- A new application for VAIOT’s Merchant in the insurance space
- VAIOT’s Legal Assistant for enforceable insurance contracts
- The new proprietary reinsurance provider for the VAIOT Platform.
VAIOT’s proud of welcoming Uno Re as the very first provider on the Broker Platform. Uno Re’s team is full of veterans in the insurance industry and is primed to change the way crypto investors trade and manage risk.
Functionalities being explored by our teams include all three business lines. VAIOT’s AI Sales Assistant will be delivered as a white-label solution for Uno Re’s website for the intelligent acquisition of Uno Re’s extensive list of policies and offerings on their platform. As mentioned previously, Uno Re’s reinsurance will be available to insure standard crypto insurance policies aggregated on the Broker Platform. Lastly, VAIOT’s Legal Assistant will be the facilitator for generating Intelligent Contracts for Uno Re’s policies, acting as on-chain and traditional agreements for all users who want to take advantage of Uno Re’s service offers.
VAIOT’s team will also be exploring the featuring of some of Uno Re’s insurance partners on the Broker Platform as well as integrate VAIOT’s Intelligent Contracts to their platform as well.
“This partnership represents a major step forward in the blockchain space. Uno Re is offering a revolutionary way for users to both invest and protect their assets, and VAIOT is committed to helping Uno Re deliver their services to the public in the best way possible.” — Michal Szachno — Co-Founder of VAIOT
“With this partnership, we at Uno Re will utilize VAIOT’s Intelligent Virtual assistant to provide users coming to our Innovators platform the ability to purchase insurance products, provide an overview of available insurance and reinsurance offerings, and facilitate enforceable policies in the form of on-chain legal agreements or traditional contracts.” — Sujith Sizon, CTO and Co-Founder Uno Re
About Uno Re
Uno Re is a reinsurance platform based on blockchain technology. For those of you unfamiliar with reinsurance, it is the process of one entity taking on all or part of the risk covered under a policy issued by an insurance company in consideration of premium payment. In other words, reinsurance is insurance for insurance companies.
The Uno Re platform is causing a revolutionary shift in how risk is traded in the traditional reinsurance markets. The company provides four options:
- Crypto-based reinsurance products with a second layer of protection.
- Travel reinsurance open to the public.
- Health reinsurance.
- Parametric reinsurance: parameter-based products define when you get rewarded instantly.
On the Uno Re for investors platform, the total required risk capital of any insurance product is divided into three risk pools based on risk exposure and returns: R1, R2, and R3 — these pools are then made available on Uno Re’s vertical for investors to stake their capital into. The riskiest/most profitable pool, R1, has an APY (annual percentage yield) much higher than the safest/least returns pool, R3; however, the probability of the pool being dipped into is less than 5%. This means that even whilst investing into the riskiest pool, the actual risk to the investor stays minute.