schmidt chainlinkChainlink, Verso Finance, & Ensuro discuss the future of microinsurance

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well i actually want to end it off with um whats next because yeah you know each party are of course working hard right solving i would say very specific problems that are all bigger the or part of the bigger you know piece william you know chain link has so much real impact in the space already for d5 in real world as we start to kind of grow this micro insurance what do you think is coming next you know what do you think that people would need or what types of data in particular yeah so thats thats really great i i uh if i knew exactly what was coming next id probably be a lot wealthier than i am now but i but i will say that um were seeing a lot of demand and a lot of interest in the in adding satellite data to the data that were getting from ground sensors the data that were getting from uh the national weather services or from some of these other you know reliable locations uh i think that is really really interesting i also theres going to be a huge growth in ground-based sensors for things like reforestation youre getting youre seeing a lot in carbon youre seeing a lot of people trying to figure out exactly how to uh both sequester carbon and prove that theyre sequestering carbon using a variety of tools so that they can go legitimately sell carbon credits on the open market right um i mean thats interesting and important for insurance right as well because there are people believe it or not who are looking to buy insurance against certain carbon outcomes as well right as they think about a longer term um you know business risks so i i think the satellite data the the the growth for the you know centers on the ground um you know theres theres honestly the number of inbound questions we get every week about how people can get involved and adding their data to the chain link network is a little bit overwhelming i have to say um and were just there to try to help everyone succeed but you know im not im not going to adjudicate in advance as to what the market wants and what it doesnt want right were were here to make sure that people who need what they you know need things can can try and get with what it is that they need okay okay okay and uh marco for you how can typical consumers participate in micro insurance as liquidity providers what how would they do it yeah so right now were currently working with the monetary authority in order to enable uh not only institutional investors but also retain investors to to deploy capital uh the the way it works is essentially with uh users with a wallet and usdc in their wallet they will be able to deploy their capital inside the insurer liquidity reboot and select their duration of investment that we call cashback period in our system the the cashback period is essentially the maximum amount of time they will be willing to wait after they send a withdrawal transaction to the to the blockchain so the system then matches the different policies coming from the insure tech companies with the capital coming from the liquidity providers and locks the capital that has a greater duration than the policy so in that case you will be able to uh get a portion of the premium another thing that we are doing in order to make it more appealing for liquidity providers to to invest is that we collect the capital inside the liquidity pool and then we redeploy the capital inside ave in a way that we can provide additional interest to the to to the investment so on average not not in the recent days but on average has a uh four percent returns that makes it very uh very appealing for as a financial investment so typical insurance or insurance company are investing in products with uh like below 0.5 returns youre talking about four percent and so on top of that you get the premiums and it goes back on the on the discussion we were having before about having given the abilities to people to access to uh edge like top of the edge technology so and seen in d5 the ability for everyone to to purchase to have access to to financial products that they were unimaginable before so we are just a small component in this big ecosystem to give the ability for people to get exposure into risk that its uh its a way its a good way to diversify the portfolio okay thanks okay and then i have one final question uh gregor you were mentioning about how micro insurance cannot be without scale and youre absolutely right however when you have hundreds of products and you have that scale id imagine theres going to be like quality control issues right you know products this and that is there a way where a typical person lets say from the d5 world can help with this scale issue to just make sure that the product is what it is and its been delivered yes thats a great question and in fact thats also one of the one of the i would say key success factors if you want to deliver products through regulated custodial e-wallets to people in emerging markets you need to consider you know the consumer protection element um so theres a lot of products out there that dont work they have made wrong promises um so this this would totally destroy trust and that is not something that would be successful so what weve decided how the way we are tackling this at verso is um we actually have two roles that make sure this doesnt happen so we have as part of the ecosystem we have those we have wallet validator rules so those are not technical validation tasks they perform these are product related validation tasks so one is on the compliance side uh making sure that the products distributed through verso are legit products and that they meet you know the regulatory aspects of it but then we have also the product validators which are which can basically be anybody they can participate and there is a certain amount of validators that need to approve a new product basically and then every time this product gets distributed and sold similarly to what marco mentioned with the liquidity providers these validators get a portion of the you know of the premium um for their for their validation work so if you have been validating a product that gets sold to you know to several million users through e-wallets then this is a very good uh a very good reward for you but to back to your point um i definitely think we have several steps along the the journey of delivering a product where we need to have like you know the average person on the street in emerging markets in mind and make them comfortable to purchase the product um and and build trust also given that theyre also leveraging the trust from their e-wallet where its being distributed from so yeah so its a very very important aspect in you know i guess in in creating a successful scaling strategy for micro insurance Do you know what the future holds for microinsurance? These companies might know… ________________ Connect with Verso Finance: Website: Twitter: Telegram: Connect with Chainlink Labs: Website: Twitter: Telegram: Connect with Ensuro: Website: Twitter: Telegram: Connect with The Human & Machine Community via Telegram Discussion Group: Twitter: _____________ Get yourself YIELD App DeFi Banking: _____________ FULL DISCLAIMER This content is for entertainment purposes only. Any content or information published by The Human & Machine should NOT be considered financial advice nor a solicitation or encouragement to purchase or invest in any project. The message contained in the content shall not be considered a validation or due diligence result of the project. 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