Fintech expert, scientist, and blockchain visionary Professor Alex Norta has joined forces with the upcoming digital insurance company on blockchain named Black Insurance, helping them with their technical whitepaper. The goal of this platform is to empower the insurance brokers by connecting them directly with capital, allowing them to launch their own virtual insurance companies.
Tallinn, Estonia May 17, 2018
Black Insurance is delighted to announce that the company has recently engaged the renowned scientist and technology expert Professor Alex Norta as the Scientific Advisor for their upcoming blockchain venture. As part of the team, Prof. Norta will help Black Insurance write their scientific whitepaper. Black promises to be a gamechanger in the world of digital insurance by using the blockchain to transfer risk directly from clients to financial backers.
In spite of its immense potential, the global insurance industry faces several serious challenges. The products are created by insurance companies, allowing many different parties in the system such as the re-insurers, insurers, MGA’s, agents, brokers, third parties and wholesale brokers. Therefore, launching an insurance product takes a lot of time. As a result, the insurance brokers with a thorough understanding of the market fail to deliver the desired product fast enough. The involvement of too many parties also results in high costs and barriers in entry.
As a licensed insurance company, Black proposes to solve the current inadequacies of the insurance industry by providing insurance capacity to agents, brokers and MGAs, enabling them to launch their own virtual insurance companies. The platform will eliminate the traditional overheads of an insurance company while using blockchain as the main platform to get rid of the centralized insurance companies.
Some of the key benefits of Black Insurance include
- Minimizing all inefficiencies
- Secure storage of data in blockchains
- Business operations using smart contracts
- Faster innovation by platform members
The new Scientific Advisor for Black Insurance, Professor Alex Norta is the owner of Norta & Partners, offering holistic consultation and software development service in the field of blockchain technology. He has advised and written whitepapers for many successful blockchain projects such as: Neo, Qtum, Cedex, Datawallet, Cashaa and many more. In the past, he has worked as a post-doctorial researcher on the SOAMeS project at the computer-science department of Helsinki University. His research on a PhD about dynamic inter-organizational business process collaboration was featured in an FP6-EU research project called CrossWork.
“The insurance industry today is slow with bringing products to market because of excessive bureaucracy that distorts free-market mechanisms to the detriment of customers,” explains Prof. Norta. “Blockchain technology is a means to replace this excessive bureaucracy with a novel control mechanism that is much cheaper, faster and more trustable. Thus, the insurance industry can start to meet the markets needs quick and in a cost effective way.”
The concept derived by the team Black Insurance has already gained momentum in the global blockchain community. Earlier this year, the company participated in a panel discussion about regulations on blockchain in EU and Estonia at the Tallinn Blockchain Conference. The team also secured the second place at the recently held d10e Tokyo ICO Pitch Competition, with their idea and vision receiving great feedback from the eminent participants. In the days to come, Black Insurance will take part in numerous poplar blockchain events and conferences across the globe.
Highlighting the potential of Black Insurance, the company’s founder Risto Rossar said, “I have been in the insurance industry for over eighteen years and I realized that I don’t care about insurance. In fact, no one should care about insurance. It should be as simple as breathing and work without customers having to worry about it. We can solve a lot of inefficiencies through technology and will disrupt the insurance industry from the inside, building a seamless process that customers don’t have to deal with.”
To find out more, please visit https://www.black.insure/
About Black Insurance: Black is a digital insurance company on blockchain. The platform connects insurance brokers directly with capital, enabling them to launch their own virtual insurance companies. Black looks to make the global insurance industry more efficient by removing the third parties from the value chain.
Contact: Liina Laas-Billson
Website: https://www.black.insure/
Email: [email protected]
TheBitcoinNews.com – Bitcoin News source since June 2011 –
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest.
Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored posts are always flagged as this, guest posts, guest articles and PRs are most time but NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.
Advertise with us : Advertise
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube
