The Revolution In Insurance Starts With… Cats?

All they talk about how they are going to revolutionize the insurance industry and I think it’s time to tell you how exactly they’re planning to do so.

The idea behind the platform developing is rooted in the principles of shared economy:
'We share cars and homes, why don’t we share risks as well?'

They call it “crowdsurance” — the community of individuals shared their risks with each other. Crowdsurance is inseparably connected to blockchain, decentralization and cryptocurrency.

In March 2017 they launched first product (MVP) for pet owners —Lexi Club.

Here’s how it works.

Pet owners chip in about $5/month and get reimbursed up to 80% of the veterinary costs.
They also get access to a 24/7 hotline with a vet for consultations.
After you sign up using our bot @lexiclub (currently, on Facebook Messenger) or @lexibot (on Telegram), we create a card for your pet and take 5 days for risk-scoring and make sure you are not a fraud and are not planning any scam.
After the contract is activated, you go to a vet, send us the bill and we reimburse you within 90 hours.
On a user-level, it looks like this:

Now, on the backend, crowdsurance works as a cascading system of pools: 'sub-pool', 'pool' and 'super pool'.
All owners of beagles, who signed up for Lexi Club, are forming a 'sub-pool'.
Those who have shepherds and chihuahuas are part of a 'pool of dog-owners'.
And together with other pets-lovers they create a 'super-pool'.
When a new member joins the club, the REGA Risk Sharing platform creates a smart contract for him or her to secure the member’s investment.
The investment, or a member contribution, is split between several pools in accordance with the product risk management algorithm.
20% goes to develop the product and and the platform, 80% is crowdsurance coverage.

The same logic is applied to all products they are planning to develop, and want to help people to insure everything that way: gadgets, cars, homes, health.
Right now, they have an ongoing ICO to raise funds to do so, crowdsale started on
October 15th.
You can get coins with a small discount as their price will go up.
Check out whitepaper and onepager if you’re interested in investing, and stay tuned.
Their ICOBench is 4.7.
REGA Risk Sharing official page.

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