Please describe your proposed solution.

By introducing Insurance Tech to the Cardano Ecosystem through a Risk Transfer Protocol, we seek to unlock capital efficiency for everyone, creating a more inclusive and equitable insurance landscape.

One of the key problems we aim to solve is the lack of capital willing or even able to allocate in the insurance market for otherwise hard to ensure policies. Traditional insurance companies have dominated this sector due to overhead and upfront costs. As a result, many under-served communities and individuals face significant barriers in accessing adequate insurance coverage.

Our approach stands out by leveraging the decentralized nature of the Cardano Ecosystem to democratize insurance and promote financial inclusion. By implementing a Risk Transfer Protocol, we can empower a diverse range of stakeholders, including individual investors, small businesses, and community organizations, to participate in the insurance market. This inclusivity will not only unlock new sources of capital but also foster competition, driving down costs and expanding coverage options for individuals and communities that have historically been under-served.

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.

The aims of the challenge that our proposal specifically addresses include expanding the Cardano community, strengthening the ecosystem, and 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.

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. 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.
3. 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.
4. 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.

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

Complete documentation of the insurance policy and investor script life-cycles.

This will be presented as both:

• a gitbooks website and
• state machine diagrams running mock on stately.ai

>Full set of validators for the insurance policy script lifecycle.

This will include evidence of the state transitions from the previous milestone recorded on the Cardano testnet and documented in the gitbooks site for confirmation.

>Full set of validators for the investor script lifecycle.

This will include evidence of the state transitions from the previous milestone recorded on the Cardano testnet and documented in the gitbooks site for confirmation.

>- Documentation for running the command line interface to create contracts, pay premiums, invest, and collect claims using our deployed testnet scripts.

• Initial mvp of the platform's main use cases running on testnet, exposing a significant subset of the functionality offered in the cli (command line interface).

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

Rodolfo Hansen - Co-Founder, CTO

Andrew Bowness - Co-Funder, Insurance Product Owner

Please provide a cost breakdown of the proposed work and resources.

The monthly costs for this project include

• Backend + Plutus Developer $6,000.00
• UI/UX Desiginer $4,000.00
• Frontend Developer $4,000.00

Over the 4 month period, these costs settle to:

• Backend + Plutus Developer $24,000.00
• UI/UX Desiginer $8,000.00
• Frontend Developer $8,000.00

For a total of $40,000.00 which is (at the time of writing) bellow the requested funds. Any additional will be handled as needed out of pocket e.g. server costs, our own time, incidentals, etc.

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 Risk Transfer Protocol, 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 can 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.