human interference that creates loopholes for insurance frauds and exploits.
Black insurance will allow insurance companies to increase clients onboarding into the insurance client list, through a simplified touch point between the customer and the insurance company, customers will find the process much simpler though simple KYC processing, time reduction in processes and reduced costs though elimination of intermediaries, Black insurance will also benefit the insurance industry in general through a transparent process and records keeping through blockchain cryptographic technology.
Black insurance is an innovative project that will revolutionize the insurance industry through a reduction of the touch points between the customers and the insurance products. Black insurance will benefit the industry in general by empowering insurance brokers who are more valuable in the insurance value chain and are more trusted by the community because they understand the market requirements more than the insurance companies, the brokers will enable to create their own virtual insurance companies that will simplify the insurance process and also enable an effective process that will improve the workflow into smart contracts.
All Images credited to Black Insurance Official Website
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