Fida - (Re)Insurance Investment Marketplace

[GENERAL] Name and surname of main applicant

Rodolfo Hansen

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Entity (Not Incorporated)

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

6

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language

No

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

Build the Fida (Re)Insurance Investment Marketplace where investors can manage their portfolios and trade fractionalized insurance risk contracts in order to maximize yield and risk diversification

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

No

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

No dependencies

[GENERAL] Will your project’s output/s be fully open source?

No

[GENERAL] Please provide here more information on the open source status of your project outputs

The project outputs are the web application itself, Fida's core system.

[METADATA] SDG rating

8: Promote sustained, inclusive and sustainable economic growth

9: Industry Innovation and infrastructure

10: Reduced Inequality

[SOLUTION] Please describe your proposed solution

When investors trade risk contracts they need more information than ordinary asset trades to make effective decisions. Our solution proposes the introduction of a novel user interface to help users assess their portfolio's risk profiles at a glance, before and after trades.

Here are a few screenshots of what we're drafting for the product moving forward.

Much is still getting pinned down by our team, and expect several more interactions with our experts will be necessary as we start building out the full user experience for

[IMPACT] Please define the positive impact your project will have on the wider Cardano community

Integrating Insurance Tech into the Cardano Ecosystem aligns with Cardano's core values of sustainability, transparency, and inclusivity. By supporting this proposal, Cardano can demonstrate its commitment to leveraging blockchain technology to address pressing global challenges. Furthermore, this endeavor aligns with the United Nations Sustainable Development Goal 10, which calls for reduced inequality. By bringing insurance solutions to under-served populations and enabling participation from diverse stakeholders, Cardano can contribute significantly to achieving this goal and solidify its position as a leader in driving positive social impact. Already we are helping PAINS whose goal is the restitution for users affected by social media scams on the blockchain.

This MVP will directly expand the Cardano community, by bringing in brokers and other Opportunity providers to explore the application, bridge and lock assets into the ecosystem. Thus strengthening the ecosystem while solving a key problem within the insurance industry. By attracting users and stakeholders from the insurance sector, FiDa will bring new participants into the Cardano community, expanding its reach and diversifying its user base. The introduction of Insurance Tech to Cardano will enable the ecosystem to become stronger by unlocking new avenues of growth and innovation within the insurance industry.

The project's impact on the Cardano ecosystem goes beyond funding the project team. It brings tangible value by providing a real-world use case for Cardano's technology, demonstrating its scalability, security, and applicability to the insurance sector. FiDa has the potential to attract significant usage and transactions within a reasonable time-frame. While specific numbers may vary based on market adoption and external factors, we expect FiDa to attract a substantial number of users and facilitate a considerable volume of insurance-related transactions.

The introduction of FiDa and Insurance Tech to the Cardano ecosystem will position Cardano as a leading blockchain platform for insurance solutions. It will foster partnerships with insurance companies, brokers, and investors, further strengthening the ecosystem's reputation and reach. Additionally, by addressing the challenges of limited capital allocation and competitiveness for smaller investors in the insurance market, FiDa will promote financial inclusion and reduce inequality, aligning with Cardano's core values.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

We possess the necessary capabilities and track record to deliver our project with high levels of trust and accountability. Our existing capabilities demonstrate why we are best suited to undertake this initiative and effectively manage the allocated funds.

1. Technical Expertise: We are working with Developers from BinarApps who worked on Byron Network and are also contracting directly with IOG. With them, we have already made significant progress in the development of the Risk Transfer Protocol on Cardano. The pseudo-code for the protocol, utilizing the concepts available in Plutus is already written. Furthermore, we have already established a codebase for two of the validators in actual Plutus v2 The creation of which can be seen in these TX: . This technical expertise showcases our deep understanding of the Cardano ecosystem and our ability to leverage its features effectively.
2. We're already developing key components (both open and closein our github
3. Prior Commitment and Dedication: Despite limited resources and time constraints, we have been actively working on this project. Currently, we allocate around 4 hours a week to its development. However, with the Catalyst Fund support, we will be able to dedicate our full-time efforts to building out the contracts. This commitment demonstrates our passion and determination to deliver the project successfully.
4. Transparent Project Management: We have a clear project management structure in place to ensure transparency and accountability. We maintain regular communication channels to provide updates on the project's progress, milestones achieved, and any challenges faced. By adopting an open and collaborative approach, we foster trust and accountability among our team members and stakeholders.
5. Proper Fund Management: We recognize the importance of managing funds properly and maintaining financial integrity. To ensure this, we have established robust financial processes and controls. These include implementing clear budgeting procedures, tracking expenses, maintaining accurate records, and adhering to regulatory and compliance standards. We understand the responsibility associated with handling allocated funds and will prioritize their appropriate usage for the project's advancement.

[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?

A set of design boards, and broad user experience workflows and diagrams to map out how the web application will behave

Incentivised Private testnet to industry advisors and key community members to capture feedback, find bugs, overhaul and general user experience improvements.

Incentivised public testnet to capture feedback, find bugs, and general user experience improvements.

Final launch and release of the (Re)Insurance Investment Marketplace on mainnet.

[RESOURCES] Who is in the project team and what are their roles?

Rodolfo Hansen - Co-Founder, CEO

Sławomir Śledź - Co-Founder, CTO

Andrew Bowness - Co-Funder, Insurance Product Owner and Advisor

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources

The monthly costs for this project by role is:

• Product Owner $58p/h
• Architect $60p/h
• UI/UX Designer $30p/h
• Backend + Plutus Developer $40p/h
• Frontend Developer $35p/h
• Automated Tester $30p/h

Over the 6 month period, these costs settle to:

• Product Owner $12,000.00 Working full time (207 hours).
• Architect $6,200.00 Working part time (103 hours).
• UI/UX Designer $20,640.00 Working part time (516 hours).
• Backend + Plutus Developer $10,320.00 Working part time (258 hours).
• 2 Frontend Developers $72,240.00 Working full time (1032 hours each).
• Automated Tester $7,740.00 Working part time (258 hours).

For a total of $129,140.00 which is (at the time of writing) ₳314,976.32 slightly below the requested funds. All additional costs will be handled as needed out of pocket e.g. server costs, online service fees for products like gitbook, github, and google workspace, our own time, incidentals, etc.

This breakdown is in the interest of both simplicity and transparency for the community.

[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

The cost of the project represents value for money for the Cardano ecosystem in several ways:

1. Potential Impact: By bringing Insurance Tech to the Cardano Ecosystem through a polished web application, the project has the potential to unlock significant value and opportunities. Insurance technology can provide greater financial inclusivity, risk mitigation, and economic stability, aligning with the goals of reducing inequality. The long-term benefits and positive impact of this integration will far outweigh the initial costs.
2. Market Potential: The insurance industry is a multi-trillion-dollar market globally. By leveraging the Cardano Ecosystem to introduce Insurance Tech, there is an opportunity to tap into this market and create new revenue streams. The costs associated with the project are justified by the potential market growth, attracting new participants, and expanding the ecosystem's reach.
3. Future Returns: While the upfront costs may seem significant, they are an investment in the future growth and development of the Cardano ecosystem. The integration of Insurance Tech can attract new users, increase transaction volumes, and enhance the overall ecosystem's productivity and value. The long-term returns and benefits generated by this project can far exceed the initial expenditure.