The Slowing Pains product roadmap
Last updated
Last updated
Slowing Pains intends to be much more than an insurance provider, but a complete ecosystem — and we have a clearly defined strategy for launching products and growing our proposition. This will involve collaborating with other projects related to risk management, and that work has already begun.
Our team of 25 people includes five members from the insurance and reinsurance sectors. We've identified several projects that would be interested in offering insurance to protect their communities — including Empower, World Mobile and Palm — and expect more interest as our offering gains momentum.
Our first Cardano insurance ecosystem will aim to offer products tailored to the needs of specific users, including:
This product will focus on first-party losses for individual policyholders — including impersonation scams, wallet drains and coding errors. A key objective involves gathering data to accurately pinpoint insurable losses, and calculate the premiums required to ensure the fund operates sustainably.
Complementing retail-facing policies, the SME proejct will protect startups building on Cardano. Coverage would be offered for poor minting experiences and the mismanagement of digital assets. We're continuously working to collect data that helps us assess the risks that small businesses face, so insurance premiums are priced appropriately.
The word "parametric" is used to describe insurance policies that pay out when a key parameter is met — such as a Category 5 hurricane. In time, we intend to offer parametric insurance policies on Cardano to the masses, and tackle the inefficiencies that currently exist within global markets. Claims would be triggered by external data from oracles and enable automatic payouts to policyholders without lengthy verification processes. This would make the insurance sector much more efficient, all while collecting valuable data to help us understand large-scale risks and pricing needs.
Over time, we would also seek to extend our insurance products to additional blockchain networks — enabling us to reach a broader cross-section of crypto investors.
We've decided to start with a retail product because this will help create jobs in the ecosystem, while educating Cardano users and raising awareness about our project. Publicly available data on the losses and scams affecting individual users also makes it easier to identify and address the common issues they face.
Once our retail insurance offering is well-established, it will be easy to expand to products for small businesses — as well as parametric policies — because they are less operationally intensive. Our expertise in international reinsurance treaties means we can help Cardano projects to find policies that fit their exposure and budget. We'll also be aiming to apply for a crypto broker insurance license in Dubai to further boost our credibility, and achieve regulatory compliance.
