What is Umbrella Coin?

Umbrella Coin is a next generation insurance platform built on the Ethereum blockchain. Our goal is to provide value to our policyholders with residual benefits when life events happen.

What is the team of Umbrella Coin ?

We’ve put together a team of special individuals who get it – who get YOU. This team has spent almost two decades face-to-face with clients in many different roles ranging from sales to customer service, and has written commercial software products used by millions of people across the world. We’re combining our expertise to deliver you a reliable, sustainable, worry-free system to help keep you safe.

What is the Path ahead?


What is the project about?

UMC was founded with the idea that insurance companies around the world getting rich while providing as little service as possible is fundamentally wrong. As premiums go up for Property/Casualty (P/C) and Life/Health (L/H) – policyholders are still required to pay hidden costs such as deductibles, co-insurance, and co-pays. In the United States, it is very prevalent to avoid exercising L/H insurance, like visiting a doctor, because of these hidden costs, while people actively avoid filing P/C claims to avoid rates going up. We think it’s wrong that the entire industry is founded on not using the service they provide. UMC believes that blockchain technology built on a decentralized network can change this forever.

Traditional insurance companies take your premiums and invest it. This is called float. They build interest by investing it in various commodities and pay out claims from this pool. We’re going to build a similar system on the blockchain. Users will create a benefits package by contributing to the UMC float pool. This entitles them to at least get their UMC back if they don’t use the package but, in case they need to file for a payout, a vote will be held in the community of other policyholders. The policyholders will ultimately decide if the payout should be approved and what the amount should be. The latter amount will be capped while we initially try to reach equilibrium in our float pool. There will be a small incentive for voting. We are also going to take measures to ensure the float pool isn’t drained such as imposing fees if the funds to create packages are withdrawn early.

How does it work?

What is the Distribution/Crowdsale?

Crowdsale Start Date: 20 August 2017 12:00 UTC

Crowdsale End Date: 20 October 2017 12:00 UTC

Issuance of UMC Tokens: 100,000,000 Tokens

Exchange rate: 600 UMC = 1 ETH

Minimum contribution: 60 UMC = 0.1 ETH

Minimum funding goal: 5000 ETH

Maximum funding goal: 100000 ETH

Bonuses: for the first 5000 ETH raised, the participants will get a 100% token bonus

Bounty: 1,200,000 Tokens (1.2% of issuance)

Token distribution rules:

68.8% (68 million tokens) will be available to participants

20% (20 million tokens) will be used to build a preliminary float pool.

10% (10 million tokens) will be distributed among team members

On conclusion

UMC is being developed to decentralize benefit payouts and put power into the hands of policyholders. We are targeting an aggressive development and launch data for our tokens and client allowing coin holders to submit and make claims. Initially we will target paying limited amount benefit payouts with very strict and very low payouts to ensure solvency.


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