PolkaCover is thrilled to announce the strategic partnership we have established with the first reinsurance company in the crypto insurance space, UnoRe.
Together, PolkaCover and UnoRe will transform the decentralized ecosystem and provide insurance users a safety net on an unprecedented scale.
What is UnoRe?
UnoRe will be the world’s first reinsurance trading platform powered by Polkadot.
Reinsurance is the process of taking on all or a part of the risk that is covered under a policy provided by an insurance firm in exchange for a premium payment.
In simple words, it is insurance for insurance companies.
UnoRe will provide the community an opportunity to invest and achieve sizable returns from one of the safest asset classes in the world. It will enable the community to design innovative insurance products, thus propelling a new generation of Insurtech companies based on the UnoRe ecosystem.
UnoRe as the Reinsurer:
One of the prime concerns for any user entering the crypto ecosystem is the underlying aspect of security.
This partnership would allow the user to place their trust in the crypto community. If, in any case, PolkaCover utilizes all of its liquidity to cover claims requested by the users, UnoRe would come in the picture and take on the additional risks. The prominent partnership with UnoRe would guarantee a second layer of protection to PolkaCover and its users.
PolkaCover as an Innovator:
UnoRe for Innovators allows everyone to develop new innovative insurance products through an effortless yet austerely thought-out procedure.
PolkaCover is the first insurance provider that would be on UnoRe’s platform as an innovator to create new and exclusive products. PolkaCover, as an innovator, would be staking UNO tokens on UnoRe’s platform and inherently, UnoRe would provide risk coverage to PolkaCover based on that principle.
Being the first on UnoRe’s platform for Innovators will allow PolkaCover to offer novel insurance products such as Wallet Exchange Hack. A first of its kind product, protecting users from hacks that affect Centralized Exchanges. This product will truly enable and support the financial sector’s transition to blockchain by providing a safety net over the assets stored on exchanges.
Our course of action as an innovator has already begun, and we are currently under the product development phase, where our proposal is being reviewed and would soon lead to the finalization of our smart contract and the TOB (Table of benefits).
PolkaCover as an Investor:
In order to provide access to affordable insurance to their customers, PolkaCover has also signed up as an investor on the UnoRe for Investors platform. Taking the R1 Pool and being the first exposed party. This helps in decreasing the insurance product rates, as PolkaCover demonstrates to have skin in the game.
“PolkaCover is delighted to work with UnoRe, the first reinsurer in the DeFi place. We have full confidence in the team and we are looking forward to the substantial growth of this project in the crypto space. With this integration, we will inevitably create a new standard of Defi Insurance products within the crypto community.”
Kunal Sadani, CEO and founder of PolkaCover
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