Describe the company – the elevator pitch …
REGA is the first crowdsurance platform based on blockchain smart contracts, scoring, machine learning and computer vision. Crowdsurance means the new way to cover our risks: we remove insurance companies out of the equation and encourage people to unite in the communities and accumulate their personal funds to cover the risks of unpredictable events. All payments are controlled by Ethereum-based smart contract with all transparency and security of blockchain.
How are you different?
We are not an insurance company and are not employing blockchain to the benefit of regulators. We do not profit from the premiums: if a year goes without a case that requires coverage, we are giving 50% of the premium back to the member, if he so wishes. We are a Fintech company that provides software as a service to the community. We’ve been in risk assessment for more than 20 years and want to share our knowledge with the network and motivate community to create new type of distributed financial products: made by the people for the people.
@ Russian Blockchain Week REGA CEO Sergei Sevriugin has told how Crowdsurance can bring new opportunities to the business. pic.twitter.com/aTicUwd94U
— REGA (@REGA20847530) October 27, 2017
Why will you do well?
First and foremost, people hate insurance companies. And for a reason: some agents take up to 90% of the premium for their profit. Plus, insurance companies are slow and never want to pay you back in full.
We believe crowdsurance is a logical development of sharing economy. If we share cars and homes already, why can’t we share risks as well? It’s a simple and natural evolution of an existing trend, and with the boost that blockchain gives it, people will easily switch to community-based risk sharing.
And, last but not least, we have a great team and we’ve been working together for as long as the Internet exists. We know how insurance companies work and how they do risk management, we built scoring systems that half of Russian retail operates on. And we love blockchain and understand the nature of it: emerging technology at people’s service.
Developers sit in Russia, Communications — in US, and we’re now undergoing the registration of our legal entity in Lichtenstein.
We started our project 2 years ago as a spinoff of our existing company Bellwood Systems. We are using statistics and methods we developed in Bellwood System: scoring and underwriting system that currently processes about $30M of transactions a month.
What have been your biggest wins to date?
We launched our MVP this year: crowdsurance solution for pet owners called Lexi Club — you can read about it here. Next step — launch in US.
The public. We are creating the platform for mass market products. We began with pet protection as a way to prove crowdsurance concept, and then we’ll move to gadgets, cars, property, and, eventually, health. And many other things we haven’t thought about, but we’re sure the public will come up with.
Building any business is always about hard work and continuous search. If you see that it does not work as you initially planned, it’s fine — just keep trying, be curious and never give up.
Tell us about your team?
We have a fantastic team the core of it for me is like a family. We don’t have any hierarchical structure and we treat all team members equally. We have strong IT and financial institutions background and now we also have new team members from communications, marketing and PR who’re helping us a lot. We partnered with ICO Box and New York-based agency Awesome Opossum and they’re helping us a great deal and really are a part of the team now.
Launch Pet Crowdsurance in US and Globally, and we plan to develop new products based on our platform including gadget protection, car and property protection and even health crowdsurance. Check out our roadmap with the timeline. Our goal is make crowdsurance a new standard or protection against risks and accidents and invite people to create new REGA products for each segment of our life.
Sergei Sevriugin's interview for RBW'2017 https://t.co/4ULI7RxspL
— REGA (@REGA20847530) October 29, 2017
What tech gadgets do you wish you could use to help you?
REGA’s gonna use drones, IOT sensors and fitness trackers to collect data and adjust our risk assessment and claim adjustment algorithms.
Also, just for the industry in general a gadget that helps to store cryptocurrency accounts private keys in more secure way would be great. There’s https://trezor.io/, we need more like this: a more reliable and secure way to do it.
Just to put REGA in the right context, we think it’s part of a new era of distributed financial products. Here’s an excerpt from a text we’re mentioned in on KeepingStock block that reflects our vision of what’s going on:
“With the creation of Bitcoin in 2009, a new, parallel financial world appeared. Blockchain-based finance exceeds the abilities of the old system in many regards. It’s safer, cheaper, and 100% transparent. All transactions within the network are performed, confirmed, verified by and open to the participants of the network. There’s no government to control it — it regulates itself. There are no intermediaries to feed off of it — all transactions are peer-to-peer. Unlike Wall Street, this system is inclusive: everybody is a player in this game.
Humans of the network can now store, trade and create money on blockchain. The time has come for more complex financial products: credits, loans and insurances — conceptually different from those we use now.
Financial products of the crypto-currency world are distributed. Meaning — not centralized.
The invention of Ethereum-based smart contracts made it possible to create distributed financial products. A smart contract is a program that makes sure that a payment or an exchange of cryptocurrency happens no matter what. Traditionally, that is what banks, insurance companies and governments do — promise you that you will get paid. Except, they can change their mind or use funds otherwise — smart contract can not. It does not have a mind — it’s a program that controls accounts and performs transactions.
Crypto finance is an open, inclusive world. No one can force you to use blockchain or products built on it, just like no one forced you to use Uber. This is truly global opt-in system that you can choose to be part of and why wouldn’t you? In the era of distributed financial products, every aspect of how they work: risk assessment, fraud detection, claim processing, underwriting, payments are performed and regulated by algorithms and community itself. It’s the era of empathy and reason in finance, the digital native ecosystem where everyone is welcome.”