Co-Founder of Black Insurance Discusses Company Vision for Blockchain in Insurance, and Partnership with Fineqia (CSE

FNQ) (OTC: FNQQF) (Frankfurt: FNQA)

POINT ROBERTS, Washington and DELTA, British Columbia, November 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  

For our listeners that don't know your story, give us the background on Black Insurance and your experience in the fintech and insurance sectors.

A: Risto Rossar, Co-Founder, Black Insurance  

Back in 2000, I founded a company that we consider to be the world's first fully online insurance broker called, Iizi. It is now dominating the home market in the Baltics and has become a household name. For instance, you can get comparative motor insurance quotes from a panel of insurers, make the payment, and receive the policy in about 1 minute. As far as I know, this level of customer service and experience remains largely unprecedented in the world.