The Starfleet X UnoRE AMA Session
On 13 April 2021, General Pandora conducted an AMA with Jaskanwar Singh & Sujith Singh, CEO and CTO of UnoRe respectively. Here’s a quick recap of the conversation that happened!
Q1. Do we get to see what is the composition of the R1–3 portfolios and does it do active portfolio rebalancing?
Jaskanwar: UnoRe aims for transparency in its entire system. Investors can see clearly the insured asset and its exposed risk i.e the probability of total loss in a pool, which is usually less than 2% in our riskiest pool (R1). We will be creating an Asset basket in the future which will be a combination of different risk pools, this will include active portfolio rebalancing.
Q2. Are there any plans to extend UnoRe to other chains?
Sujith: We will begin by reinsuring crypto insurance protocols and we are planning on expanding into the traditional world and subsequently to reinsure travel insurance, health insurance, and also parametric based insurance products!
Q3. What would be to utility value of UnoRe Token? How does the community benefit from holding this Token?
Jaskanwar: The UNO token is called $UNO, and it has multiple utilities.
i. Users can buy insurance using the token. They will have a discounted rate if they use $UNO.
ii. They will receive all claims in the form of $UNO. If they do want to reinvest this they will be offered further incentives.
iii. In order to invest in Risk Pools, transaction fees need to be paid in the UNO Token.
iv. In order to be an innovator, UNO token proportional to the minimum sales goal has to be staked.
v. If part or all of the claim is retained in $UNO they will be provided with access to VIP staking pools where they can make up to 60% APY!
vi. If the token is staked in the wallet, then the user will have the option to become a claim assessor. Staking is also required for underwriting, actuarial analysis, and more.
These are just some of the utilities of the token, and we will release more details of the tokenomics in the future!
Q4. What if there is more demand of reinsurance than the supply (of reinsurance)?
Jaskanwar: his is a very good question, and this is something that we anticipate will happen as we have registered interest from traditional reinsurance brokers and decentralized Insurance Protocols with more than 500M USD in premiums. We have a very flexible legal structure in place, allowing us to increase our reinsurance capacity with time to be able to sustain our business.
Q5. Taking a step back — What is “Reinsurance” and what are some of the opportunities in this niche?
Sujith: To put Reinsurance into its simplest term — it is insurance for the insurance companies. This is extremely important because insurance companies don’t always have enough capital to cover all worst-case scenarios. This is where a reinsurance company steps in — they agree to take on part of the insurers ‘risk’ in return for a share of their premium. Essentially, reinsurers are a second layer of protection!
Q6. With this understanding, what are then the advantages of using blockchain in Reinsurance?
Sujith: The crypto space specifically is in dire need of reinsurance because although there has been significant advancement in the types of crypto insurance products available in the market today, there’s still no adequate reinsurance options for these products — UnoRe plans to fullfill this gap.
UnoRe aims to decentralize reinsurance, and blockchain is an essential part of that — the platform is designed in a way where staking is inherent to all 3 of our verticals; this aligns the incentives of important functions of the platform such as claim assessment, underwriting, actuarial analysis, etc.
The current information asymmetry that is prevalent in this industry will also be resolved due to the inherent nature of blockchain, lending much-needed transparency to the whole system, as well as reducing costs (because management layers will be cut and transaction costs will be shown clearly), and providing users with a better overall experience.
Q7. Could you share brief idea behind the mechanism of how Unore works?
The platform is a bit complex to explain over chat, but I’ll give it my best shot! UnoRe is the world’s first crypto reinsurance platform, and we are building on Ethereum for now. We aim to decentralize and democratize reinsurance, benefitting risk traders, innovators who will be allowed to create their own new-age insurance products, and investors who will be putting money into risk pools in order to generate profitable returns on their investments. UnoRe will utilise the inherent nature of blockchain technology to introduce transparency into the whole reinsurance market.
Q8. What are the phases of the developments right now?
Sujith: The UnoRe platform works in 4 simple phases: First phase will introduce reinsurance to the current crypto insurance protocols and also allow them to reinsure their products by transferring part of their risk over to UnoRe.
In our second phase of the UnoRe platform will allow the users to invest in the various risk pools. At this point it will allow users to invest in DAI and receive returns in $UNO tokens or DAI (with higher reward ratios available in UNO tokens). There is also additional reward of tokens if our investors stake their rewarded tokens back onto the platform.
The third phase of the UnoRe platform will allow the users to trade risk, this will include the trading of risk in a model similar to an exchange, there will be relevant info provided to the users, such as loss ratios to assess its trading value
The fourth phase of the UnoRe Platform will go above and beyond anything that the Insurtech world has experienced so far. We will provide all elements required to the masses, to come and build new and innovative products on our platform, which would then be added to the UnoRe reinsurance risk profile.
Q9. Then In terms of regulatory framework, what are the potential challenges you guys will face?
Jaskanwar: Insurance and reinsurance is a highly regulated market and crypto is still in a highly nascent stage. It is an arduous process to set up a reinsurance company in this field because of these regulations but as someone who has previous experience working in these industries, we know how to circumnavigate this problem. We have also partnered with multiple legal entities that will enable us to overcome this roadblock with ease!
Q10. Last but not least — What is the roadmap and what are the future plans for Unore?
Sujith: We plan to complete the development of our risk investment platform and our platform for innovators (Build Your Own product) in Q2 2021. Additionally, there has been significant progress in developing these platform dApps, and we are currently on track for a pretty exciting launch!
In the coming few months, we will be onboarding multinational reinsurance brokers (innovators and insurtechs). In Q3, we will be launching UnoRe’s legal entity, providing reinsurance capacity. Lastly, in Q4, we will be launching our platforms on the Kusama testnet.
We are on track to launch as scheduled and we are at the stage where we have doubly intensified our marketing efforts. The alpha version of our MVP will be released soon, don’t worry! — stay tuned to our social media channels to follow our progress and keep updated!
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For more information:
Official Telegram Channel — https://t.me/unoreinsure
Official Twitter — https://twitter.com/unoreinsure
We will be conducting more AMA on The Starfleet in future. Stay tuned!
