Unore AMA Summary Recap with Shin Chan Community
We held a live AMA with CEO & Co-Founder, Jaskanwar Singh and CTO & Co-Founder, Sujith Sizon of Unore on 13th April 10:00 PM (UTC+8). Here’s the recap for those who missed it.
Introduction
Elson|Shin Chan: Can you please have introduce yourselves?
and also UnoRe this project?
Jaskanwar Singh: 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: Hi guys, how are you all? I am 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.
With our experience in insurance and technology along with a great team backing us, UnoRe is sure to reach inimitable heights!
AMA Twitter Section Begin:
Q1: What’s your vision ultimately? What is project trying to achieve in the longer term and how do you plan to get there? How will your ultimate vision and mission make a difference in the world?
Jaskanwar Singh: Our vision is to create a simplified platform that would allow the new age insurance providers to introduce innovative insurance products tailored to the community’s needs.
In addition, UnoRe aims to build a platform for investors to make returns using risk pools as well as enabling traders to buy and sell risk, (one of the world’s safest asset classes) in a safe and acessible manner!
Sujith Sizon: In the long term, I’d say our aim is to make reinsurance accessible to everyone. We will begin by reinsuring crypto insurance protocols and we are planning on expanding into the traditional world and subsequently to reinsure 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.
UnoRe will not only result in more people being able to involve themselves in these previously inaccessible markets, it will also mean that previously underserved fields such as crypto insurance will be boosted with an influx of innovative products thus giving the users more options!
Q2: When following the road map- what are the most important priorities next? Does Unore team have enough basic reserves (funds- community- etc.) to achieve these milestones?
Jaskanwar Singh: Our next priority will be to create our reinsurance cell and yes! Thanks to our venture capital partners and their assistance in funding, we do have enough basic reserves.
Keep your eyes peeled for more updates.
Q3: Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
Jaskanwar Singh: 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 Token
4 — In order to be an innovator, UNO token proportional to the minimum sales goal has to be staked
5- 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!
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.
Q4: Tell us a little about your platform and how you provide insurance to insurance providers? What is UnoRe? How do insurance providers benefit?
Sujith Sizon: Firstly, UnoRe is the world’s first reinsurance trading platform, powered by Polkadot. 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 providing people acess to the insurance and reinsurance markets 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.
Jaskanwar Singh: Regarding the second part of your question, reinsurance at its essence is to provide an insurance for insurance providers to dilute their risk and allow them to scale their operations while not being too exposed. How UnoRe will benefit crypto insurance providers is by enabling them to release innovative insurance products and expand their coverage. They would also benefit from increased interest in investment and a larger pool of investors to choose from.
Q5: what inspired you to do this project? And what are you looking forward to achieve?
Sujith Sizon: Having previous experience in the field of Insurance, I saw an unfulfilled need for innovation and also noticed that the reinsurance industry was restrictive towards outsiders. UnoRe was born out of the need to fill that gap, essentially
Our project will remove barriers to entry for investors regarding capital and we will enable investment in reinsurance, allow innovators to release much needed new age insurance products, and allow traders to buy and sell risk — one of the world’s safest asset classes!
Jaskanwar Singh: We had a vision to create a simplified platform that would allow new-age insurance providers to introduce innovative insurance products tailored to the needs of the community. The potential change UnoRe can bring about in the lives of a normal person is what motivates us to serve you better. We’re looking forward to revolutionizing the crypto reinsurance space, and eventually the traditional reinsurance and insurance markets too.
Telegram Live AMA Begin:
Q6: As community support is one of the biggest aspects in the success of project. Most projects have programs that in someway interact with their users. So, compared to others, does yours have any special plans to attract and expand the community and improve the user experience?
Sujith Sizon: The community is the backbone of any blockchain project…..
This provides a strong foundation that drastically improves the likelihood of a project’s success!
The individuals who are part of a community help raise funds, create videos, and show other people how to use features of the technology- helping us grow globally!
Lastly, we make reinsurance accessible to the crypto community.
And establish a self-regulating platform for the benefit of innovators, investors, and traders!
For innovators, we will offer a platform where they will be able to launch their own insurance products.
For investors, we will give them the ability to invest in reinsurance, something only those with huge amounts of capital could do before.
And for traders, we will give them a platform where they will be able to trade using risk, one of the safest asset classes in the world.
Q7: When is the IDO / TGE / Listing ?
Jaskanwar Singh: Ahaha, good question! I can’t say much about that right now, but I can assure you that you won’t be disappointed. We’ll be announcing exciting stuff soon enough — so keep your ears out and make sure to follow our social media channels!
Q8: As Unore move forward through your route, what is your most important next priority? Does the Unore team have enough fundamentals (Funds, Community, ect) to achieve those milestones?
Sujith Sizon: Our next priority will be to create our reinsurance cell and yes! Thanks to our venture capital partners and their assistance in funding, we do have enough basic reserves.
Once again, exciting updates coming with regards to that — so keep your eyes peeled for our updates.
Q9: -Why is your risk management model more attractive than the traditional model?
-Who exactly is your target audience and what is your user acquisition strategy like?
Jaskanwar Singh: Under the traditional risk management model, only large players such as conglomerates and billionaire hedge funds who had a massive amount of capital were prioritized and the entire system was built around that
At UnoRe, our risk management model will prioritize efficiency and is built around decentralization. It safeguards as well as makes it more lucrative for consumers to invest. This is done with a capital pool to cover tail risks or black swan events (such as covid 19), and one to cover expected value of risks.
Q10: UnoRe platform will allow users to invest in risk and also trade it too. So what I understood is that UnoRe will make a new kind of asset class, is that right? If So, Can you please tell us more about this new asset? How will it exactly work?
Sujith Sizon: Well, not exactly; risk has always been an asset class thats been used by already-wealthy people to further inflate their net worth. Its just that this highly profitable class is currently not available as an investment to the genral public due to the very high minimum capital required. What UnoRe plans to do is remove this barrier, and give access to retail investors!
-End-
