ICOWatchlist.com caught up with Mr. Sergey Sevriugin who is the CEO and Founder of REGA to have a conversation about the their crowdsurance project, and the following was documented;
Hello Sergey, kindly tell us briefly what the REGA Risk Sharing project is about and what it means to regular folks seeking an insurance cover?
REGA Risk Sharing is an alternative to traditional insurance that unfortunately is now suffering credibility crisis – prices for the contracts are higher with each passing year, the processes are not transparent and the main goal of insurance companies – is profitability and margin. We decided to change this paradigm, and eliminate mediators in risk management process. We created REGA – the crowdsurance platform where people can unite into groups to secure each other from unexpected financial losses. All the processes are being managed and controlled by smart contracts, scoring algorithms and blockchain. No more brokers, overpriced bills and tons of paperwork. As a result, the price for the risk management of products drops significantly – it becomes affordable and transparent for the community.
What inspired the vision for this project?
We have been working in the FinTech space for almost 20 and our scoring and underwriting system is one of the leaders on the local market. While selling traditional products to people we got a realization that the value that banks and insurance companies provide to customers is very low. For example, broker commission from insurance could be up to 90% of the premium and it is clear as such a larger chunk of the monies paid goes to cater for fees instead of actual risk coverage. Insurance companies are offering overpriced products and an increasing number of customers are losing their trust in insurance and are no longer seeing insurance services, thus the need for affordable and transparent risk management solution – this birth the idea of crowdsurance platform on blockchain.
Who are your competitors in the blockchain technology space and how is REGA Risk Sharing different?
Several projects are trying to implement blockchain to insurance market. Some are trying to use blockchain technology in existing traditional insurance, but in our opinion, this is not really what the market and industry requires: traditional insurance is centralizedand using only fiat. Other projects are trying to create new decentralized solution like REGA, but they don’t have such vast experience and deep understanding of scoring and underwriting as we do. We have already developed several successful financial products from the scratch and these products are now being used by large retailers. We know how to manage risk, we know how to create and sell financial products and this gives us an advantage.
Are your services accessible globally or you are restricted to certain geographical jurisdictions?
We are creating global platform that will accessible all over the world. Blockchain technology gives us such freedom to create and share without any state borders and provide community demanded products at affordable prices.
How long has the team been working together and what keeps members motivated?
The core of REGA team united almost 20 years ago and and these many years of working together has created an ambience of camaraderie and deep friendship so much so that we transcend the tag of being just work colleagues. The team is really inspired by this idea of creating a platform that will not only change the FinTech landscape but that which will also add value to the community. This is the main motivating factor. There is no hierarchical structure in the team – everyone’s opinion is taken into account and valued. I think this really very important success factor in a startup team.
Where do you see the value of RST tokens in a year?
I see that the RST will be valuable asset for every token holder and hope that market value will be several times more than current crowdsale price. We will be working hard to achieve our milestones and deliver products that we promised. RST token can be converted back to ETH at the rate of reserves/number of tokens sold multiplied by 20%. In addition, the increase of the tokens price according to the above formula will be ensured by reserves amount increase which will be a result of successful core business operations of the risk management models on the REGA platform.
Briefly run us through how the process of RST token crowdsale will be done?
REGA has already successfully closed the presale: during the first stage of the crowd investing campaign we attracted $507,000 from private contributors and distributed all 30,000 RST-P tokens issued within the presale. We launched our main sale on the 15th of October. The number of RST tokens for sale during ICO is 1,500,001 — 50%+1 token of the total emission of 3,000,000 RST. The price of RST tokens on Crowdsale is 0.1 ETH/RST. We also have plans of big road shows by visiting top blockchain & insurtech events around the world in coming month.
We really appreciate your time Sergey, we wish your awesome project a successful crowdsale.
Thank you too ICOWatchlist, you guys have been wonderful!
For more details, follow the REGA ICO here.
Disclaimer: This write-up is sponsored and does not fully reflect the opinions of any ICOWatchlist employee. It is not an investment or trading guide. It is advisable that you do your own independent research.