AMA RECAP POLYGON
We had the privilege of joining Polygon for an AMA session to talk about the wonderful things we have planned for our communities and all the benefits our users would reap. Here is a quick recap on all that was discussed:
Q. Hello! Thank you for joining us today. Please tell us something about yourself and how your crypto journey started, and how you started CoverCompared?
My name is Kunal Sadani and I am the CEO of CoverCompared. To give a bit of background on myself, I have been based in Dubai (UAE) for over 15+ years. Most of my experience has been developing, building & managing large-scale B2C insurance products & markets with multinational insurance companies (AIG & Allianz).
I have worked in senior leadership roles building products & partnerships in the Middle East & Africa Region. In my last position, I headed the Retail Insurance vertical for Policybazaar (an insurtech valued at over $1billion with VC partners like SoftBank & Tencent).
My team and I started the CoverCompared project in late 2019 and through our project “CoverCompared”, we aim to provide a platform where our users have the option to pick and choose from a pool of insurance protocols. We also take pride in being the only platform where you can purchase traditional insurance by exchanging your cryptocurrencies.
Insurance is imperative to provide coverage for most uncertain predicaments, and that should be inclusive of your digital assets. CoverCompared simplifies the traditional insurance process and offers immediate foresight to users, helping them be well-informed before purchasing any cover.
Q. Tell us about what CoverCompared is all about? What all are the features and what makes it unique?
Well to put in simple words, CoverCompared is a frictionless marketplace where there is a pool of traditional and crypto-based insurance protocols that our users can choose from according to their coverage needs.
How this makes us stand out is by being the first-ever platform that allows for users to purchase insurance protocols in exchange for cryptocurrencies. You can exchange your crypto tokens to buy any traditional insurance protocols through us. We are insurance aggregators that help provide easy access to users to purchase all their insurance needs in one place.
Q. What are your achievements in terms of community partnership and development in the journey so far?
We are very proud of our journey so far and our consistent efforts have only expanded our boundaries and increased the partnerships we have acquired in such a short span of time.
We have onboarded multiple traditional insurance providers and have successfully become a multi-chain insurance aggregator. We are also working on our dApp which is expected to be launched at the earliest. We will be having our testnet going live really soon as well and this is just the tip of the iceberg for us.
Q. What asset will the platform support in exchange for the insurance and what would be the minimum amount to get insurance?
Our upcoming platform will allow users to purchase a host of insurance policies for their various assets — crypto as well as traditional — using a host of different cryptocurrencies like ETH, USDT, and of course our own native token $CVR; users that choose the latter option will also be offered discounts on their policies. I would say there’s no such minimum amount — these things are dynamically dependent on various factors like the asset the policy is being purchased for, policy cover period, etc.
With our wildly evolving world, there are a lot of innovative creations that are coming into place but there is a significant amount of risk associated with the same.
Insurance has become such an imperative necessity as it provides a safety net for all matters, whether it be in regards to personal assets or even in the digital space. Safeguarding your assets is very important as it is very unpredictable what accidental predicaments could occur and insurance is the perfect solution for it all.
Q. What made you choose Polygon and what are the advantages of Cover using Polygon?
Considering how large the Polygon Network has expanded to, with a total value locked of $8,368,519,79 it seems quite clear as to why launching on the Polygon Network would be very beneficial for both our communities.
Insurance, as mentioned, has become a necessity rather than an added advantage and by launching on the Polygon Network we will be able to provide the needed coverage for all users to protect their assets in case an accidental predicament occurs.
CoverCompared is providing the solution of safeguarding these assets from any such vulnerabilities. This would be building great traction for our platforms and providing the necessary coverage needs for both our communities.
Q. If we talk about security, what are the measures taken for that?
Being an insurance aggregator that enables people to safeguard their assets, we at CoverCompared take security very seriously. This is why ahead of our upcoming dApp launch, we’re ensuring that we get all our smart contracts audited by some of the best audit firms in the crypto space. Additionally, we’re also gonna host a rewarded public bug bounty where users will be allowed to test our dApp and report any bugs or issues they can find so that our hard-working dev team can eliminate them all before our app is live.
After this conversation, we moved on to opening up the platform to the community to clarify any questions they might have.
Q.Is there any news on a staking programme?
Yes, we are very happy to announce that we have a staking programme that is set to go live this week! You will receive an update with all the relevant details including the date, APY and other details very soon so keep an eye out on all our social media.
Q. What are some other important dates the community should look out for?
The upcoming two weeks are going to be jam-packed with a lot of surprises for our community. Without spoiling much I can say that Dec 15th is a date that needs to be marked and we will be ending the year with a lot of fun projects.
Q. How is Covercompared different from other crypto-insurance companies like BMI, INFI etc? How do you aim to scale up your product?
We would not call ourselves insurance providers but rather insurance aggregators where we provide a platform to connect users with a pool of insurance protocols that they have the option to choose from according to their needs.
Our uniqueness stands in the fact that on our platform you will be able to purchase traditional insurance protocols in exchange for cryptocurrencies.
Q. Any updates on the dApp?
Yes, the dApp is currently in the works and we are funnelling our efforts into ensuring that it can be launched with ease of access to users. Our community can expect this launch at the very earliest and our users will gain a sneak peek at our dApp through a testnet that will be live soon.
Q. What are the upcoming projects for CoverCompared?
Our primary project right now would be the launch of the dApp which as mentioned is coming soon with our testnet going live in the coming weeks. We also have our staking programme going live soon with many partnerships lined up. This is going to be a great month for our users and we will be ending the year with a bang.
Q. What makes CoverCompared relevant in the insurance industry?
We function as an insurance aggregator by partnering with multiple insurance providers to provide adequate insurance protocols that users can customize to pick and choose as per their needs.
This is the first time that such a frictionless insurance marketplace has been brought forth and is only our first step in decentralizing the insurance industry, which remains cooped, to the public.
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CoverCompared is the First DeFi insurance marketplace for the global crypto ecosystem. We aim to lower transactional and administrative costs of insurance policies and coverage while providing high-value, cost-effective insurance products bought using a host of cryptocurrencies.
Our platform will be connecting users with multinational insurance providers for all global insurance products such as crypto-related protection, health, life, and travel policies. The platform will include a frictionless insurance marketplace experience that incorporates next-generation blockchain technology and tokenized incentives.