UnoRe announces its partnership with PolkaCover
UnoRe is pleased to announce that we have entered into a strategic partnership with PolkaCover — a global crypto insurance marketplace aimed at providing users access to crypto insurance products as well as aggregating products from other policy issuers in the crypto space.
Crypto insurance protocols have long been underserved in terms of reinsurance, and with this partnership we aim to take the first step in resolving this scarcity of appropriate secondary coverage that most conventional insurance protocols are afforded.
By Reinsuring PolkaCover’s products, UnoRe will provide them with a second layer of protection to supplement their reserves, thus ensuring they remain on the competitive and creative vanguard.
“We are thrilled to be partnering up with PolkaCover, a first-of-its-kind DeFi insurance marketplace for the global crypto ecosystem. This partnership will not only allow great progress in what is essentially the next big step towards the overall growth of the De-fi reinsurance market, but also be instrumental in launching the next generation of novel crypto-insurance products built with the needs of the community in mind.”
– Jaskanwar Singh, CEO of UnoRe
This partnership will operate on all three verticals that UnoRe has to offer — under our platform for Investors, users will be allowed to invest in different risk pools behind the various insurance products offered by PolkaCover.
PolkaCover’s risks will be covered in an XOL (excess of loss) model on UnoRe’s platform for Innovators so as to minimize the probability of UnoRe’s risk pools being dipped into, thus granting platform investors maximum security on their investments.
Additionally, PolkaCover has also signed up to be an investor on the platform, having invested in the R1 Risk Pool of their products. This has led to a significant reduction in the premium offered to the end consumers.
This risk will then be essentially commoditized on UnoRe’s platform for Traders — users will be able to buy and sell in it in order to earn sizeable profits.
The UnoRe-PolkaCover partnership aims to overall expunge the massive roadblock that is the lack of apt reinsurance coverage for crypto insurers which has checked innovation in the crypto insurance space for years, and ultimately led to an overall dearth of adequate insurance coverage for new-age crypto end-users.
PolkaCover is the First DeFi insurance marketplace for the global crypto ecosystem. It aims to lower transactional and administrative costs of insurance policies and coverage while providing high value, cost-effective insurance products for the crypto world.
UnoRe will be the world’s first decentralized reinsurance platform powered by Polkadot which will allow the community to invest and trade in ‘risk’ and receiving sizable returns on their investments in one of the safest asset classes in the world. The platform will break barriers to entry for the retail investor by doing away with the historic pre-requisite of absurdly high capital generally needed to invest into the market, whilst also introducing much-needed transparency into the industry as a whole. UnoRe will also allow the community to propose innovative insurance products to the space, thus propelling a new generation of Insurtech companies powered by the UnoRe ecosystem.
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