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By Qolaq
Developing the first Web3 mutual aid platform to drive financial inclusion for people who do not have traditional insurance cover.
Qolaq plans to develop the following products/services with the support of SCF: 1) smart contract to launch MAP's initial Simple Critical Illness and Life Programs, 2) MAP's Disability/Health Programs, and 3) building Qolaq's global community for financial inclusion. Qolaq's MAP is a Web3 solution to the restrictive practices and inefficiencies of global health and life insurance, providing the underserved with mutual aid programs that enable Members to support each other in times of need. Qolaq is not an insurance company, so does not conduct underwriting, collect premiums or maintain reserves to pay claims. Qolaq provides programs and the MAP for its Members. Qolaq receives contributions from Members to operate the MAP. Qolaq's MAP follows proven, successful mutual aid models of the past and is developing a Web3 platform with Soroban to facilitate immediate claim settlement and permit Members to collectively decide on claims with full transparency, removing conflicts of interest. Full Member privacy can be achieved while delivering fair and impartial participation. The costs for administering MAP will be transparent and can be recorded on chain. MAP's decentralized approach also removes significant operating costs/commissions of typical insurers. MAP programs are designed for the underserved seeking coverage but either do not have access to traditional insurers, have been rejected due to underwriting requirements, do not understand complex insurance policy terms or cannot afford monthly premiums. Leveraging Soroban will enable automated remittance of claims upon Members' approval. Qolaq also seeks to access the existing financial rails through Stellar/Soroban to provide fiat on/off ramps for payments. Based on Stellar's commitment to financial inclusion, such collaboration will support Qolaq to reach beyond its initial markets to provide our decentralized MAP internationally.
$150.0K
Doory
Barry Lee
No other submissions.