Polkastarter and UnoRe AMA Recap
Polkastarter
Hi everyone and welcome to another exciting Polkastarter AMA, this time with the co-founders of UnoRe, Jaskanwar Singh, and Sujith Sizon (UnoRe). Welcome both, and thank you for taking the time today to join us!
Alright, we’ll first have a few questions to Jaskanwar and Sujith directly, before we open it up for community questions. Let’s get started!
Jas Singh (UnoRe
Hello everyone; so excited to be here! ☺️
Sujith Sizon (UnoRe)
HI everyone 👋, glad to be here
Polkastarter
Jaskanwar and Sujith, could you please first introduce yourself? @Jaskanwar_s @sujith_sizon
Sujith Sizon (UnoRe)
Hi guys, how are you all? I am Sujith Sizon (UnoRe), 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.’
Jas Singh (UnoRe)
Hi all! 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 Sizon (UnoRe)
With our experience in insurance and technology along with a great team backing us, UnoRe is sure to reach inimitable heights 🗻
Polkastarter
Welcome both - great to have you dig more into insurance tech today 🤓
Can you tell us more about the vision behind UnoRe, and why are you launching it?
Jas Singh (UnoRe)
UnoRe is the world’s first decentralized reinsurance platform, and we are building on Ethereum for now. We aim to decentralize and democratize reinsurance, benefitting risk traders, innovators who will be allowed to create their own new-age insurance products, and investors who will be putting money into risk pools in order to generate profitable returns on their investments. UnoRe will utilise the inherent nature of blockchain technology to introduce transparency into the whole reinsurance market
We have been mostly involved in the InsureTech space for quite a while and have faced a multitude of hurdles while trying to setup our own innovative insurance products. These challenges combined with the common problems faced by existing crypto insurance protocols such as liquidity issues during events like exchange hacks, blockchain protocol hacks, stablecoin price fluctuations etc. This led us to starting our own decentralized reinsurance protocol 😊
Polkastarter
"New-age insurance products" I like the sound of that!
Can you tell us more about the team at UnoRe? As we've said many times, people and talent are one of the most important factors for the success of a project. How your experience has led you here?
Jas Singh (UnoRe)
As co-founders of UnoRe we got into the crypto-space during late 2016. We saw the potential and we were excited! Our initial venture was a decentralized app (dApp), which was a first-of-its kind vehicle marketplace platform, built on the ethereum blockchain called AutoChain. This was when we dove into the crypto space wholeheartedly, I would say. Together we built a very close knit team of talented, dedicated, professional crypto enthusiasts and blockchain developers. Currently we have a team of 8 developers working for us full-time, and we have plans to on-board a dozen more once the project launches officially.
We also have extensive experience in insurance and technology space, having cofounded and worked some of the biggest InsureTech startups in the MENA region, along with a great team backing us, UnoRe is sure to reach inimitable heights!
🚀
Polkastarter
That sounds like some important experience to bring to this industry
So let's talk more about UnoRe's competitive advantage
What differs you from other similar projects?
Jas Singh (UnoRe)
Both Sujith and I have experience in the field and we have seen the need for UnoRe firsthand. With a close knit team of talented and dedicated crypto enthusiasts and blockchain developers, as well as advisors who have over 15 years of experience in the insurance market and who understand more than most the need for fairness and decentralization in the industry, UnoRe is sure to reach inimitable heights.
Furthermore, we’ve already begun tying up with some pretty big names that we believe would be mutually beneficial to both our collaborators as well as UnoRe.
Whenever events like exchange hacks or protocol hacks happen, the current insurance protocols do not have enough liquidity to cover all claims adequately. We will inject additional liquidity to existing insurance protocols to cater to such scenarios and prevent their projects from going bust.
Sujith Sizon (UnoRe)
In addition to this, the innovators on UnoRe will have an actual legal capacity to sell insurance products because of our PCC structure. This is something missing from the current space.
We will also allow retail investors to invest in this previously closed off, highly restrictive financial asset class called the reinsurance risk pools. Lastly, UnoRe’s platform will be one where traders can buy and sell risk in an easy to use manner.
Polkastarter
15 years of experience in the insurance market! I'm looking forward to seeing who your other advisors are as well.
Bringing liquidity to insurance sounds like a needed solution
Can you tell our community a bit more about your token, particularly about the token utility and your token generation event (TGE)?
Sujith Sizon (UnoRe)
Our platform token is called $UNO, and it is ingrained into the functioning of all three verticals of our platform. I will list some of the utilities below:
1- Users can buy insurance using the token; they will also be offered discounted rates if they use $UNO.
2- They will receive all claims in the form of $UNO and re-investment using the token will further be incentivised.
3 - In order to invest in Risk Pools, transaction fees will be paid in the $UNO.
4 - In order to be an innovator, UNO token proportional to the minimum sales goal has to be staked.
Sujith Sizon (UnoRe)
In addition, those who stake the token for a specified time and who meet our criteria will be able to join the governing body of UnoRe as underwriters, as part of the actuarial team, as claim assessors, and so on.
Jas Singh (UnoRe)
Also, if part or all of the user's claim is retained in $UNO, users will be provided with access to VIP staking pools where they can make up to 60% APY! 💸
Polkastarter
Very cool!
Also $UNO is one of my favorite card games growing up, so it's easy to remember :) !
Can you tell us any more about your roadmap, and any key features are you developing?
Jas Singh (UnoRe)
We plan to complete the development of our risk investment platform and our platform for innovators (Build Your Own product) in Q2 2021. Additionally, there has been significant progress in developing these platform dApps, and I'm happy to say we're currently on track for a pretty exciting launch! (Make sure to follow our social media channels to stay updated! 😉)
In the coming few months, we will be onboarding multinational reinsurance brokers (innovators and insurtechs). In Q3, we will be launching UnoRe’s legal entity, providing reinsurance capacity. Lastly, in Q4, we will be launching our platforms on the Kusama testnet 🚀
Sujith Sizon (UnoRe)
As for our key features, UnoRe is the world’s first reinsurance trading platform; a platform where we will allow the community to invest and earn huge returns from one of the safest asset classes in the world.
Our project will remove barriers to entry for investors regarding capital and regulations while also enabling the community to be involved in insurance and reinsurance at the same time!
We will also evolve into a cutting-edge reinsurance platform that not only allows people to design and create innovative insurance products it also helps the community access risk as a wealth-generating tool. Additionally, they earn large profits and trade in the same for similarly sizable returns 💰
Polkastarter
Exciting times ahead! Making insurance and reinsurance cutting edge again!
Could you please share with our community your UnoRe website and social media channels, so they can make sure to follow you and be kept up to date on your progress?
Then we'll move on to a few community questions :)
Sujith Sizon (UnoRe)
Absolutely! Here is our website and all our social media
Telegram- https://t.me/UnoReinsure
Twitter- https://twitter.com/unoreinsure
Medium- https://medium.com/@unore
LinkedIn- https://www.linkedin.com/company/unore
Website- http://www.unore.io/
QUESTION: Christian Rhed, @chrisrhed
You mentioned that there will be token burning from each transaction. Can you tell us precisely how much % of the token will be burn in each transaction and on what points burning will be stop?
Jas Singh (UnoRe) (UnoRe), In reply to Christian Rhed
Hi, 10% of all underwriting profits will go to burning the UNO token.
QUESTION: EmperorWalk, @empwalk
UnoRe is the first reinsurance platform in the world, so will being in the forefront put some pressure and difficulty in operating Unore?
Jas Singh, In reply to EmperorWalk
A very good question indeed. Reinsurance is a very exclusive field. A field that I am lucky enough to have ample experience in.
Insurance and reinsurance is a highly regulated market and crypto is still in a highly nascent stage. It is an arduous process to set up a reinsurance company in this field because of these regulations but as someone who has previous experience working in these industries, we know how to circumnavigate this problem. We have also partnered with multiple legal entities that will enable us to overcome this roadblock with ease.
QUESTION: Christian Rhed, @chrisrhed
UnoRe will be initially launched on Uniswap which means it will be built on ETH. While ETH has so many problems like high Gas fee will you move on to another more scalable Blockchainchain in future?
Sujith Sizon, [In reply to Christian Rhed]
Thanks for raising this question Christian. We do understand the problem with high transaction fees on Ethereum. And that’s why we will be initially launching on the BSC Mainnet. And then later migrating to Polkadot.
We will also be building a token bridge for our users to be able to use their ERC20 token on BSC as well.
QUESTION: Crypto_One_Time, @Crypto_One_Time
hi Camilla, Jash and Sujith, i follow you on twitter medium and telegram since the beginning, i would like to know first when do you wish to launch your mainnet, second what can you do to differentiate of your competitors (as nsure for example), third do you stay only on polkadot or kusama ecosystem or do you make partnership with other blockchain as polygon or bsc? fourth, what do you do to secure my stake with our decentralized reinsurance protocol if i put UNO on your platform (against ddos attack), and finally i have seen that you come from india, i just want to know if you could work with indian companies in spite of the indian bank's ban (and which marketcap do you want to aim with your token) and how many employees would you hire in the next months through the world (not developers but for your marketing and development)? thanks for your answers, sorry i'm french, my english is poor... i wish you all the best for the future
Jas Singh, In reply to Crypto_One_Time
Hey, Thanks for following and being part of our community. We really appreciate the support.
We do not have any competitors per say, we are the first Reinsurance company on blockchain.
We are Indians based in UAE, however our legal entity is based in Estonia. Our Reinsurance company setup is being done in Malta.
We are already a team of 20 people, with 12 developers and rest in marketing and Ops.
QUESTION: Claudiu Dragomir, @ClaudiuDr
Which is the safest pool to contribute and what's the role of the buffer?
Sujith Sizon (UnoRe), In reply to Claudiu Dragomir
The least riskiest pool is usually the first one (R1 pool). All the pools are numbered from 1..N varying on the risk categories set by our actuarial team. Additionally the risk associated with the products depend on a product to product basis.
The buffer pool are non investable asset classes which are used to store the premium collected from the insurance providers. This is categorized as a separate pool to comply with insurance solvency 2 regulations.
I think we have a winner…
Jas Singh (UnoRe), In reply to Claudiu Dragomir
This is the winning question! Thanks for the deep research. See you at the IDO!
Polkastarter
Congrats @ClaudiuDr on winning the Allowlist spot with your question ! The UnoRe team will contact you in PM and give you all information regarding KYC etc 🎉🎉🎉🎉
Thank you Jas and Sujith for your time and for the really informative answers on UnoRe -- it (in)SURE was fun!
Really looking forward to the launch of $UNO on April 28th, and to welcome you to the Polkastarter Family and continue working together in the future ❤️❤️
Sujith Sizon (UnoRe)
Congrats! We had a really tough time selecting the best question as a lot of them were interesting😇
Jas Singh, (UnoRe)
Thank you so much everyone for the love and support! This is much appreciated.