What Is REGA?
REGA is designed to play an important role in helping to unlock the potential of the blockchain. It will let people manage various risks without having to go through a long chain of intermediaries. Peers will finally have an opportunity to manage risk at their own price without the risk of intermediaries benefiting from all the premiums customers pay.
The platform is only going to take a flat fee to provide the technological solution that the market needs. Peers of the network will receive all the benefits plus the prolonged risk coverage. Via this platform, there will be the creation of cost-effective and risk manageable financial products.
The developers of this product started this journey by delivering their own risk sharing products to the market. They were able to create value by filling an existing gap in the microinsurance sector. This is an area where competition amongst the major insurers is low or lacking.
One of the products they have created is Lexi Club, an insurance product for pet owners. It allows cutting down on vet services, and they pay as little as 20% on their bills. The next step for them is to utilize their expertise and the blockchain to come up with crowdsurance products for the masses.
REGA Risk Sharing Crowdsurance Blockchain Benefits
After that, they will come up with a user-friendly interface that will allow the community to come up with their own risk-taking products. The platform is going to be open source, and the software is going to be powered by the ethereum blockchain. It will ensure that all financial transactions and the product design can all be traced and they remain transparent.
This approach is going to provide a solution for the old issue of insurance profit gains and claims adjustments conflict. Crowdsurance is going to become the community development driver instead of the source of profit from unrealized risk for insurers. By eliminating the intermediaries, it will make insurance affordable and cheap.
Insured people are going to become a part of the community. Peers will be able to access additional benefits by being able to share risk coverage with those that cannot afford to purchase insurance products. In the process, they will create a social network based on reputation.
This is the first project to implement rega risk-sharing smart contracts that run on the ethereum blockchain. It provides a standard for crowdsurance by delivering a viable product to the market. The REGA platform is going to provide Super Pool capacity, which will cover the risk for third parties and in-house products, which fit into the risk management standards they have created.
REGA RST ICO Details
They intend to create a community of experts, who are going to help with the development and adjusting of risk models for the products they will create. For this to work, they will need to organize a crowdsale. The Risk Sharing Token (RST) is going to be sold at the crowdsale. The funds generated are going to be utilized to bring this project to life.