REGA introduces an insurance model that drives discussion
Insurance goes as far back as the 18th century; providing coverage for loss of homes by fire. Since then, it has developed and found its way through all aspects of our lives that run some kind of risk. There’s of course house, car, health, and jewelry insurance, but also body part insurance and even “change of heart” insurance for couples not sure their partner will make it down the aisle! Money is a scary thing to lose, and that’s why we accept paying so much on the off chance we encounter a crisis.
Well, insurance is tricky business; it’s a trillion dollar industry we, literally, can’t live without but we also can’t quite afford. As global climate change worsens and causes severe property destruction, capitalism dominates. We own and become attached to more and more material things, not to mention health treatments become better and more expensive, so our relationship with insurance companies becomes codependent. There is gap between customer needs and abilities, and the technological development of insurance business models. REGA is offering the first crowdsurance platform; introducing the concept that people can unite in communities and, with the use of REGA’s highly advanced technology to evaluate risks, help insure each other.
REGA’s community driven initiative claims to make insurance more attractive and affordable. The open-sourced and transparent qualities of blockchain allows the company to reimagine what a decentralized insurance model could look like. REGA has approached the industry with three products so far: pet insurance, travel luggage coverage, and athlete risk-sharing coverage.
Lexi Club, REGA’s pet insurance initiative allowed pet owners to receive up to 80% of compensation for their pet’s veterinary costs. As for the travel space, we have often had to rely on luck to not only see our suitcase roll out of the conveyor belt, but that if it doesn’t, that we at least get compensation for it. REGA commits to providing passengers with compensation for their luggage up to $5000 with a cost of about $12 per year. With a process as simple as providing the platform with boarding passes, air tickets, and confirmation from the air carrier that the luggage has been lost, REGA will perform their own verification with the air carrier and pay the frustrated passenger. Finally, a partnership with a celebrity management platform incentivized REGA to provide compensation for promising athletes. Many junior athletes find it difficult to qualify for affordable insurance policies when it comes to sports injuries. REGA offers community risk-sharing solutions for the athletes.
It is unclear still to me how REGA will be able to scale to the amount of people and incidences globally that require insurance. As with every blockchain platform, the compensation provided by REGA comes through REGA’s RST tokens. Before we can really rely on digital currencies to replace our current insurance plans, we need to see how blockchain and digital currencies evolve. I believe there is a way to go before I, personally, begin replacing my coverage for REGA’s offerings. I’m excited for the concept and the possibilities, I’m just not sure about the timeline for it.
“Crowdsurance is there to benefit everyone and everything, and with the added benefit of blockchain,” says Sergei Sevriugin, CEO of REGA Risk Sharing platform, “We can now rely on transparent and honest relationships in the insurance market.”