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What is REGA Risk Sharing?
REGA Risk Sharing is a crowdsurance platform that helps protect each other as a community against financial loss without insurance companies. Mutual funds are controlled by smart contracts and a state-of-the-art scoring system. The goal of the team is to develop a platform where using our tools and smart contracts factory, a community of professionals can develop new crowdsurance products and help us reinvent insurance market from scratch.
- Leonid Morozovskii, Co-Founder
The presale will begin on September 15, 2017 and end on October 14, 2017. The price per Rega Life token (RST) will be .05 Ether per RST. There is a minimum purchase of 100 RST and a maximum purchase of 700 RST. There are a total of 30,000 RST available for purchase during the presale.
The crowdsale will begin on October 15, 2017 and end on November 15, 2017. There is a price discount for early contributors participating on October 15 and/or October 16 as follows:
October 15: Price per RST token = .08 Ether
October 16: Price per RST token = .09 Ether
The price per Ether from October 17-November 15 will be 0.1 Ether. There is a minimum purchase requirement of 10 RST per contributor during the crowdsale.
Token Distribution information
The total number of RST tokens issued will be 10,000,000. Contributors will receive tokens within a few minutes after contribution.
There are also Super Pool Tokens (SPT) that are needed to control the super pool risk management system. Super Pool Tokens are capitalized with RST and, thus, cannot be bought separately during the crowdsale. If someone wants to become a super pool “expert,” they must contribute RST tokens and run through additional KYC procedures and a special expert test. These SPT tokens receive additional benefits and provide risk coverage for all risk products on the platform.
Presale: 30,000 RST
Crowdsale (October 15): 300,000 RST
Crowdsale (October 16): 500,000 RST
Crowdsale (October 17-November 15): 4,170,001 RST
Use of Crowdsale Proceeds
The REGA Team will use the funds raised through the crowdsale of REGA Risk Sharing Tokens to develop the platform and various products, provide solutIons for people around the globe using their innovatIve technology, according to a provided development plan in their token sale paper. The team’s main strategy for development will be to create a community of developers to create the platform tools together and achieve platform growth and expansion. The team believes crowdcoding is the most efficient way to work on such complex and innovatIve solutIons. The growth of the expertIse in platform development plans to help the team create more sophistIcated financial products, covering more risks and creatIng more services for members.
The following are the first 10 steps in development, according to each level of contribution:
Sergei Sevriugin, CEO, Co-Founder
Sergei has more than 15 years experience in FinTech, currently CEO of Bellwood Systems. He is a former executive vice president of DialogBank, President and CEO of Delta Bank, and COO of DeltaCredit. He holds a degree in applied math and cryptology.
Victor Chernyshev, CTO, Co-Founder
Victor is the CTO of Bellwood Services company. He has 15+ years of experience in financial IT projects.
Roman Ischenko, Chief Architect, Co-Founder
Roman has 15+ years of experience in financial IT projects, software architecture, and development. He holds a degree in applied math.
Sergey Kiselev, Business Development and CMO, Co-Founder
Sergey has 10+ years of entrepreneurship in different business areas including brokerage, insurance, and entertainment.
Maxim Urazaev, Co-Founder
Maxim has 10+ years of experience in the veterinary products and service market, held the position of veterinary affairs manager at Hill’s Pet Nutrition Russia, and was business development manager at Vetoquinol s.r.a. He has a degree in veterinary medicine and has taken courses in IT and financial management.
Leonid Morozovskii, Co-Founder
Leonid has 15+ years of experience in commercial banking and insurance as head of sales, vice resident, CEO, and deputy CEO. He has a degree in law, a PhD in Economics, and an MBA from the Chicago Booth School of Business. He has also held various roles as a board member in the banking sector.
ICO Alert: How does the REGA Token (RST) work within the platform and why is it important?
Leonid Morozovskii, Co-Founder: REGA Token (RST) is used as a smart token on the Bancor protocol filled with Ether for instant liquidity. It is used on a platform to develop case voting mechanisms to provide claim adjustment vehicles. The platform suggests to token holders to vote for certain up-limit cases based on their stake, token holders are incentivized, receiving an expert fee for their work. RST can be used to pay for certain services on the platform as well. As more crowdsurance products are developed on the platform, more funds are collected and more Ether fills the reserves of the smart token, asynchronously increasing the price of the token
ICO Alert: There have been a few other insurance based ICOs launching recently. How is REGA Risk Sharing different from both the traditional insurance model and the blockchain model that cuts out the middle-man and lowers costs?
REGA Risk Sharing: Some completely new models are developed within the REGA platform compared to other blockchain insurance projects: state-of-the-art scoring models including facial scoring using Microsoft Azure and machine learning technology, the RST token based on Bancor protocol to provide instant liquidity for the token, chatbot services, a smart contract factory for creating own products, pool structure, and Super Pool capacity. REGA Risk Sharing is more efficient than traditional insurance and cheaper, by only taking a flat fee for services and development.
ICO Alert: REGA Risk Sharing takes a 20% commission. Is this lower, in-line, or higher than traditional insurance costs?
REGA Risk Sharing: 20% is quite low compared to traditional insurance, where the commission sometimes is up to 80% to the broker. This is because of the high efficiency of blockchain solutions and the elimination of middlemen. All collected funds are staying within the community as with mutual insurance.
ICO Alert: Theoretically, if someone needs less in the form of protection, or believes they’re at a lower risk for an insurance claim, why would they partner with others who may need more protection and be at higher risks for claims? Would it be cheaper for them to get insurance for the few items they have and avoid pooling their money with others, or does Rega Risk Sharing ensure users are not paying more than they’re due in the form of protection?
REGA Risk Sharing: This is why REGA uses pools, to segment the risk between those who are more risky and those who are less risky. Those who are less risky are not supposed to pay for those who are more risky. And we are structuring those risks using 3 levels of pools: sub-pools, pools, and Super Pools. If for some reason one pool has run out of funds because of risk being realized, other pools do not suffer, while the Super Pool helps absorb the losses of such events.
ICO Alert: The current platform from REGA Risk Sharing, LexiClub (for pet owners), is currently up and running. How much on average are people saving with this platform and how many people are participating?
REGA Risk Sharing: LexiClub is up and running as the first test product on the platform. People are paying twice as less compared to traditional pet insurance and almost 170 people are participating thus far.
ICO Alert: How far along is the REGA Risk Sharing platform and when can token holders/users expect to use the platform? What does REGA Risk Sharing expect to launch in the form of products over the next few months/years?
REGA Risk Sharing: REGA Risk Sharing platform will be ready according to the development plan highlighted in the whitepaper. Some products, such as pet crowdsurance and gadget protection, will be able to be used by users by the end of 2017.
ICO Alert: The Rega Life platform advertises the ability to use a camera to get an insurance quote on a specific item. Is this currently available or still in development? If in development, when is this feature expected?
REGA Risk Sharing: It is already a functioning feature using machine learning technology, the user just takes a picture of their pet in Lexiclub, uploads it to Chatbot, which is helping them to get risk coverage and service. The Lexiclub Chatbot determines whether it is the same pet the second time it sees him.
ICO Alert: For those not familiar with the way insurance functions, what risk management techniques (both from the traditional insurance industry and the blockchain insurance space) does REGA Risk Sharing use to ensure that platform can execute on all claims?
REGA Risk Sharing: Application scoring, facial scoring, identification, behavioral scoring, fraud prevention, and more are described in detail in our whitepaper.
ICO Alert: As a non-REGA Risk Sharing question, we like to ask for unique predictions on the ICO/cryptocurrency space in the future. Where do you see the ICO and cryptocurrency space in the next 3–5 years?
REGA Risk Sharing: We estimate the ICO and crypto-economy will grow enormously. There is a huge amount of different applications of blockchain technologies that will be developed. ICOs will not leave any space for VCs. Self-regulation on reputation based networks will bring stability to this chaotic and partly fraudulent market. Cryptocurrencies will develop and might substitute traditional currency in some countries, creating the base for a completely new global economy system with free trade and no state barriers.
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(1) REGA Risk Sharing Website, Rega Life, (2017)
(2) REGA Risk Sharing Whitepaper, Rega Life, (2017)
(3) REGA Rish Sharing Token Sale Document, Rega Life, (2017)