POINT ROBERTS, WA and DELTA, BC, July 23, 2018
/PRNewswire/ - 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) (Frankfurt: FNQA).
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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