- Description of the market
- Description of the product and how it’s going to solve said problem
- The team
- The roadmap
Advances in automation and information technologies have transformed many industries. Now, amid the global Covid-19 pandemic, they are accelerating changes in another area — financial services. More and more, the blockchain technology employed in cryptocurrencies is being absorbed into our everyday lives and used by even small or medium-sized businesses.
The insurance industry in Switzerland is one of the latest to undergo transformation. Draft regulations that would drastically limit the activities of foreign, non-tied intermediaries (due to take effect in 2022) are prompting the search for alternative distribution channels. Meanwhile, the Covid-19 pandemic makes automated platforms and cryptocurrency payments even more attractive, since they reduce physical contact with customers. A race has started for technological leadership in the industry, bring with it a wave of new ideas and capital.
Switzerland’s insurance industry has grown faster than other sectors since 2017. Employment has also expanded, despite the effects of digitization. The business potential posed by these trends is obvious. Pioneers who seize the opportunity to exploit market changes and improve an outdated system have the chance to gain a share in Switzerland’s most successful sector.
Our first product is an answer to these changes.
The Swiss insurance brokerage and advisory market is a fairly toxic part of the industry, which prompted lawmakers to debate drastic changes to this market in 2021. Draft amendments to Switzerland’s Insurance Supervision Act (ISA) would deprive non-tied insurance brokers (i.e., those acting on behalf of the customer and not representing the insurer) of a large portion of their revenue. The likely result will be a wave of broker bankruptcies and a search for new solutions — automated processes to cut costs and restore previous profit levels.
Our SARA AI platform aims to revolutionize the insurance brokerage market by optimizing service time and cost while increasing customer satisfaction. Sara’s arrival in the market will also benefit insurance companies by reducing complaints from customers who feel victimized by door-to-door sales.
2. DESCRIPTION OF THE MARKET
Swiss insurance companies achieved an aggregate result for the 2019 financial year of 15.2 billion Swiss francs, corresponding to an increase of 44 percent compared to the previous year. While life insurers reported a moderate increase in annual profits (+8 percent to 1.5 billion Swiss francs), non-life insurers recorded an actual jump in profit of 3.3 billion Swiss francs or 49 percent to 10.1 billion Swiss francs. Compared with the previous year, significantly higher profits from investment activities were a major factor in the improved annual results. Reinsurers increased their annual profits from 2.4 billion Swiss francs in the previous year to 3.6 billion Swiss francs in the reporting year (+49 percent).
Swiss insurers’ own funds increased by a total of 3.9 billion Swiss francs or 4.7 percent 87.8 billion Swiss francs in fiscal 2019. Return on equity was able to increase by 4.73 percentage points 17.34 percent will be increased. The coverage ratio of related assets increased by 1 percentage point in the year under review and stood at 112 percent at the end of the year. The solvency ratio according to the Swiss solvency test was 226 percent and increased by 7 percentage points compared to the previous year.
Annual profits overall market
in billion swiss francs
Source: Finma, Insurance Market Report 2019
Source: Finma, Insurance Market Report 2019
The insurance and banking industries are the largest economic sectors in the Swiss market in terms of capital. The previous charts show the enormous importance of this sector — the equity value of insurance companies was CHF 87.9 billion in 2019, with an annual income of 15.2 billion.
Despite widespread digitization, job growth in the insurance industry outpaced other sectors in 2019 The business potential offered by these trends is apparent. In a changing market, pioneers who seize the opportunity to improve an outdated system can grab a slice of Switzerland’s most successful sector.
3. DESCRIPTION OF THE PRODUCT AND HOW IT’S GOING TO SOLVE SAID PROBLEM
The cryptocurrency used to access CryptoSara’s products is an ERC20 token built on Ethereum, a platform that has steadily evolved and innovated over the years. The Ethereum network’s size is a guarantee of security, while its established track record gives it an edge over other projects with smart-contract functionality. At the moment, Ethereum is the only technological solution capable of implementing CryptoSara’s ambitious plans to implement smart-contract and IoT technology
As with any new technology, commercial applications of non-fungible tokens (NFTs) are still in their infancy. To date, their most widespread use is in сollectibles, art, domain names, gaming, sports, digital identities and real estate. CryptoSara has decided to introduce NFTs for insurance certificates, clearing the way for applying this technology to another business area.
Even so, we are at a very early stage in this technology’s development. Ethereum is still introducing changes and we expect the network to migrate to ETH2, which could open up new opportunities for developers and investors.
Sara AI is a built-in collective intelligence that advises customers on insurance policies, coaches them on using the platform, and helps them sign insurance agreements. Over time, as Sara learns from interactions with the customer, it acquires the capacity to act as a personal advisor, communicating freely and building a friendly relationship.
The traditional process of buying insurance required customers to send a signed copy of the agreement to the insurer along with proof of identity, wait for the policy to be mailed back, then pay.
Thanks to smart contract technology, this process can be fully automated. Insurance offers are represented by smart contracts which the customer can choose from. By verifying his or her identity through an automatic application, the buyer receives a response in the form of an NFT token when paying for the policy.
The automation of the entire sales process from customer advisory and consulting services provided by our AI agent, to policy creation, transaction execution, automatic identity verification and instant payments without bank involvement marks a revolutionary change for the insurance industry. The end result is significant savings in time and administrative costs, and a dramatic improvement in customer satisfaction.
1. Virtual Agent
Our platform allows customers to compare offers and find the right insurance policy with Sara AI’s assistance. Implementation through blockchain and smart contract functionality minimizes the time needed to finalize agreements and cuts sales costs.
2. Community engagement app
Our application engages the community gathered around the project, which is an essential element of any project using decentralized technology. Members of the blockchain community can vote on the company’s business strategy “freezing” their tokens, which results in token removal from reserves (supply decrease) — “burning”.
3. Smart Insurance -NFT policy
Thanks to the use of smart contracts, offers presented as part of our platform can be signed by users automatically. The KYC process is carried out through immediate online verification, and the customer receives a certificate in the form of an NFT token — which constitutes the insurance policy.
- Lack of innovation in insurance sales, including policy design, payment methods and e-signatures;
- Toxic market of door-to-door insurance sales
- Limited access to customers due to Covid-19 pandemic
- Rising insurance costs
- Lack of expert advice in online search and comparison services
- Insufficient automaton and an outmoded approach to customer service
- Early community engagement in the platform’s development
CryptoSara — Swiss-based start-up that creates technological solutions for consulting and customer service.
SRA Token — a cryptocurrency whose function is to allow the partners and users to access CryptoSara products.
Sara AI — artificial intelligence designed by CryptoSara to automate customer service, the consulting process and KYC verification.
Sara — Insurance Agent — A platform that allows customers to compare offers and find the right insurance policy with Sara AI’s assistance. Blockchain and smart contract functionality minimize the time needed to finalize agreements and cut sales costs.
Community Engagement app — Our application engages the community gathered around the project, which is an essential element of any project using decentralized technology. Members of the blockchain community can vote on the company’s business strategy by “freezing” their tokens, which results in a decrease in token supply (“burning”).
SRA Protocol — Protocol responsible for the operation of all functions related to the use of blockchain technology.
KYC verification app — an application for automatic, immediate verification of user data based on documents provided.
4.Tokenomics, Initial Coin Offering (ICO)
The ICO will be structured as follows:
Stage 1 “seed investors” — Those who support us at this initial stage will be rewarded with 30% bonus.
Stage 2 “early community” — At this stage, where we plan to start marketing, early members of our community will receive an 18% bonus.
Stage 3 “majority” — most of our tokens will be sold in the third round (over 75% of tokens available for sale). According to our forecasts, this stage will coincide with an international marketing campaign.
Since our project has been realized thus far with private funds and because the first versions of our platform and the “community engagement app” have already been built, we have decided not to accept offers from venture capital funds.
What does this mean for token buyers?
With no large investors involved in the project, selling pressure will be very limited. The role of early investors is played by participants in the first round of token sales, but thanks to the small number of tokens available in this round, none of the buyers in later rounds needs to worry about sales from early buyers, since 30% bonus tokens in the first round account for just 7.9% of the total ICO.
CryptoSara team members will receive 8% of the ICO, but to safeguard the interests of the broader community, their tokens will only vest after 12 months. Compared to other projects, our token supply will never increase, and community participation in the referendum will burn the platform’s token reserves — leading to a massive scarcity!
Another 15.83% of tokens are earmarked for future partners. This allocation will not affect demand, given the small number of tokens involved and their distribution over time (vesting). We have thus designed an economy with relatively small total supply for such an ambitious project.
Funds raised during the ICO will be mostly devoted to developing the technology and hiring world-class specialists to help us expand globally.
5. THE TEAM
Wojciech Waszczuk — Chief Executive Officer & Founder
Blockchain Specialist, BVS Business School Zürich, a visionary with experience in international blockchain projects such as Icon Foundation, VideoCoin and IMMO Foundation.
Cyril Hsu — Chief Technology Officer & Co-Founder
MSc National Taiwan University.
PhD candidate University of Amsterdam.
Cyril’s AI acumen has been honed by 10 years of international experiences.
He specializes in Deep Learning, Evolutionary Algorithms, Cloud/Edge AI and Distributed System.
Matt Morawski — Chief Business Officer & Co-Founder
BSc Oxford Brookes University. Matt’s work with AI start-ups on the international arena has already won two awards: 1st place for the best of CES Asia 2019 and 2nd place among 600 entrants for the 2019 World Artificial Intelligence Conference (WAIC), both in Shanghai.
Michał Sadowski — Chief Insurance Officer & Co-Founder
An experienced financial advisor and investor in blockchain start-ups. Michał’s expert knowledge of the Swiss insurance market gives us an important edge.
Marcin Fidor — Database architect
Master of Computer Science. Marcin’s skills have been used by various Polish government agencies in his daily work as an ICT Systems and Infrastructure Inspector.
6. THE ROADMAP
- This is not an investment product. This document does not constitute investment advice or counsel or solicitation for investment in any security and shall not be construed in that way.
- This document does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor for the tokens.
- This is not a company share stock/derivative. It is a sale of a digital asset.
- The purchase price of SRA Tokens is quoted in ETH value. All confirmed purchases and associated transactions, inclusive of token recall request, shall be dominated in the USD equivalent of any cryptocurrency tendered at the time of payment.
- The payment for the Tokens may be made by Users only in the cryptocurrencies mentioned on the Website and not in any fiat currency in the manner specified in the Website and/or any of the Agreements.
- The Tokens offer no rights to profits of the Company.
- There shall be no refunds available for this token sale, as ALL SALES ARE FINAL.
- We have consulted with our legal counsel, and have been advised that our token or its related sale is not considered a security. We are operating as a company selling Tokens that will be used as a form of value within the CryptoSara ecosystem. Our platform currently specializes in the software for customer service , and if we determine that any service offering does fall within the scope of a regulation we will be applying to have it regulated in our respective jurisdiction once the token sale has closed. Our token is not a security since it is simply a form of access voucher we will accept on our platform relative to the token sale — users have no rights attached to the Token, outside of the participation access provided by ownership of the token. Our platform is separate from the Token, and although offerings on the platform may be classified as a securities, regulated commodities, or otherwise, and if determined to be so, the platform will be licensed and regulated accordingly so as to be able to offer such services legally.
- All references herein to the Crypto Sara, Sara AI, Sara Platform brands refer to CryptoSara Waszczuk, located at Baarermattstr. 8b 6340 Baar, Switzerland
- Right of Recall — Company reserves the right to recall any token purchase, and void this agreement due to regulatory restrictions, legal changes, or other regulatory policies affecting the sale of SRA tokens to any particular token purchasers, and provide the affected token purchaser the USD value, of the recalled SRA TOKENS, valued from the time of the original date of sale.
- The Tokens are not designed or disingenuously devised to acquire stock or money, or any expectation of profits.