The Rega Risk Sharing Platform is intriguing since it is aiming to shake up the age old stagnant insurance industry, through a blockchain based solution.
The current insurance industry has close to no reasons to change the way they approach their business model, it has served them well. They can charge the consumer premiums and use a portion of the premiums, invest it and generate interest. They are able to have enough cashflow to cover the risk of their consumers and have the opportunity of commanding large revenues year on year.
The primary issues the insurance company would have to account for are competition, regulation, taxes and higher rates of claims.
They now have a new problem to face, blockchain based risk sharing by REGA
REGA has recently launched their initial coin offering (ICO) with the aim of raising funds to create a pioneering next generation blockchain based insurance platform.
Why does REGA matter to consumers?
The choice for consumers today are many but the choices all fall within a similar model, pay a significant amount per period to do so.
Now, with REGA, consumers don’t have to essentially subsidize the armies of insurance agents and sellers who inevitably earn their wages from a portion of the insurance policy sales that they make.
REGA aims to bring insurance into the current sharing economy era, cut out the middle man and provide its consumers with a convenient, cost effective, sharing oriented insurance.
What are the features of the REGA risk platform?
Unique risk scoring system – The risk of the individual is measured by simply sharing a picture to the messenger bot on the platform. The REGA team is pushing the boundaries on how they measure the risk with their integrated facial scoring technology. This technology measures each face picture and flags certain attributes as either good or bad. These attributes are then calculated based on traditional scoring models used in the financial industry today. According to their website ”There are the following face landmarks/attributes that we are using for the facial scoring model: age, gender, head pose, smile, facial hair and glasses.”
Safety – The data is protected and is sorted in the inherent safety of the blockchain smart contract management.
Risk Cost – The risk cost of the individual is automatically calculated and priced, the lesser the risk of the individual, the less he/she must pay.
Risk Assessment – After the individual uploads a picture, he/she is placed in a risk group and then entered a sub-pool. The smallest risk group. There are many pools and it characterized by specific identifying traits, for dogs it may be size, species, etc. Then they are gathered into a pool and then a super pool which provides extra coverage.
Payment Breakdown – The cost that you pay is sliced up and distributed to the sub-pool, pool, super pool and 20% fixed commission rate.
No Paperwork or Additional Agency commissions – Integrating convenience as a key part of the process, and there are no additional hassles that come with agents or brokers, because there are none to deal with.
All processes are controlled by programs and algorithms – This is another key feature that significantly differentiates REGA from the traditional insurance companies.
A key feature that is present in the platform is the ability of the individual to request a payback if they didn’t have any claims or cases during a coverage period.
Another key feature is the instant payments aspect which would be an improvement in when dealing with insurance as this currently can range from a couple of days to a couple of weeks.
The platform also doubles as a communication tool for all members.
The product categories that REGA is aiming support as a part of it’s platform are :
– Pet, Gadget, Parametric, Home, Car and Health.
The REGA platform is larger model which caters to a variety of insurance needs in the crowdsurance industry.
Products that they are currently offering are Lexi club which caters solely toward pets and also their gadget risk sharing product.
The pet care product offers 80% payback on vet bills and if no cases are reported the consumer would receive up to 50% back.
The Gadget insurance product allows the consumer to pay 2.5% of their gadget price to cover select risks, eliminating the overhead of financial institutions.
The REGA advisory team is comprised of people who possess 30+ years in the insurance industry, capital management, product management and strategies.
The REGA Team is comprised of people who possess 10+ year in banking, insurance and the fintech industries.
They have an advantage over others who are conducting ICO’s because they are currently operating their business and have a minimum viable product, they are fine tuning and refining while planning to tackle the future.
Their ICO is closing in 20 days, if interested, remember to check out more information here
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