REGA, found online at REGA.life, is a blockchain-based platform that promises to reinvent the world of insurance. Read our REGA review to find out how it works.
What Is REGA?
REGA aims to create a crowd-based insurance platform built on blockchain technology. They call it “Crowdsurance”. Instead of relying on a centralized party to offer insurance, REGA bases its insurance on the crowd.
With REGA’s Crowdsurance system, a community of individuals share their risks with each other. The platform is built on the blockchain and uses a decentralized structure and cryptocurrency.
REGA has 20+ years of experience in risk assessment and scoring. They used this experience to create the REGA Risk Sharing platform, which lies at the core of the Crowdsurance system. The company describes their platform as a place “where everyone could unite in groups to protect each other.”
Today, REGA has a number of different Crowdsurance groups available, including house, pet, and health insurance, among others.
Let’s take a closer look at how REGA plans to reinvent the insurance industry.
REGA Features And Benefits
- No agents or brokers
- Cost savings over traditional centralized insurance companies
- Flat fee of 20%
- Up to 50% payback
- Instant payments
- Transparent blockchain technology
REGA’s Crowdsurance Pools
Today, REGA has a number of different Crowdsurance pools available, including all of the following:
REGA’s pet Crowdsurance is called Lexi Club. You can get paybacks of up to 80% on your vet bills. If nothing happens to your pet, you can get up to 50% of your original investment back.
Invest around 2.5% of your gadget’s price to the REGA pool to protect yourself against selected risks without the overhead of traditional insurance companies or retailer insurance plans.
Use data from various sensors and detectors to trigger payment request when a certain event occurs. The REGA Crowdsurance parametric pool can be customized for virtually any event or activity.
Car owners can invest in REGA’s Car Protection pool. In the event of an accident, funds will be used to cover the costs of car repair.
Drones can be used in REGA’s real estate Crowdsurance to check the condition of a property and provide evidence in case something is wrong, or if the property is damaged.
Parametric data from personal assistants, smart watches, fitness trackers, health apps, and others will be used to adjust scoring models for REGA’s health insurance. REGA’s Health Crowdsurance products promise to provide a price effective solution for everyone.
How Does REGA Work?
Obviously, there’s a lot going on with REGA. How can the company provide its various Crowdsurance pools? How does the company maintain a decentralized insurance model while still scoring users to assess their risk? Here are some of the technologies at work behind REGA’s platform:
The standard scoring approach with insurance involves the use of social and demographic data. REGA, however, is introducing facial scoring, where a score is calculated based on a photo of the member’s face. REGA claims they already have a prototype that’s working with about 70% accuracy. The technology is built on Microsoft’s machine learning and cognition service, the Microsoft Face API (also known as Microsoft Cognitive).
REGA’s application scoring uses applicant data to calculate a score. It relies on Microsoft Azure machine learning to help decide who gets insurance, and for how much. It’s designed to prevent fraud while reducing mutual risk for community members.
REGA’s underwriting architecture consists of two parts, one of which is on-chain with the other on the blockchain. The off-chain part is a scoring and underwriting system that includes products and client databases along with a product matching engine and scoring/risk management module. Meanwhile, the blockchain portion consists of several types of smart contracts, including a super pool, tokens, and smart contract factory.
REGA’s pools are based on a cascading smart contract structure. There are three types of smart contracts, including sub-pool, pool, and super pool. To join a community, a new member has to invest funds (in cryptocurrency) to a smart contract created by the pool. The amount of funds contributed by the member is split between several pools in accordance with product risk management rules. 20% of the investment will be the product and platform flat fee, while the remaining 80% is put towards the Crowdsurance pool.
REGA tokens are a cryptocurrency built on the Bancor protocol. There will be two types of tokens, including Risk Sharing Tokens (RST) and Super Pool Tokens. The Risk Sharing Tokens are designed to build a community of experts to enhance REGA’s risk models, while the Super Pool Tokens are designed to create a super pool capitalization framework.
REGA’s voting system involves choosing experts at random to vote for payments. The expert jury in charge of the decision will consist of 5 experts. The jury will be called if a payment is more than an automatic payment limit for the insurance product, or if the amount breaks other pool rules. To become a member of the REGA “Expert Community”, you can buy Risk Sharing Tokens during the crowdsale. A jury will also be selected if the payment was rejected, or if a member has a particularly low score (say, 30% lower than the average score among all community members).
The REGA Crowdsale
The REGA crowdsale for Risk Sharing Tokens (RST) began on September 15 and will conclude on October 15, 2017.
There will be multiple stages to the crowdsale, including a pre-sale where tokens are priced at 0.05 ETH, and a crowdsale for anyone where the tokens are priced at 0.1 ETH.
Who’s Behind REGA?
REGA’s team includes CEO and Co-Fouder Sergei Sevriugin, CTO and Co-Founder Victor Chernyshev, Co-Founder and Chief Architect Roman Ischenko, Biz Dev, CMO, and Co-Founder Sergey Kiselev, Co-founder Maxim Urazaev, and Co-Founder Leonid Morozovskii.
The company has a track record of leading fintech projects in Russia, including projects for some of Russia’s largest banks and insurance agencies.
REGA is a decentralized insurance marketplace that seeks to solve some of the problems with centralized insurance systems. The company aims to provide cheaper, more effective insurance through the use of “Crowdsurance” pools. Those pools are built on cascading smart contracts built on the blockchain. A pool can choose to accept new members, then issue automated payments in the event of a claim.
The REGA token sale is ongoing throughout September and October. You can learn more about the company today at REGA.life.