The introduction of technology into many spheres and industries has seen the emergence of many business concepts of which the sharing economy is one. The sharing economy business model has been at the centre of businesses like UBER, Airbnb etc. This new model of doing business has helped in driving down the costs of hitherto unaffordable goods and services by providing a cost-sharing medium for clients and having them enjoy the full benefits of these same goods and services.
The REGA team has been inspired by this business model and coupled with their years of experience in the field of insurance, they have seen the many possibilities that a sharing economy presents in not only making insurance policies affordable, but also its potential in helping to simplify the process of policy purchase and claim payments. The REGA Risk Sharing Platform has been created as a result. The REGA platform presents a new standard for the insurance market with state-of-the-art technology that will be made available to everyone as a new segment of shared economy.
REGA is creating an opportunity for people to share risks and as an alternative to buying insurance policies from insurance companies, a peer-to-peer insurance transaction will be made available through purchase from individuals or groups of persons. The REGA platform is fundamentally different from conventional insurance in its foundations, philosophy and rules. By incorporating the opportunities that blockchain technology presents, it introduces its own coined concept of “Crowdsurance”. Crowdsurance creates a community of interested persons who will together create insurance cover and guarantees of unexpected loss for members. This way, the costs of policies are reduced and yet a broader spectrum of insurance is covered for individual members of the group. Additionally, the bottlenecks that are inherent with traditional insurance companies with regards to claim and dividend payments are removed due to the transparency and easy verification that blockchain tech presents.
REGA is presenting a buy-in opportunity for the larger world to participate in this revolution of insurance through its crowdsale event. REGA RST tokens are ERC 20 based and will be readily tradable on exchanges after the crowdsale ends – the team will make an official announcement to this effect. RST sale is currently ongoing and it is scheduled to end on the 20th of December, 2017.
You can access both the project and crowdsale details here.