Rega is a 'crowdsurance' platform for sharing risk that uses blockchain technology. The risk-sharing startup just announced they will be expanding into travel insurance after finding success with pet insurance. The new crowdsourced insurance venture is on a mission to decentralize the $5 trillion global insurance market.
Built on cryptocurrency Ethereum, Rega's risk-sharing platform allows members of their community to group together in order to protect one another. This comes in handy when people dealing with lost or damaged luggage are required to purchase clothing, toiletries and other essentials to tide them over before bags are found. Based in the British Virgin Islands, Rega's approach to luggage insurance offers up to $5000 and will cost customers approximately $12 a year.
What's Driving This Trend
- Crowdsourced Insurance
- Rega's platform for sharing risk through a community can disrupt the traditional insurance industry.
- Blockchain-based Crowdsurance
- Rega's use of blockchain technology can help improve transparency and efficiency in the insurance industry.
- Decentralized Insurance Market
- Rega aims to decentralize the insurance market through their risk-sharing platform.
Who This Affects Most
- Travel Insurance
- Rega's expansion into travel insurance can disrupt the traditional travel insurance market.
- Pet Insurance
- Rega's success in pet insurance can inspire disruption in the pet insurance industry.
- Cryptocurrency
- Rega's use of cryptocurrency for their risk-sharing platform can disrupt the traditional payment methods in the insurance industry.
