Reinsurers are reducing costs, errors, fraud, and a myriad of risks through blockchain technology. PolkaFoundry is pleased to announce a strategic partnership with UnoRe, the world’s first decentralized reinsurance platform powered by Polkadot, to bring these benefits to applications in the Polkadot ecosystem. UnoRe’s decentralized insurance for insurance providers is another way PolkaFoundry is lowering the risk for DeFi dApps and their users in the interoperable Polkadot network. The parties will collaborate on the following:
- UnoRe will build its global risk-trading platform for Polkadot and Web 3.0 on PolkaFoundry.
- UnoRe will provide a layer of protection to the insurance protocols on PolkaFoundry’s platform.
- The shared risk insurance model will lower the risks and costs of doing business for all users in the Polkadot ecosystem.
Large corporations have traditionally benefited from transferring risk to other parties through reinsurance, reducing insurance risks and costs. By building on PolkaFoundry’s one-stop dApp factory, UnoRe will reduce barriers to entry and frictions. Therefore, any protocol in the Polkadot ecosystem can access UnoRe’s reinsurance products while fully benefiting from the scalability and interoperability features of the powerful Substrate-based multi-chain. The enhanced user experience will make it easy for UnoRe users to trade, invest, and develop innovative reinsurance products.
UnoRe’s reinsurance products provide a second layer of protection with many advantages for protocols. By improving placement costs and processing, claims settlement, and compliance, reinsurance companies will produce $5–10 billion in savings through blockchain applications, according to a reinsurer blockchain report by PwC. UnoRe brings these benefits to diverse insurance sectors, including crypto, travel, health, and parametric reinsurance options.
Through the UnoRe reinsurance risk investment platform built on PolkaFoundry, Polkadot users gain easy access to:
- UnoRe for traders to trade risk like stocks
- UnoRe for Investors to invest in reinsurance with a high risk-to-reward ratio by staking insurance pools
- UnoRe for Innovators to build innovative, customized reinsurance products
DeFi and other dApps on Polkadot can choose or create risk pools that match their risk profile and tolerance. Liquidity providers can invest in pools according to their risk/reward profile.
Together, the PolkaFoundry-UnoRe partnership lowers the frictions, risks, and costs of using DeFi applications. As a result, the collaboration promotes liquidity and confidence in DeFi markets and innovation in cross-chain DeFi and risk management applications.
Sujith Sizon, CTO and Co-Founder of UnoRe, stated, “Polkafoundry’s technology ecosystem allows us to serve our community better without having to reinvent the wheel. It’s an important step in increasing UnoRe’s activities via the Polkadot ecosystem and making decentralized cross-chain insurance sales and reinsurance liquidity pooling a reality.”
“Reinsurance is one of the important aspects in the dynamic DeFi space. By this partnership, we aim to reduce the vulnerability to the potential threats for our ecosystem dApps. We are confident of strengthening the security aspect in the Polkadot ecosystem by synergizing with UnoRe”, said Thi Truong, Founder & CEO of PolkaFoundry.
UnoRe is the world’s first decentralized reinsurance platform powered by Polkadot, allowing the community to invest and trade in ‘risk’ and receive sizable returns on their investments in one of the safest asset classes in the world. The platform aims to break barriers to entry for the retail investor by doing away with the historic pre-requisite of absurdly high capital generally needed to invest in the market while also introducing much-needed transparency into the industry as a whole. UnoRe will also allow the community to propose innovative insurance products to this space, thus propelling a new generation of Insurtech companies powered by the UnoRe ecosystem.
PolkaFoundry is a platform for building borderless and frictionless DeFi & NFT dapps on Polkadot. It aims to be the one-stop production hub for DeFi & NFT dapps with all the necessary features, services, integrations, and tools for DeFi experiments, innovations, and real-world solutions. Taking aPolkadot’s interoperability and scalability and integrating many DeFi-friendly services into the platform, PolkaFoundry also provides UX-enabling features that make dapps easy to use as everyday applications and bring dapps to the masses.
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