KuCoin AMA With Uno Re — Building The World’s First Decentralised Risk-Trading Reinsurance Platform

2021/06/28 08:45:11

Dear KuCoin Users,

Time: June 25, 2021, 12:00-13:35 (UTC)

KuCoin hosted an AMA (Ask-Me-Anything) session with the founders of Uno Re, Jaskanwar Singh and Sujith Sizon, in the KuCoin Exchange Group.

Project Introduction

Uno Re is revolutionizing the way the Reinsurance industry operates and who benefits from it. Uno Re has broken barriers to entry for the retail investor by reducing minimum capital requirements, enabling the community to invest in the wealth-generating market of risk and earn huge returns on these investments. Uno Re has further commoditized this risk and allowed the community to trade in it using complex financial instruments (such as futures, derivatives, margins, etc.).

In addition, Uno Re’s pioneering BYO platform also gives the users a chance to introduce and propose their own novel insurance products – products that are essentially designed by the community and for the community. And central to all three of these verticals is the $UNO - users can buy insurance using the token at discounted rates, transaction fees for all investments are paid in the $UNO, and in order to propose a new product on the platform, a specific amount of $UNO must be staked. All claims are also awarded in $UNO, and if part or all of the claim is retained in $UNO, these users have access to VIP staking pools where they make up to 60% APY.

Official Website: https://www.unore.io

White Paper: https://unore.io/static/docs/unore-wp.pdf

Follow Uno Re on Twitter and Telegram.


Jaskanwar Singh — CEO & Co-Founder of Uno Re

Sujith Sizon — CTO & Co-Founder of Uno Re

Q&A from KuCoin

Jaskanwar: Hello everyone! So good to be here today.

Sujith: Hi, how's everyone doing? Thanks for having us.

Q: Can you please introduce yourselves and how the idea of Uno Re was conceived?

Jaskanwar: Absolutely! My name is Jaskanwar Singh, and I've been in tech and insurance for most of my career. I was CTO to the 4th largest health insurance provider in the Middle East - the youngest ever in the region. I was also awarded the "Top 50 Tech Innovators" award at InterCon the same year for my contributions towards the technology sector.

Sujith: And I'm Sujith Sizon, co-founder of UnoRe. I have worked with several state-sponsored studies regarding insurance trends in the KSA, and I’m also a tech strategy consultant at Management Partners – commonly known in the industry as the ‘McKinsey of the Middle East.’

UnoRe is the world’s first decentralized reinsurance risk trading platform, and we’re building on Ethereum for now. We aim to decentralize and democratize reinsurance, aiming to benefit innovators who’ll be allowed to create their own new-age insurance products, investors who will be putting money into risk pools in order to generate profitable returns on their investments, as well as traders who’ll be able to trade in this risk and do the same!

Jaskanwar: UnoRe will utilize the inherent nature of blockchain technology to also introduce transparency into the whole reinsurance market, which is something we feel has been severely lacking so far.

Q: What does “Users can now trade in risk” mean? How does one learn how to trade risk and how does your platform make it easy?

Jaskanwar: Insurance is an asset class similar to how stocks are, and in many cases, a much more profitable investment. UnoRe will be the first to commoditize this asset class, making it convenient for users to engage within it.

UnoRe will bring risk-trading into people’s hands, developing a user-friendly intelligent application similar to stock market trading apps - what these apps did to the Stock Exchange in the 1990s is what we aim to do to the current reinsurance market.

Users on our network will be enabled to invest in various insurance risk pools and earn profits based on the insurance products they’ve invested in.

Sujith: It’s almost an open secret in the industry that Insurance and Reinsurance are some of the most profitable sectors giving the highest value to the dollar, and with the use of blockchain technology, Uno Re is democratizing these money-making instruments by giving the people the tools they need to access them.

Jaskanwar: Traditionally, only investors from the wealthiest sectors could meet the insanely high capital requirements needed to earn profits from these instruments, but Uno Re breaks these barriers for the retail investor who can now earn a piece with an initial investment of as little as $500 on our platform!

Q: Tell us more about the technology and the team behind your platform.

Sujith: Thanks, I'd be happy to.

We are currently running bug bounty programs on testnet and will have our MVP on Binance Smart Chain - once the Polkadot Mainnet goes live, we will be migrating all our DApps onto it. We’ve taken this decision due to their interoperability, lower transactional fees (that are also faster!), higher scalability, and their governance system.

As for our team, I'm glad to say that Uno Re is backed by a strong technical team consisting of very experienced financial actuaries, technical developers, expert advisors from the InsureTech space, and an impeccable legal decision-making body who all ultimately believe in the power of decentralized technology and are excited (and more than well-equipped) to achieve the goals of our project.

Q: While we’re on the topic of tech, what’s next for Uno Re? How’s the development of your Risk Investment DApp coming along?

Sujith: Well, we’re happy to say that we’re on track with our decided roadmap, and one of the most exciting things coming is our Risk Investment DApp - the first AI-powered decentralized reinsurance risk investment app which will allow the user to review various investment pools, choose the most suitable to their unique condition, and earn profits based on the insurance products they put their capital into.

Jaskanwar: The Risk Investment DApp, with its AI-based algorithm, will also prescreen the investor details (financial status, risk tolerance, personal information, asset record, etc.) and recommend to them a suitable Risk pool to invest in, which I think is a very cool feature.

Money is a sensitive issue, and thus while setting up a decentralized system for innovators to produce, showcase, and sell customized risk products, we have been very careful of all intricacies - we have created an actuarial group of renowned experts, which assesses and approves each product before it's launched on our platform.

DAI, USDT, and UNO tokens have been chosen as investment options for the R1, R2, with our R3 pool being solely backed by $UNO. The compatibility with these ERC-20 tokens has already been incorporated into our risk pool smart contract.

Sujith: Initially, we plan to begin with our in-house teams of experienced actuarial groups, claim assessors, and innovators to approve and verify all products going live on our platform; however, Uno Re’s long-term goal has always been to make a complete decentralized reinsurance suite. For the same, innovators will be able to propose a novel risk product, and actuarial groups on reputation-based DAOs (Decentralized Autonomous Organization) can verify it and assign a risk value to it.

Q: And what about the development of your Risk Trading DApp?

Sujith: Central to our goal of making risk trading seamless, efficient, and accessible is our Risk Trading DApp. Like Jaskanwar said, Uno Re will bring risk-trading into people’s hands… we aim to do this using our user-friendly AI-based application similar to stock trading apps currently available on the market.

Some of the main streamlined features that will be used by us to digitize reinsurance include live and instant feeds on reinsurance tradable options and an easy-to-use trading interface. Additionally, the DApp will make the trading platform user-friendly for new and upcoming traders by offering them recommendations in the form of risk score with a simple prescreen brief and assessment of some key parameters such as their years of experience in trading, primary savings, yearly income, net worth, etc.

Q: What is the importance of the UNO token, and for what will it be used?

Jaskanwar: The UNO token is designed to have multiple utilities and is integral to all 3 verticals of our platform:

- Users can buy insurance using the token and are provided additional discounted rates when utilizing $UNO.

- They will receive all claims in the form of $UNO - if they choose to reinvest these, they will be offered further incentives.

- In order to invest in Risk Pools, transaction fees will be paid in $UNO.

- In order to be an innovator, $UNO proportional to the minimum sales goal will be staked by the innovator proposing the new product on our platform.

- If part or all of the claim is retained in $UNO, users will be provided with access to VIP staking pools where they can make up to 60% APY!

- 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.

Sujith: So you can see how important $UNO is.

Q: You also have an LP Staking Program, and there are also benefits of holding the UNO LP Token, right?

Jaskanwar: Absolutely! The benefits of our LP Staking program are numerous - you can get access to VIP staking programs, lower trading fees, discounted insurance, and much more.

Q: You recently posted about your partnership ecosystem - it’s great to see Uno Re partnering with such prominent projects in the crypto space. Can we have an overview of that?

Jaskanwar: Our aim is to create a crypto ecosystem that is reliable, secure, and equally transparent to all. We want to encourage innovators in the space to create new products that can be utilized by the community.

Our partnerships with insurance providers like PolkaCover, BMI, and Tidal Finance will allow us to impart an additional layer of protection to these protocols by offering them reinsurance services using excess-of-loss and stop-loss types of covers.

Sujith: We’ve also recently decided to integrate with Chainlink, which will give us access to their price feeds across BSC and Polkadot and their flexible framework for our various parametric insurance products. This would be extremely beneficial to us in order to obtain high-quality data from a wide range of assets.

Jaskanwar: Our partnerships with parachains like Collateral Defi, PolkaFoundry, and Orion Protocol will help us secure data, provide a payment gateway to facilitate instant payments for all our insurance partners, as well as bring in cross-chain liquidity from CEXs, DEXs, and swap pools to UnoRe’s risk pools.

Last but not the least, with the rising popularity of NFTs, we’ve foreseen the need for insurance in this sector of the crypto space as well - our partnerships with NFT DeFi projects like TribeOne and dART will allow us to provide reinsurance capacity to TribeOne’s Gap, Hack, and Shield Covers, and to support dART by offering innovative reinsurance cover for their new age assets.

Sujith: We’ve joined hands with many great projects to ensure sustainability and growth, and we look forward to mutually benefiting our communities by way of these collaborations!

Q: What are your biggest challenges in building out this project, and how do you think you have an edge in the market?

Jaskanwar: Our main challenge would be having enough reinsurance capacity to meet the demand we are expecting; we have allocated enough tokens into reinsurance cell to progressively increase capacity to meet the demand.

Our edge is that we have extensive blockchain and insurance experience, experience setting up PCC’s, a team of brilliant and dedicated experts, and Sujith’s experience in government consulting, which will come in handy in making our vision a reality.

Free-Ask from KuCoin Community

Q: In what ways do you think Uno Re contributes so that financial institutions can benefit from the advantages that DeFi offers?

Jaskanwar: Insurance products have not changed in the last 5 decades. The products are fixed as the reinsurers are very traditional in their mindset. Uno Re is an agile insurer based on blockchain. We will allow insurance companies and insuretechs to build new and innovative products such as pay as you drive motor insurance, lifestyle-based health insurance, and also smart contract cover, propelling a financial revolution!

Q: Do you have any coin burn/buyback systems or any token burn plans to increase token value and attract investors to invest?

Jaskanwar: Yes, we do. 10% of all Reinsurance profits are dedicated to burning $UNO. This will ensure the building up of a healthy token utility system over time.

Q: Smart contracts are susceptible to failure, and many projects fall victim to this, costing users money and project discrediting. How reliable and secure is your smart contract? Have you tested it through any of the parties?

Sujith: Absolutely. Here at Uno Re, we take the security and protection of our users very seriously. I'm proud to say that our smart contracts have been audited by a premier cybersecurity company focusing on blockchain security - Hacken. In the future, we plan to get all our DApps audited by them as well to ensure the utmost safety for all our users.

Q: Can you explain trading in risk a little more? You mentioned it was similar to the stock market. A company's stock can go up or down depending on how the company is performing and so on. What exactly would you be investing in when you invest in a risk pool?

Jaskanwar: A very interesting question, risk is an asset similar to how stocks are; stocks offer dividends while insurance portfolios offer underwriting profits based on claims. When you trade a representation of an insurance pool, you are basically speculating on the future profits of the insurance portfolio, similar to how people speculate on stocks. The difference is, insurance portfolios are more profitable than public listed companies. Uno Re, for the first time, is giving access to retail investors to trade and earn profits from this asset class.

Q: When will the UNO token be listed on other exchanges? Do you have such a plan?

Sujith: We are working on listing on several CEXs before our DApp release to make the token more accessible to the masses and increase participation in the UNO ecosystem.

In addition to that, we will be making our trading pair active on BSC as well; listing on PancakeSwap is imminent. Also, existing ERC-20 tokens will be easily swapped to BEP-20 using a bridge.

Q: I heard you mention a while ago that you are making a change in the operation of the traditional reinsurance market, but will this platform really insure the assets of traditional companies or only DeFi projects? Could it work on both?

Sujith: Absolutely! For now, UnoRe is focused on the crypto industry, but our long-term goals see us expanding beyond crypto and into the traditional world as well. This is when we are planning on reinsuring travel insurance, health insurance, and also parametric-based insurance products. With our expansion, our users will be able to invest in all of these verticals too. This is how Uno Re will benefit the traditional as well as DeFi insurance space.

Q: If I want to follow your project for the long term, where can I get all the latest news about your project? Do you have a Twitter/Telegram/Discord community? If yes, can you share the link here because there are a lot of fake Telegram/Twitter groups?

Sujith: This is a great point - we must always be careful of fake groups and scammers. Here are our correct social media channels; make sure to follow for regular updates:

Telegram: https://t.me/UnoReinsure

Twitter: https://twitter.com/unoreinsure

LinkedIn: https://www.linkedin.com/company/unore

Website: http://www.unore.io

Q: Is there any staking program for $UNO token? If yes, how can I participate in the staking program? What is the minimum amount to join the staking program?

Sujith: There is a very cool LP Staking program currently going on - you can find all relevant details and guides on this link here: https://twitter.com/unoreinsure/status/1405161507999010818 and begin staking here: https://defiwizard.xyz/unore/staking. Happy Staking!

Q: Is there anything else you would like to share or you want us to know?

Jaskanwar: Thanks for having us. We appreciate you guys for having us.

Sujith: It was a great time to be here! Make sure to follow all our social media for regular updates and super exciting events:

Telegram: https://t.me/UnoReinsure

Twitter: https://twitter.com/unoreinsure

LinkedIn: https://www.linkedin.com/company/unore

Website: http://www.unore.io

Giveaway Section

KuCoin and Uno Re have prepared a total of 7,000 UNO to give away to AMA participants.

1. Free-ask section: 250 UNO

2. AMA activity: 6,750 UNO

Activity 1 — Quiz: 4,500 UNO

Activity 2 — Price Guess: 900 UNO

Participation Rewards: 1,350 UNO

. . .

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