Reinsurance Reimagined — UnoRe, an Introduction
With the development of blockchain technology, the one sector that holds the most promise (apart from finance, of course), is the insurance sector. One of the ways the big insurance companies hedge risks is by selling a part of their portfolios (partially or in full) to other institutional and deep-pocketed players, who are willing to take high-risk high-reward bets to substantially grow their wealth through a process called reinsurance.
Simply put, reinsurance can be called insurance for insurance companies. Currently, the process is dated, complex, inaccessible, and available only for the rich. UnoRe, however, promises to change the entire reinsurance scene upside down, by democratizing it using blockchains. With Unore, Reinsurance is Deigitized, Simplified and Democratized.
UnoRe — Reinsurance Reimagined
UnoRe’s reinsurance platform promises to introduce reinsurance to the current crypto-insurance protocol. This will allow existing insurance protocols to reinsure their products by transferring a portion of their risk to UnoRe (First phase). Insurance platforms are already hopping on the UnoRe bandwagon, as PolkaCover is reported to be the first partner to integrate their products with UnoRe.
By partnering with insurance protocols, the users of the platform will be able to invest in this high-risk high-return section of investments. The users of the platform will be able to invest in these assets (The second phase) using DAI and will be eligible for returns either as UNO tokens (the platform’s native token, higher reward ratios), or DAI. The platform works on a PoS to reach consensus, and users can earn additional rewards by staking the rewarded tokens on the platform.
The third phase of the platform allows the users to trade these risk profiles on the platform, similar to that of an exchange. The platform promises free-flowing information, including the loss ratios to help the users.
The Fourth phase promises a platform that enables its users to “Bring Your Own” Products, to truly revolutionize the insurtech sector. UnoRe promises to provide “all the necessary elements for the masses to come and build new and innovative products on [their] platform, which would then be added to the UnoRe reinsurance risk profiles.” The objective is to “enable innovators to create sustainable products which traditional insurance is too scared to even approach because of their obsolete underwriting methodologies and operational processes”.
The Governance will be initially taken care of by the UnoRe team, but eventually handed over to the members of the community, based on an individual’s experience, frequency, and seniority of the platform over the course of 2.5 years.
The Claim Assessment Process
Take a look at this flowchart, to understand how the claims are assessed in the UnoRe platform.
Use-cases
The UnoRe team promises three distinct use-cases for the platform.
- UnoRe as an investor — Access to an asset class with a high risk-reward ratio with 0 minimum capital requirements.
- UnoRe as a Trader — Access to a market to trade risks, a whole new asset class.
- UnoRe as an Innovator — Traditional Insurance products are becoming extremely outdated. With UnoRe, investors are empowered to build innovative products.
Products in Development
Currently, the platform focuses on 4 main products — Crypto insurance, travel insurance, Health insurance, and Parameter-based products.
The Investors
UnoRe has grabbed the eyes of popular venture capitalist firms already. Along with the recently closed private sale, where over $28 million was pledged, popular names like NGC Ventures, FomoCraft Ventures, Moonrock Capital, Morningstar Ventures, x21, Moonwhale, Propeller, Blocksync Ventures, Three M Capital, Sky Ventures, Psquare Capital and Kyros Ventures among others have backed the platform with considerable funds.
Meet the Team
UnoRe is led by two extremely talented, award-winning entrepreneurs — Jaskanwar Singh, Sujith Sizon. They are assisted by Dr Alex Norta, Kunal Sadani and the Israeli Blockchain association in their path to success.
Public Sale on Polkastarter
Polkastarter is a leading Launchpad platform with huge success since its launch and inspired many other IDO Launchpad platforms as well. Unore has announced its IDO on Polkastarter.
Parting Thoughts
The platform seems to focus on a niche of users looking to invest or trade in high-risk portfolios. UnoRe offers a way to revolutionise Insurtech as we see it now, and if it can truly bring in a brand new asset class to the public, this platform truly has the potential to be the one to look out for. You can read more about the platform here:
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