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Co-Founder of Black Insurance Discusses Company Vision for Blockchain in Insurance, and Partnership with Fineqia (CSE: FNQ), (OTC: FNQQF) (Frankfurt: FNQA)POINT ROBERTS, WA and DELTA, BC, Nov. 8, 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, Co-Founder of Black Insurance. Risto and InvestorIdeas discuss the big players testing blockchain in insurance and how their Board member, Bundeep Singh Rangar from Fineqia (CSE: FNQ) (OTC: FNQQF) (Frankfurt: FNQA), is adding value, expertise and "blockchain based policy administration." With over 60 plus sign-ups from insurance brokers globally, writing almost $400 million of premiums annually, this blockchain insurance company is one the industry will be watching. A report from PWC says, "The potential for blockchain to deliver substantial value to financial services is enormous. For example, a recent report from Goldman Sachs estimates that in banking, consistent use of blockchain in KYC/AML checks alone could save $2.5bn of the estimated $10bn global processing costs in the sector." CB Insights reporting on Blockchain and Insurance notes, "Despite the rise of online brokers, many consumers still call insurance brokers by phone to purchase new policies. Policies themselves are often processed on paper contracts, which means claims and payments are error-prone and often require human supervision. Compounding this is the inherent complexity of insurance, which involves consumers, brokers, insurers and reinsurers, as well as insurance's main product — risk." "Each step in this collaborative process represents a potential point of failure in the overall system, where information can be lost, policies misinterpreted, and settlement times lengthened." "Enter blockchain technology, a cryptographically secured form of shared record-keeping." Interview Q: Investorideas.com A: Risto Rossar, Co–Founder, Black Insurance From there on, I founded Insly, an insurance management software that is being used by more than 300 firms across 40 countries. One of the main purposes of this software is to address the inefficiencies and friction that selling and managing insurance is facing - it's a lot. We're doing a great job at fixing what is state-of-the-art in insurance today but I've come to understand that the insurance industry needs a more fundamental fix. As an example, an insurance policy is recorded in half a dozen or more separate information systems during its life cycle and then maintained by participants including: Brokers, wholesale brokers, insurers, reinsurers, and in some case regulators. All of these systems must be reported between and reconciled, information needs to be rekeyed, complex interfaces between the systems need to be built and so forth. It's hard to measure conclusively but our estimate is that as much as 20% of each insurance premium is burnt on this essentially worthless "busyness." We also. routinely see opportunities in the insurance sector that don't see the light of day as there is so much friction between underwriting, product design and distribution. If you have a great idea for a new insurance scheme, it can take you years and millions [of dollars] to get it on the market - if you make it at all. You might have noticed that while the rest of the world is changing at a breathtakingly quick tempo, the insurance industry has remained pretty much as it has always been. Now you know why. Q: Investorideas.com A: Risto Rossar, Co –Founder, Black Inurance Second - and a somewhat less discussed aspect - is the tokenisation of insurance. Behind each insurance policy, there is a certain amount of mandatory reserve capital in place that sees returns when there is no claim and vice versa. This capital could be broken into tokens and sold to crypto investors. This would remove a lot of friction between the capital and the great insurance product ideas looking for funding. We believe it can really kickstart innovation and competition in insurance. Q: Investorideas.com A: Risto Rossar, Co –Founder, Black Insurance Q: Investorideas.com A: Risto Rossar, Co –Founder, Black Insurance For Fineqia, we are a strategic opportunity on several levels. First,Black is working on enabling crypto-based fractional ownership (so called "tokenisation") in the insurance industry that [works with Fineqia's original core business model of crowdfunding]. We intend for such tokens to be offered on the Fineqia platform and match them with interested investors. In addition to that, Fineqia has invested in PremFina, which is a financier of insurance premiums. PremFina also recently won the 'Best Use of Technology for Customer Experience – B2B' at the Insurances Times Tech and Innovation Awards. 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 A: Risto Rossar, Co –Founder, Black Insurance We have a more comprehensive model that is set to create an entirely new way to produce insurance through tokenisation and the. clever alignment of stakeholder interests. This approach has already earned us sign-ups by more than 60 insurance brokers around the world, doing almost $400 million of premiums annually. There are hundreds of millions of big deals in the pipeline. They all see tremendous value in the ecosystem we are building and are set to launch next year. 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 a global digital insurance platform that can make all insurance companies obsolete. For more information visit: https://www.black.insure/ About Fineqia International About Fineqia Limited Fineqia International Inc. (CSE: FNQ) is a featured tech stock on Investorideas.com Get News Alerts on Fineqia International Inc. About Investorideas.com - News that Inspires Big Investing Ideas Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp. Disclosure: FNQ is a paid PR, news and social media client on Investorideas.com Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: https://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country. https://www.investorideas.com/About/News/Clientspecifics.asp Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp View original content to download multimedia:http://www.prnewswire.com/news-releases/co-founder-of-black-insurance-discusses-company-vision-for-blockchain-in-insurance-and-partnership-with-fineqia-cse-fnq-otc-fnqqf-frankfurt-fnqa-300745903.html SOURCE Fineqia International Inc. |