The concept of crowdsourcing has been around for a while now, be it with respect to work, raising investments, ideas, solutions and what not. But the actual potential of the power of the crowd became quite obvious after the concept of ICOs and crowdsales in the cryptocurrency industry caught the world’s attention. Now, one of the blockchain platforms, REGA has come up with an innovative “Crowdsurance” solution.
The REGA Crowdsurance solution is the next logical step for the Insurtech sector which is currently exploring the use of blockchain technology to improve their existing services while reducing operating costs and claim processing times. The platform also keeps up with the rising wave of sharing economy models, widely adopted by the likes of Uber, Airbnb, and others.
REGA’s Crowdsurance eliminates the involvement of insurance companies and brokers by making use of algorithms and blockchain driven smart contracts to analyze and manage risks. In Crowdsurance, people get together to create communities, which provide a guarantee of compensation for unexpected losses. The absence of intermediaries reduces the cost of insuring oneself over a Crowdsurance platform in comparison with traditional players.
REGA, built on Bancor protocol is the first of its kind platform that offers users with the flexibility to manage their risks at their own price. The platform offers its technology infrastructure including Ethereum blockchain based Risk Sharing smart contracts for a flat fee. Unlike conventional insurance providers, REGA risk sharing platform will not handle or reinvest the money into markets to generate profits out of it.
The platform is designed in such a way that similar insurance packages with almost the same level of risks are clubbed together to create subpools. These sub-pools are mostly self-sufficient. However, in exceptional cases when the claims arising out of the risk is much higher than the subpool’s purview, the much larger pool pitches in to support the victim. The pool is a collection of multiple sub-pools of the same kind, but with varying risks. These pools are in turn covered by a Superpool, thereby ensuring that the users’ risks are always covered irrespective of the eventualities.
The whole platform is governed by Artificial Intelligence running on advanced machine learning algorithms. The insurance premium, claims, and payouts will be processed by smart contracts which virtually eliminates the need for human interaction, thus enabling complete decentralization.
The REGA Risk Sharing model can be applied to a wide range of insurance applications. The platform has already tested its validity successfully by implementing it in Lexi Club — a mutual pet insurance solution that allows owners to get 80% of the medical coverage for their pets by paying a regular fee of about $5. The intelligent bot driven platform offers unprecedented levels of automation and access to veterinary service.
The model will soon be implemented into other verticals like real estate, healthcare, hardware etc. As the platform works toward expanding to other verticals, it has organized a crowdsale, allowing investors to purchase its native RST tokens. The tokens will fuel transactions within the platform and to trade it against other currencies as well.
More information about the revolutionary REGA Crowdsurance platform and the ICO is available at – www.rega.life
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