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Rega Insurance ICO Review

18 october 2017, 21:35

An idea of joining together with a bigger group to help a particular cause has been very popular recently, with the spread of various crowdfunding and crowdworking sites and platforms. The sole ICO is another advanced method to raise funds through digital coin offering. This time, Rega wants to bring this crowdhelping idea to an insurance field.


Crowdsurance will be a type of insurance, but instead of being paid by some big corporation, the funds are gathered from people united in communities to help compensate for unexpected situation or a loss. This way all of the intermediaries are cut off from the deal, meaning it is much cheaper without all of the fees.

Pet insurance

Lexi Club is the first example of crowdsurance usage and there is already a working prototype. It helps pet owners deal with financial losses after the treatment of their animal. In 2016, whole pet related market totaled 100 billion dollars. With the high cost of vet services and little choice when it comes to pet insurance offers, this product fits just right. It is also much more cheaper and effective than a regular insurance, as the whole process is digitalized, therefore there are no humans or intermediaries to take high fees or make mistakes.

Pet owner contacts the Lexi Club bot through a message chat. User follows the whole process by providing all necessary information, photos and verification. The advanced algorithms evaluate the whole process and a smart contract is issued. Pet owner makes a contribution in cryptocurrency or in fiat. Later, in case of any problem with his pet, user can come to the platform and notify the bot about the situation. After providing Lexi with suitable documents and verification of payments made for pet related services, it then pays out the insurance directly to the user wallet.

Devices insurance

After the pet insurance part of Rega is finished and fully working, they plan to spread their services and try crowdsurance method in other fields. The next product will take care of mobile phones protection, that will help with costs of repairment. With the devices being more powerful, therefore more expensive it is sensible to insure your mobile phone, as the service costs may be very high. Rega wants to develop a mobile app that can be installed on Android and iOS to monitor the device health.

Cars and properties

Our smartphones may be quite expensive and important to us, but there are much more valuable things that are almost required to be insured. Car owners might invest in Car Protection Pool and in case of an accident pool funds will be used to cover cost of car repair. The drone service can be used to collect evidences for the accident. The car owner or driver can use mobile app or chatbot in messenger to submit an accident report and provide location for the drone.


The ultimate goal is to make it possible to crowdsurance every aspect of our lives, with the most important being of course the health. Medical bills are the highest and most important to pay. There are also some other blockchain related projects that aim to store patient information and Rega is ready to cooperate with them on easier verification. That way the whole healthcare sector can benefit from blockchain technology.

Moreover, they plan to make the insurance contract customizable and programmable, which means, that with a validation from different sensors and detectors or something like a photo, geolocation, document, any event can be insured and programmed to pay it out in case something bad happens.

The tokens

Rega tokens are based on the Bancor protocol. The tokens act as a smart contract for an experts evaluation on the insurance related case. With such token you can have your situation checked, verified and they will decide on how much you are eligible to get from the insurance. The tokens can be also used as a paying mean and a currency to get your insurance payment in.

ICO phase

They have already offered some early quick presales, and looking how much tokens they were able to sell in such a short time gives a very optimistic look at the whole crowdfunding campaign. The main Initial Coin Offering starts at the 19th of October and will last almost a month to the 15th of November. They aim to sell around million tokens and the initial price is 0.1 ETH for one RST token.

They have defined their milestones and will add various functions and services accordingly to the raised funds. For example, with 10,000 ETH they are going to redesign and improve the prototype of the Rega platform and fully connect it to the blockchain. Then depending on further successful funding, they will be able to connect insurance of animals, electronic devices, cars, estate and properties and ultimately health.

The team

Having 20 years of experience in risk assessment and scoring, the team seems like right people to develop and deliver such platform. Many of them have worked in a banking or insurance field and they know how to deal with money. Unfortunately, they haven't provided any information about their programmers, platform developers and blockchain specialist, however it's worth noting that they are officially supported by Microsoft, which provides them with all the necessary tools and technologies to help develop their platform.

Potential risks and opportunities

Taking into the consideration, that Rega may become the first platform to offer such service and the fact that insurance market is very active and big, we can safely assume that if the platform itself works well, they are going to have a lot of potential users. Insurance is important in our lives, yet big insurance agencies and corporation may in fact have too much power over it and the prices for some may be too high. Blockchain offers much easier and cheaper solution. It also takes away the insurance from big agencies and empowers ordinary people. It is very good step into the decentralized work.

If you are looking for more comments and reviews about this project, check out Rega ICO TokenTops profile, where you can find our experts and user ratings and remarks.

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