Topic: [ANN][UMC] Unity Matrix Commons - Democratized Risk Management - page 27. (Read 65530 times)

Thanks! We're working on figuring out the bounties. We'll probably post it in the coming days.



Thanks for the questions! We initially were leaning towards the former - that was why we started the project in the first place. However, as we thought about it more, we are leaning more towards the latter. If we let the community decide what is/is not insurable or reimbursable, then we have truly achieved a democratized insurance model.


If it wasn't challenging it wouldn't be worth doing! Initially, we're aiming to carve out our own piece of the pie and take on bigger chunks as time goes on. Amazon started as a book delivery company, if you recall

As always a good idea, but difficult to resolve and the insurance market - a large market with a huge competition.
I can be insured against losses in your ICO 

looks very interesting, the insurance industry sure needs disruption! I have the white paper now checking it out..

Also I couldn't see the details/link to a bounty information page, do you have one yet?

Insurance is a huge market share. This is an opportunity, and I see this is a good concept, maybe one can compare with the already completed ICO Insure-X and they succeed.

i think Umbrella is T-virut - do you think like me ?

Looks very interesting. Dev team seems really experienced. Will give the whitepaper a closer read.

So is your business life itself?

Seems like a awesome idea but is it limited to insurence/co-pays?  Or can people file a public claim for any hardship they want???

P.s. If you can make zombies down the road that would be great. 

ATTN: We don't use Slack, we only use discord. We set up a slack, but our discord was always more popular so we just dropped everything else  

Hindi ANN: https://bitcointalksearch.org/topic/annumc-2040253
Polish ANN: https://bitcointalksearch.org/topic/m.20309488
Dutch ANN: https://bitcointalksearch.org/topic/annumc-umbrella-coin-gedemocratiseerde-verzekering-2045792
Chinese ANN: https://bitcointalksearch.org/topic/annumc-umbrella-2049143
Chinese WP: https://drive.google.com/file/d/0B8Vnqo8Zn7zqVlBNOVdWQ253NWc/view?usp=sharing
Portuguese ANN: https://bitcointalksearch.org/topic/m.20685553
Portuguese WP: https://drive.google.com/file/d/0B6d6bzKey1dFb1BwSkV0VXNFYU0/view
Turkish ANN: https://bitcointalksearch.org/topic/annumc-umbrella-coin-demokratikletirilmi-sigortaclk-2035335
Indonesian ANN: https://bitcointalksearch.org/topic/ann-bounty-umc-unity-matrix-commons-demokratisasi-manajemen-resiko-2033074
Indonesian WP: https://drive.google.com/file/d/0B0VNZ9pipa8PRmpGNUp3ZmxfdU0/view?usp=drive_web

UMC was founded with the idea that insurance companies around the world getting rich while providing as little service as possible is fundamentally wrong. As premiums go up for Property/Casualty (P/C) and Life/Health (L/H) - policyholders are still required to pay hidden costs such as deductibles, co-insurance, and co-pays. In the United States, it is very prevalent to avoid exercising L/H insurance, like visiting a doctor, because of these hidden costs, while people actively avoid filing P/C claims to avoid rates going up. We think it's wrong that the entire industry is founded on not using the service they provide. UMC believes that blockchain technology built on a decentralized network can change this forever.


Traditional insurance companies take your premiums and invest it. This is called float. They build interest by investing it in various commodities and pay out claims from this pool. We're going to build a similar system on the blockchain. Users will create a benefits package by contributing to the UMC float pool. This entitles them to at least get their UMC back if they don't use the package but, in case they need to file for a payout, a vote will be held in the community of other policyholders. The policyholders will ultimately decide if the payout should be approved and what the amount should be. The latter amount will be capped while we initially try to reach equilibrium in our float pool. There will be a small incentive for voting. We are also going to take measures to ensure the float pool isn't drained such as imposing fees if the funds to create packages are withdrawn early.

Our token is going to be ERC20. Users will interface with our policy/claims system via a web client, which is under active development (http://staging.umbrellacoin.meteorapp.com/) and is being developed using Meteor. Meteor is a popular full-stack framework for javascript applications. It abstracts away many superfluous details during development, integrates with databses easily out of the box, and provides its own hosting environment for easier deployments. The essential business logic will be handled by the blockchain, while our meteor app and data store will be in charge of non-essential data. Our aim is to provide a user-friendly experience that seamlessly integrates with our blockchain backend.

We have plans to develop a mobile application after the web client is feature complete.


We initially see this as a way to augment existing insurance by providing benefits packages for certain life events. Ultimately this will be up to the community, but we are not targeting at replacing traditional insurance right now. This is due to the high cost of regulation in this industry. With respect to the immediate release schedule, please see our website for more information.


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


We are very excited to start this project and really look forward to working with the community to make this great! Please give us your feedback and come chat with us in Discord or reach us by email info[at]umbrellacoin[dot]org