AMA TRANSCRIPT — SPYKEFAST x UNORE
Date : 15 April 2021
Host : HunterX & GemFlair
Guest : UnoRe Team ( Jas Singh — CEO, Sujith Sizon — CO-Founder)
Hello! Spykefastians & Blockchain Enthusiastic!
We recently hosted an AMA with UnoRe, on 15 April at 12:00 UTC. So here we are up with AMA transcript, for those who missed the live session, this post will be saver & feeder of knowledge for them.
Round 1 — Introduction Questions Asked By Spykefast
HunterX — Q1. Kindly give brief introduction about yourself, Crypto experience and your role at #Unore?
Jas 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.’ 😄
Jas Singh — Both Sujith and I got interested in the crypto-space before the last ICO boom. We saw the potential and we were excited! Later on in 2017 Sujith and I built a decentralized app (dApp), a first-of-its-kind car trading platform built on the blockchain called AutoChain. This was when we dove into the crypto space wholeheartedly, I would say.
HunterX — To be honest.. I find UnoRe as one the most complete team to run the project.
Jas Singh — With our experience in insurance and technology along with a great team backing us, UnoRe is sure to reach inimitable heights!
HunterX — And @Jaskanwar_s.. Really the number of rewards are uncountable.. Hahaha
HunterX — Watch out for yourself.. Community.. I mean huge.. 🏆💪
Gem Flair — You both have a vast experience. This will surely take Unore to the greater heights. 🚀🚀
HunterX — Q2. Let’s talk in detail about #Unore project.
Interesting name. What are the main features of the project?
Jas Singh — I’m going to begin by explaining what UnoRe’s name actually means. Uno means ‘One’ or ‘First’ in Spanish and ‘Re’ stands for reinsurance.
UnoRe will be the world’s first decentralized reinsurance platform and will have 3 verticals — one where innovators will be able to create their own insurance products, one where investors will be able to invest into reinsurance risk pools , and the last where traders can trade in risk — one of the safest asset classes in the world!
HunterX — The next ones would name it Segundore.. Just kidding.
Amazing to see its the first Reinsurance project in crypto space.. 😍😍
Gem Flair — Q3. At UnoRe, Is Reinsurance being targeted for only some specific segment (say Banks, Travel) or other segments as well?
Sujith Sizon — For now, UnoRe will be focusing 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 👍
HunterX — Fantastic..
HunterX — Q4. What are the major utilities of holding the #UNO token? How does team plan to enhance it value so as to attract users onboard?
Reinsurance is a 4 Trillion Dollar industry, which UnoRe is disrupting. The only way to take advantage of the platforms is by the use of the $UNO Token. It is ingrained into the functioning of all three verticals of our platform.
Just some of the utilities are:
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 reinvestment in the form of staking using the token will further be incentivised.
3 — In order to invest in Risk Pools, transaction fees will have to 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!
Hope that answers some of your questions! 😁
HunterX — Yes…that really does.. And $UNO token has really a lot to offer.
HunterX — We got this prepared by our designers as well.. 😊Hope you like it. TG link is a bit wrong.
HunterX — Q5. What is the present progress for UnoRe Platform development? When #Unore all inclusive Reinsurance platform will be ready to use?
Sujith Sizon — 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 it is currently on track for a pretty exciting launch. Stay tuned to our social media to know more!
HunterX — Q6. How is UnoRe Different from other Reinsurance providers?
In crypto this is the first, Can we compare this with Other Reinsurance providers.
Jas Singh — UnoRe will be the first decentralized reinsurance platform in the world, and we are making use of blockchain technology to enable this decentralization as well as to introduce transparency into this system. Unlike the traditional reinsurance industry, we place an emphasis on accessibility and innovation, and we will revolutionize the market as a whole.
Our platform for innovators will enable users to create novel insurance products, and on our platform they will be reinsured. This will result in increased levels of coverage and essentially result in more options for the end user.
HunterX — Really excited to be invested and a part of UnoRe. ❤️
Jas Singh — In addition, we have seen first hand how restrictive reinsurance is to the public and we want to open this up to the retail investors. Through UnoRe for investors, users will be able to vest interest in this lucrative field and invest in risk pools in order to make returns! 💸
HunterX — Q7. Any tentative date for IDO on @polkastarter.
When can we expect whitelisting to open? Any partnerships to mention?
Jas Singh — We are very excited to have announced the details of our IDO on our Twitter and Medium, which will be on the biggest IDO platform Polkastarter. We also have some huge partnerships coming as well, so make sure to follow all our social media to keep updated on all of this cool stuff! 😉
Watch our social media to stay updated!
HunterX — SpykeFastians, Don’t forget to join the socials to keep track of all the developments related to UnoRe. ✌️
Round 2 — Questions Asked on Twitter & Telegram For UnoRe
focalpoint —Q1. Will users of your platform be able to create their own unique insurance products?
That is, will your platform act as a generator of new ideas?
Jas Singh — Absolutely! New-age insurance providers and brokers will be able to propose novel and creative insurance products 😁
Kratos — Having Kunal Sadani as your strategic advisor and @Jaskanwar_s being Polkacover’s tech advisor can we expect to see a strategic partnership between Polkacover and Unore in the near future? It would only make sense for a re-insurance company to partner with an already existing insurance provider, thus making a strong first step in the space.
Ahaha! All I’ll say is, make sure to follow our social media accounts to keep updated on some exciting things soon to come! 😉
Bella Luna — Usually the project only tells about their strengths. Can you tell us honestly about the challenges see Unore potentially facing and your plans to solve it?
In terms of weaknesses, the main drawback that we face is that of regulations. 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 🤞😁
Wish them all the best for their IDO on Polkastarter
Jas Singh — Thanks so much guys! We appreciate your questions 😁
Bella Luna — Thank you for your time!
Sujith Sizon — Thanks for having us! and thanks for hosting 👍
Marlies — Thanks very much for the AMA, very interesting!