Topic: [ANN][UMC] Unity Matrix Commons - Democratized Risk Management - page 24. (Read 65530 times)

And Milla Jovovich as a PR ambassador =))

Bounty Thread: https://bitcointalksearch.org/topic/m.20195463

  Dude I'm saying!
Honestly the name got me interested and I love this idea but all I could think of at first was [This is a front for making bio weapons]  

Though with a slightly creepy name, I'm sure it's an interesting project, they will not make us into zombies, right ?, really interesting idea, I hope this project continues to grow, I wait for bounty, soon, good luck dev

Thanks for reading 

I'm not sure I agree that only 1% have insurance. I know in at least the US and Canada there are car insurance mandates. We posted some links on our twitter about business insurance in Asia being unpopular due to cost and rising insurance premiums in the UK. At worst, people are aware of insurance, but there may be other reasons why they don't pursue it like confusion of language or cost. I think insurance can very much be a reactive industry around the world, and we are trying to make it a proactive industry. If things are affordable, transparent, and provide real benefit then we're confident it will attract users. We think the first step of this is giving people a real headway into the hidden costs of traditional insurance. If we can offer any coverage, or augment existing coverage, it's better than no coverage. We reviewed the prospect of launching something to compete with insurance, but that is a risky endeavor, at least initially. There are tons of social/legal/logistical issues to deal with offering government approved insurance.

Thanks for your questions!

Mihawk
I get what your saying but from what I can gather the product is meant to help alleviate insurance overhead. I honestly can see it doing more then this that is if its not locked to specific cases or to insurance policy in general. Also where I live if your company has more then 40 employees you have to have a limited insurance policy and they are horribly over priced in all areas ....thanks Obama  

BitFarmer75
I don't think he meant to be a thug perhaps he's curious to know who can actually use the product.

I don't appreciate this comment. What do you mean, " People who attend this forum bet that not even 1% have insurance?" I have a lot of medical problems and I do have insurance. I'm here looking at this coin to help pay for co pays for things that I can't pay for.

Are a internet thug?

Your manifest against the current insurance system is pertinent and interesting, but how do you want to reduce those flaws? Do you and your team intend to offer this product to whom? People who attend this forum bet that not even 1% have insurance.

Choices are always good. My pick is umbrella coin.

it s good to have choice isnt it?

The Dutch thread is now online:
https://bitcointalksearch.org/topic/annumc-umbrella-coin-gedemocratiseerde-verzekering-2045792

Thank you for receiving my participation in social media bounty facebook.
 A good name and a good project. Good luck;

Hey everyone!

I just wanted to give a quick update on what the dev team has been working on. Our team has grown quite a lot over the last week, and people have been ramping up on the existing code base and our proposed architecture. Some of the devs have been on vacation, so we’re hoping to have a “hackathon” this upcoming weekend to really make some headway into a prototype and at least have some basic workflows working.

On Friday, we met and discussed some of the outstanding questions regarding the community, fairness in voting, and the optimal way to launch. We ended up taking a lot of notes on a napkin :-) http://i.imgur.com/RiIbX0w.jpg

We agree that limiting the maximum/minimum payouts initially is a good idea until we reach equilibrium in the float pool. We also had very interesting discussions about how votes should be weighed, how to incentivize people to vote on claims, and minimum votes required to pay out. We are leaning against weighing votes — that could devolve into an oligarchy type situation. Those with the biggest policies, the most reputation, or otherwise the greatest vote weights could be in a position of tremendous power. We want to avoid introducing this unfairness and really let the community evolve organically. We are also leaning towards policyholders paying a small fee in UMC with that paid out to users voting on their claim. This fee will be used to pay people to vote on the claim. We like this idea for two reasons. A) It incentivizes people to vote on claims which have fewer votes — this means they get a bigger piece of the fee than a vote that has many votes. Avoiding a flat payout encourages participation distributed across claims. B) It will discourage people from submitting fraudulent claims — they would have to pay the fee and, if their fraud was discovered, they would lose their policy entirely. In the same vein of community growth and reaching a consensus, we want the community to have a forum for discussion for each claim. We want theme to share information and allow their expertise in certain areas to show. We also want to prevent users from submitting duplicate claims, or submitting duplicate evidence across accounts. We’re thinking of having a “similarity score” between two claims based on the parameters submitted when making a claim (amount, area, day of occurrence etc.) and the data they submit (receipt, video, photo) and giving that information to users.

The team is really excited to build this product and get something working and able to be used by the community quickly. We want to surface as much information as possible to let the community reach a consensus in a fair and reasonable manner, and build on this system going forward.

Thanks for your continued support!

Wonderful!

Hey Umbrella,
Your updates seem to be consistent, the new website looks great and the video is pretty good.
Excited about although I still have questions.
Do you plan on adding any more services to your client once it up and running?

New brief video about UMC. Tell us what you think! https://www.youtube.com/watch?v=siCs8_QVgio

Thanks for your continued support!

Polish translation available here: https://bitcointalksearch.org/topic/m.20309488

Best of luck with the ICO!