UnoRe AMA with Crypto Society recap 8th April 2021 with Jaskanwar Singh and Sujith Sizon

Bilo,

I would like to welcome Jaskanwar Singh, CEO — UnoRe here on behalf of our entire community. Welcome to Crypto Society! It’s our pleasure to host you here for this AMA.

Bilo,

I would also like to welcome Sujith Sizon, Co-founder — UnoRe here on behalf of our entire community.

Jaskanwar Singh,

Thank you, Glad to be here.

Sujith Sizon,

Hi all, it’s a pleasure to be here

Bilo,

First off, can you tell us a little bit about your background as well as that of your co founder, when you originally got into crypto, and how did that happen?

Jaskanwar Singh,

sure!

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, 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.’

Bilo,

Nice! Thanks to you both for the intro.

Jaskanwar 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 it wholeheartedly, I would say.

Bilo,

That’s great! It’s nice to see you’re an OG 😎

Jaskanwar Singh,

Thanks Man!

Bilo,

Please tell us how did the UnoRe project start?

Jaskanwar Singh,

Interesting question! :).

UnoRe started with a vision. 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 to also becoming 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 an efficient manner!

Bilo,

It’s funny as I was discussing this concept with someone a few months ago as I was wondering why no one has done this yet…

Jaskanwar Singh,

Yes, UnoRe is truly the first decentralized Reinsurance Protocol. We aim to empower an economy of insurers, innovators and investors built on top of UnoRe! 😊

Sujith Sizon,

😎

Bilo,

Congratulations on that!

Jaskanwar Singh,

Thank you!

Bilo,

Can you tell us about why you thought UnoRe needed to be built and what problem it solves?

Jaskanwar Sing,

Great question!

The current reinsurance industry is highly exclusive as well as restrictive. This means that not only is it closed off to investors, it also stifles innovation causing inadequate coverage in the crypto insurance industry. This in turn affects the end user as they will not be protected adequately.

We will solve these issues by providing a platform for innovators, investors, and also for traders to buy and sell risk in a safe manner.

Going back to why we started UnoRe, we are going to propel the next generation of insurance products with our platform for innovators giving users access to new generation insurance products. With our platform for investors, we are going to make this closed off industry accessible to everybody, and with our platform for traders, we will allow the community to trade in one of the safest asset classes in the world, risk!

Bilo,

Very true- Even insurance needs insurance… Especially in a highly sought after hackable space

Jaskanwar Singh,

Spot On 🙌

Bilo,

👌

UnoRe will be in the reinsurance business but it also says on your website that you will be involved in travel insurance, health insurance and parametric based products. Can you speak a little about each one of these divisions?

Jaskanwar Singh,

Haha keen eye!

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.

Bilo,

What are the limitations if any towards any legal contracts being implemented in this field?

Jaskanwar Singh,

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.

Bilo,

Definitely — must be! How would you describe UnoRe if you were talking to someone unfamiliar with digital assets?

Jaskanwar Singh,

Haha that’s quite an interesting question!

I would explain to them that UnoRe is a secondary layer of protection for crypto users. Crypto users have billions of dollars worth of assets that the traditional insurance industry will not insure because they are reliant on historical data and the crypto space is quite recent. This is compounded by the fact that reinsurance is highly essential to the functioning and for the scaling of any insurance protocol. Crypto insurance companies do exist, but they are unable to expand their operations due to the fact that they do not have a reinsurer backing them. This is the gap that UnoRe is aiming to fill!

Bilo,

Thanks — It really is a great idea. Many are always worried about the security of their wallets even on big exchanges. Congratulations once again to be the ones pioneering this!

Jaskanwar Singh,

Thanks man! Appreciate the love and the support 😊

Bilo,

Following up on the previous question. What is the UnoRe token used for? Can you describe the Tokenomics?

Sujith Sizon,

Thanks! It means alot

Jaskanwar Singh,

Sure

Thank you for this question! 🙌💰

The UNO token is called $UNO, and it has multiple utilities. 💎💡

1- Users can buy insurance using the token. They will have a discounted rate if they use $UNO.

2- They will receive all claims in the form of $UNO. If they do want to reinvest this they will be offered further incentives.

3 — In order to invest in Risk Pools, transaction fees need 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 they will be provided with access to VIP staking pools where they can make up to 60% APY!

6- If the token is staked in the wallet, then the user will have the option to become a claim assessor. Staking is also required for underwriting, actuarial analysis, and more.

These are just some of the utilities of the token, and we will release more details of the tokenomics in the future!

Bilo,

Staking…👀

How does the UnoRe platform work?

Jaskanwar Singh,

Yes, it’s a core functionality of our platform. It helps us in aligning the incentives of the different entities on the platform.

The platform is a bit complex to explain over chat, but I’ll give it my best shot!

Bilo,

🤓

Jaskanwar Singh,

UnoRe is the world’s first crypto reinsurance platform, and we are building on Ethereum for now and will migrate to PolkaDot once it is ready. We aim to decentralize and democratize reinsurance, benefitting risk traders, innovators who will be allowed to create their own new-age insurance products, and investors who will be putting money into risk pools in order to generate profitable returns on their investments. UnoRe will utilise the inherent nature of blockchain technology to introduce transparency into the whole reinsurance market.

Bilo,

🔥and will migrate to PolkaDot once it is ready🔥

Jaskanwar Singh,

Yes, polkadot and its inherent functionality will help the platform and its core functionalities in the long run.

Bilo,

Great choice!

Who are you primarily targeting as a consumer of the products and services that UnoRe will offer? Government, Business, retail markets, Crypto related insurance VS real life insurance etc…?

Jaskanwar Singh,

We are targeting three groups of consumers- Investors who want to put their money into risk pools and make profits off of that, innovators who want to create their own insurance products, and traders who want to buy and sell risk in a safe and secure manner.

Bilo,

What are you currently working on and can you describe your future roadmap?

Jaskanwar Singh,

Sure, we plan to complete the development of our risk investment platform and our Build-Your-Own product platform for innovators in Q1 2021. Additionally, there has been significant progress in developing the platform dApps, and we’re currently on track for a pretty exciting launch. So keep a look-out for that!

In Q2, we will be onboarding multinational reinsurance brokers (innovators and insurtechs), followed by Q3, where we will be launching UnoRe’s legal entity providing reinsurance capacity. In terms of Tech, we will be launching our MVP on Binance Smart Chain.

Bilo,

SO VERY SOON 👀

🔥

Jaskanwar Singh,

Lastly, in Q4, we will be testing our platforms on the Kusama. Upon successful tests, we will be migrating to PolkaDot.

Nice!

Bilo,

😂

Jaskanwar Singh,

We are on track to launch as scheduled and we are at the stage where we have doubly intensified our marketing efforts — stay tuned to our social media channels to follow our progress and keep updated!

Bilo,

How long did it take you to complete your private sale?

Jaskanwar Singh,

The private sale was a huge success!

We were oversubscribed on the second day of sale due to high demand, and we have also received 2500+ allocation requests till date. In addition we also received more than $38 million in strategic sale allocation requests, so you can see how excited the community is about our project!

Bilo,

Congratulations — Great sign for all interested parties and for yourselves to know you are obviously on the right track. Congratulations in advance to the lucky 5 winners that you will choose today based on their questions to be whitelisted for the UnoRe IDO

Jaskanwar Singh,

Thanks! looking forward.

Bilo,

When is the public sale taking place and on which exchanges? Will it be DEX only or do you have any dealings with any CEX’s?

Jaskanwar Singh,

We will be putting out more details about the public sale on the 14th of April so stay tuned to our channels to keep updated!

Bilo,

👀

What is the importance of VC investment for a project like UnoRe.

Jaskanwar Singh,

Venture capital investment is essential for any startup, and we’re no different. We receive support from VCs in terms of advisory support, marketing support as well as in monetary terms where they are assisting us in our reinsurance capacity. Considering that is at the core of our activities, VC investments are of paramount importance to our functioning. We have registered interest of over $38 million and we are strategically choosing entities that will help us grow in the crypto space and eventually, into traditional reinsurance as well. Good question!

Bilo,

Can you talk to us a little about your strategic partners/backers and what elements you focused on when making your choices in terms of who to partner up with?

Jaskanwar Singh,

Sure! 💎💡

We are going to be creating an ecosystem by tying up with many collaborators in mutually beneficial partnerships.

Currently, we are also in talks with leading crypto-insurance protocols to provide them additional reinsurance capacity. In fact, we already have formal interest registered from several multi-national reinsurance brokers who transact in more than 500 Million USD in premiums. We are aiming at decentralized insurance protocols that lack reinsurance options, innovative insurtechs looking to reinsure novel insurance products, and inventive insurance companies and brokers.

Check out our collaborations on Twitter and TG and stay tuned to hear more!

Bilo,

Thanks Jask!

Jaskanwar Singh,

You’re welcome !

Bilo,

Where do you see UnoRe next year?

Jaskanwar Singh,

By next year, we are hoping to team up with around 10 insurance protocols and 20+ Reinsurance Brokers. Ultimately reinsuring over $100 million worth of insurance premium!

Bilo,

Nice!!!

Is there any exclusive breaking news about UnoRe that you could share with us here today? We ALWAYS get breaking news info on our AMA’s Please don’t break the chain — No pressure.

Actually no.. Pressure is on — Don’t let me down

Bilo,

😁

Jaskanwar Singh, We’re excited to update the community about more details of our public sale. We will be releasing the details on the 14th April, and we are super excited for that!

Thank you for your time in answering our questions here today. We are all very appreciative of your time and of the answers you have provided.

With this, we will open up the chat for those who wish to personally thank you for your time with us here today and to ofc ask their questions

Jaskanwar Singh,

Thank you for the love and support, it means the world to us!

Sujith Sizon,

Thank you for all the love and support too

CABI NET,

Are you a global project or local project? Can anybody anywhere use Your project without any restrictions??

Jaskanwar Singh,

Our project is a global project as it’s a Reinsurance Protocol. Reinsurance entities are inherently global, taking worldwide risks. We start by reinsuring crypto risk, which is global and gives opportunity to investors worldwide to make decent returns.

Deborah Adams $BTC $ETH,

Token burn” is beneficial for any project, in being able to control the number of token circulation and to provide greater incentives to investors. Does your great project have a plan about token burn?

Jaskanwar Singh,

Great questions! we have implemented a Token Burn feature in one of our core functionalities, that is the Reinsurance Underwriting Profit. A set % of the underwriting profit is dedicated to buring $UNO.

INVEST ᴹᵃˢᵗᵉʳㅤ亗,

Who is your investor? How do you generate revenue to sustain the project? What are your goals to the end of 2021 and beyond?

Jaskanwar Singh,

We have many top tier VCs onboard, you can check unore.io for more info!

HancerBurak,

Today, New Collaborations & Partnerships are very Important for the Growth & Developments of any Project Especially for Crypto Projects ! So, Can you tell us some Recent Major Partnerships of UNO Project for project Expansion & Future Plans?

Jaskanwar Singh,

True! We are creating an ecosystem by tying up with many collaborators in relationships that would be beneficial mutually.

Currently, we are also in talks with leading crypto insurance protocols to provide them with additional reinsurance capacity. In fact, we already have formal interest registered from several multi-national reinsurance brokers. Check out our collabs on Twitter and TG! Stay tuned to hear more!

ZES SU,

UnoRe as you move forward through your route, what is your most important next priority? Does the Ramp team have enough fundamentals (Funds, Community, ect) to achieve those milestones?

Jaskanwar Singh,

By far, our most important goal is to successfully register as the First Regulated Reinsurance/Insurance entity on blockchain. This makes UnoRe effectively the only bridge between the Blockchain and the traditional insurance world. Fortunately, I have had past experience setting up regulated Reinsurance Protected Cell Companies (PCC).

Bilo,

@Jaskanwar_s @sujith_sizon please let me know if you have more time for other questions as I can reopen the chat. Let me know. Thanks

Jaskanwar Singh,

yes we can choose one more special question!

Bilo,

Ok great

𝒕𝒉𝒊𝒏𝒌𝒊𝒏𝒈…. 🍀🍀🍀,

Are you mainly looking for bigger investors or is your platform friendly also for the smaller investors ? Is there any whitelist to participate in preSale ?

Jaskanwar Singh,

Our main goal is to make Reinsurance accessible to Retail Investors as an investment vehicle. UnoRe for Investors will allow you to invest with as little as 100 USD!

Bilo,

Thanks @Jaskanwar_s Please pick the 5 best questions from when we opened up the chat to all for the 5 whitelisting spots for your IDO

Jaskanwar Singh,

Sure.

Sujith Sizon,

The winners will be the questions we have answered

Jaskanwar Singh,

We will be giving the whitelist spots to all 6 questions that I answered! It was very hard to choose 5.

Sujith Sizon,

Wow

Bilo,

That’s very generous!!!

Sujith Sizon,

Congratulations to the winners! @thaxmma, @tabimama, @dabirad, @HancerBurakk, @zepsiu, @liosms

Relevant Links

⚜️ UnoRe Website : https://unore.io/
⚜️ UnoRe Telegram: https://t.me/UnoReinsure
⚜️ UnoRe Twitter: https://twitter.com/unoreinsure

⚜️ Crypto Society Twitter : https://twitter.com/cryptosocietytg
⚜️ Crypto Society Chat: https://t.me/cryptosocietyy
⚜️ Crypto Society Announcements: https://t.me/CryptoSocietyyy