REGA Risk Sharing – developer of the first decentralized crowdsurance platform based on smart contracts, scoring systems and artificial intelligence technologies, – announced the crowdsale campaign and Risk Sharing Tokens (RST) emission on Ethereum.
ATTN: ICO campaign (WhitePaper is available here) started on October 15th, 2017 at 10:00 (UTM) and will last until the maximum volume of RST distribution is reached. More info about the REGA Risk Sharing project and its crowdfunding campaign you can find on the official Facebook page.
The number of RST tokens issued during ICO – 1 470 001 tokens, with the price depends on the date of purchase:
- ICO opening days (October 15-18, 2017) – number of RST tokens at sale – 450 000 at the price of 0.08 and 0.09 ETH/RST;
- Starting from October 19 till the end of campaign – the number of RST tokens at sale – 1 020 001 at the price of 0.1 ETH/RST.
REGA Risk Sharing is the world’s first decentralized insurance (crowdsurance) platform, thanks to which physical persons will be able to unite in groups and insure one another’s risks – without insurance companies and other intermediaries.
New financial products created via the REGA Risk Sharing platform based on principles of sharing economy and crowdsurance business-model. Crowdsurance – is not only the new standard of insurtech products and services, this is new philosophy. It means the association of individuals joint into communities to share financial consequences of their potential risks. Such collective cooperation is based on the principles of autonomous decentralized organizations on blockchain and regulated by smart contracts. The nature of crowdsurance implies creation of reserve funds out of community members voluntary contributions.
In March 2017, REGA Risk Sharing successfully launched on its platform the first crowdsurance product Lexi Club – solution for pet owners that helps members to save significantly on vet services and save up to 80% from the costs. Service is based on the Ethereum platform on the principle of the Decentralized Autonomous Organization (DAO). Lexi Club is cost saving and convenient alternative to insurance products. Due to total automation most crowdsurance processes save time hugely compared to traditional insurance. Due to minimal human participation the cost of crowdsurance products is much lower and human factor could be excluded. Thanks to such technologies as Machine learning and Computing vision, scoring of crowdsurance members as well as cases will be continuously improving with every new member and new case. The client part of the Platform is implemented as chatbot Lexi in messenger.
Pet owner finds Lexi bot in messenger and starts a dialog. Through identification in messenger, instant messages and sending photos of owner and its pet, user follows through KYC and scoring processes. The Platform is creating individual smart contract (Member Smart contract) that will gather all data about owner and pet, contributions and payment requests, and perform agent functions, controls the fulfillment of terms and conditions of membership in Lexi Club. Pet owner makes a contribution in cryptocurrency or in fiat. After that the owner gets issued virtual ID Lexi Card as a confirmation and becomes a member of crowdsurance community. Member could compensate up to 80% of expenses in case of trauma or illness of pet, and also get access to additional services like order pet food, vet home visits, access to validated vets base and get notifications about all important vet procedures.
In the nearest future, REGA plans to expand the geography of Lexi Club mutual pet crowdsurance solution on European markets, Asia and USA. In next steps REGA will extend its portfolio with crowdsurance products for mobile devices (REGA gadget protection), private property (cars, real estate), human health, and the development of a comprehensive crowdsurance system.
Funds raised during the ICO campaign will be used for the development of REGA platform and creation on its basis a full-featured platform for insurtech products developers, with a wide range of API tools and tools for compiling smart contracts.