• Home
  • Застраховка имущество
  • A new kind of insurance

A new kind of insurance

A new kind of insurance

 

Insurance 1
Insurance – view

It is an unstable world we live in. Since early ages, people have been trying to protect themselves and to rule stability against the dynamic environment.

Insurance is a financial tool that sets control over the possible accidents. It is a part of a risk management structure, providing back up in the worst situations.Insurance industry today works as a complicated chain of monthly/ yearly paid fees, administrative fees, brokers’ fees, etc. The vast pyramid goes through various stages, connecting the client to different institutions that could aid his or her difficulties in times of crisis. The traditional scheme goes as a top-down arrangement where the final recipient of the insurance stays at the end of the line. Upon him a complex hierarchy of companies is situated, making a profit at each step of the insurance policy.
However, nowadays with the development of technology and the ever-changing ways of living,

lassical insurance strategies face quite a few issues:

 

      • Price. Insurance becomes more and more expensive which prevents it from the use of all stakeholders around the globe. Insurance fees impose requirements of the income base which leaves a huge part of society out of the possibility to protect themselves. Also, the traditional insurance structure forces us to pay more than we use. For instance, a real estate insurance policy must be paid each year to protect a property of natural disasters like floods, fire blazes, earthquakes, etc. But studies show that accidents happen on the average of not more than ten years. What this means is that our ten year long fees go straight into the hands of the company and never goes back to the client’s funds.
      • Effectiveness. Insurance companies calculate possible risk and offer policies with specific losses implemented in them. Doing that they establish the damages, they would cover or not. In other than regulated cases, shareholders do not get their claim covered and do not receive their investment back.
      • Limitations. Our planet is changing so fast, that companies cannot keep up with the news. Traditional risk prevention is not applicable to the contemporary climate. The standard packages cannot possibly include each unique case. That makes it totally impertinent to most people out, who have their own needs and fears. Excluding whole groups and potential risks, insurances occur to be an unsuited device for protection.
      • Centralized backup system. Talking about the instability of life, we should not forget that behind insurance funds stays a financial organization or an institution, which is also exposed to a risk of a failure. As we saw  with the financial crisis, banks can easily collapse which brings us no guarantee of the investment.

Sagittae changes the game

 

Insurance 2
Insurance – deal

In the context of all stated problems of the industry, Sagittae group came to a new insurance solution. We developed an innovative risk management strategy, based on the blockchain technology and the peer-to-peer relations. Bloch chain works as a decentralized platform, which establishes mutual funds connection between people. It uses the smart contract system of the Ethereum where all users are equal and can equally take advantage of a claim.

Sagittae is not an insurance company but a new, safer way of protection. It provides a digital peer-to-peer contract for risk sharing and endorses who take on the role and responsibility to the initiate, support and develop the schemes. P2P groups make their own capital investments and define their own terms and conditions of use. The Sagittae website lists all risk protection schemes that have been created by P2P groups. There are no obligations and limitations – each scheme can be unique, according to the specific needs and requirements of the user. The P2P technology offers a totally different perspective towards risk management: there can be basically endless types of schemes. People can browse and search for an existing one, suitable for them or create an original plan, compatible with their demands. The schemes are run autonomously and fundedmutually. To help communication and ease the process, the website offers a user forum and a system to vote on product features. In other words, Sagittae provides the right synthesis of personally tailored solutions and constant, mutual support.

P2P groups

 

can decide to use the help of third-party service providers. The selection goes through an acquired accreditation process, bringing security to the ecosystem. The choice of service providers can range according to the users’ needs. It can include technical risk consultants, insurance advisors, insurance carriers or syndicates (as providers of an excess of loss
contracts), loss control experts, medical advisors and other qualifies parties.

 

Insurance 3
Insurance – safe house

Sagittae breaks the traditional top-down insurance into a flat, community-based platform. That frees the users of all useless administrative fees and sets up fair terms for everyone. The unlimited possibility of schemes makes Sagittae applicable to all sorts of risk prevention. It is essentially open to everybody from every country and region.

The website exploits the Mutual Custodian Fund (MCF), which guarantees to recipients reimbursement payments. All transactions on the platform take place in STAE-tokens,
Sagittae’s proprietary digital currency. Digital currency has a high rate of volatility, though. The tokens can be traded on currency exchanges but they are also backed up with fiat money (like Euros or Dollars) on a fixed rate. When an STAE-token goes into circulation, Sagittae exchanges a substantial part of the proceeds into a currency and deposits this amount into the fund. This money stays there until it is being called upon by a holder of STAE-tokens. Then tokens can be reissued in circulation again. This revolving mechanism ensures that the currency reserves of the fund are continuously and exactly aligned with the supply of tokens that circulates in the system. Which basically guarantees the protection of investment and high liquidity when claims occur.

All in all

Sagittae is an innovative and secure way to protect ourselves because it offers:

  • A P2P ecosystem of investments;
  • mutual support;
  • decentralized protection of various sources;
  • an infinite number of schemes;
  • is applicable to everyone for every part of the world.

It has always been a good idea to think of protection of yourself and your families. Traditional insurance packages apparently impose limitations and narrow risk prevention. Block chain and P2P mechanism, on the other hand, shows a rich potential in numerous areas of life. Now is the time to benefit from technology’s development and to upgrade our personal security.

 

New kind of insurance
Sagittae changes the game
P2P groups
All in all