In such a thriving and growing market, ICO’s are everywhere, and it’s always a relief to find one that actually has a great idea that really could help change the world.
REGA have just launched an initial coin offering (ICO) in an attempt to raise money to build a next generation insurance platform on the blockchain.
The insurance industry has been around for hundreds of years and as it stands, the big companies hold a monopoly over the industry, often charging way over the odds. With no reasonable alternative, customers are forced to pay if they want an adequate and trustworthy level of cover.
Traditionally, when an individual needs to purchase an insurance policy, a series of brokers and re-sellers are more often than not making money further up the line, adding extra costs and commissions on top of the premium charged by the actual underwriters.
How does REGA work?
The REGA platform will work by jumping on board to already growing sharing economy. We share all kinds of things from homes to bicycles, so why not share risk too?
The REGA risk platform has a special scoring system which identifies the risk level of the asset you’d like to insure. Customers simply upload a photograph which is securely stored on the blockchain, while the risk scoring system gets to work measuring your individual risk.
The lower the risk, the less you pay, and vise-versa! It’s very simple, and depending on your risk, you’re placed into individual risk pools depending on the risk score. This video does a great job explaining a little more about how it will work.
Project Road Map
The platform has an already established MVP (minimum viable product) in the form of their pet insurance; Lexi Club! You can try it out by following the link, it could save you 80% on your pet insurance bills!
It works on a 4 step basis:
- Begin Telegram chat
- Provide information & upload photograph of your pet. Receive a Lexi Club card within a few minutes.
- Then rest safely in the knowledge that if your pet gets ill, take them to the vets & inform Lexi
- Send all the relevant information, paperwork and bills to Lexi, who will count it all up and send the payment to your account.
So far 160 participants have taken part, with a total of 7 cases being settled!
The project is still under development and constantly being improved, while the team learn everything they need to know to take the project forward before moving into other more complex markets.
The also have a prototype which is ready for testing for the gadget insurance model for which further announcements can be seen at rega.life
The future of REGA:
Once the concept and model is thoroughly proven through their pet insurance model and gadget insurance, the team have an ambitious road map for the future.
They hope to work on developing a state of the art parametric system using smart contract enabled sensors, which will effectively trigger insurance payouts automatically if a given event were to happen.
They then hope to branch into the car insurance, home insurance and even health insurance markets and bring cheaper, fairer insurance policies to the masses.
With an already existing model which currently seems to be working for their pet insurance customers, REGA is already one step ahead of the game.
To learn more about the project, check out the website at rega.life
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