AMA recap with RageFan
We had the privilege of joining our NFT partner RageFan, for a wonderful AMA session this week to discuss the service offerings of CoverCompared and how we plan on decentralizing the insurance industry. Have a look at all the amazing works that were discussed below:
Let’s start with the introduction of yourself & your project
Sure! 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. The majority 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).
Through our project “CoverCompared”, we bring forth a platform that will be offering a combination of both crypto-asset based & traditional insurance policies for our users to choose from at incredibly affordable rates all in exchange for cryptocurrencies.
Our project has been running since late 2019 and our aim is prioritizing safety for users by offering insurance coverage whether it be in the traditional sense or in regards to your crypto assets.
How would you say that this partnership will be beneficial for our community of users?
We are very delighted to be joining hands with Rage Fan & their community as well. As part of this alliance, we aim to provide the community with access to a platform where users can opt for insurance to safeguard their NFTs against vulnerabilities. Simultaneously, this partnership will also provide CoverCompared users with a platform where they can purchase and trade NFTs on RageFan.
With the explosion of NFT’s in the current world, it is very important to insure your digital assets from any unpredictable risks that are always lurking in the digital world.
Now as we are talking about insurance, insurance has become a necessity especially for digital assets, how does CoverCompared play a part in resolving this need?
Insurance has always been a necessity and with the recent rise in cybercrimes, it has become quite imperative as well. There are a lot of risks that lay within the digital world that cannot be foreseen.
We aim to alleviate this tension of users by offering varied traditional as well as crypto-asset based insurance policies all in one place i.e CoverCompared. Users can for the first time, customize and buy insurance policies, according to their needs that will protect you as well as your personal assets from any risky predicaments in the future and at affordable prices.
Being in the Crypto Space, there must be competitors for CoverCompared as well, we are very curious to know how CoverCompared aims to stand out from its competitors. Thoughts on that?
Of course, competition is something that should be welcomed than avoided. We at CoverCompared is offering a marketplace that for the first time ever will be providing a pool of traditional as well as crypto-asset based insurance policies to choose from all of which can be bought in exchange for your cryptocurrencies at rates lower than any other platform.
We are also the first platform that has enabled gasless policy purchasing. Gas fees are something that causes users to be hesitant in purchasing as the gas fees levied would be incredibly higher than the price of the insurance policy itself but through our platform, you no longer need to worry about gas fees.
With our testnet & bugbounty programme currently live, our users are getting a taste of what all we have to offer & the dApp launch will bring all our offerings to the public.
These are only some of the innovations that we bring to fruition & we are constantly evolving to inculcate the latest technology to expand our boundaries of offerings for optimum utilisation to our users.
Many of the folks out here would be interested to know as to how the future look like for CoverCompared?
Well, the future looks ever so bright for CoverCompared!
With our #dApp in the works. We have so much planned all for the benefit of our users. As we continue to grow and establish more global partnerships, we are confident that our solutions optimize the user experience and prioritize people’s needs above everything. We will soon bring about a newfound era of innovation in the insurance market and give the crypto community access to a vast range of traditional and crypto insurance products & further open up the insurance industry to the public.
We then moved on to an interactive session with our communities where we answered some of twitter’s burning questions.
Q1) What milestones have the project achieved yet, what are the future plans and strategies for the same?
We take pride in being the first-ever DeFi multichain insurance aggregator. You can now insure your assets on the Polygon Network as well as the Ethereum chain through us. Users can pick and choose from various traditional & crypto-asset based insurance policies all for cryptocurrency which is further pushing crypto into the mainstream global payment system.
CoverCompared will also be the first-ever platform to offer gasless insurance policy purchasing which is alleviating a huge burden from our users. Our consistent and constant efforts are aimed at further decentralizing the insurance industry so as to provide access to the larger public. We will only continue to strive to break boundaries by infusing the latest innovations to offer the best for our users.
As mentioned our testnet & bugbounty is currently live, which means that
Q2) I want to invest in your project. Where do I buy your token? Is it available on any exchange?
You can surely find our native token $CVR on the following exchanges.
Orion Protocol: https://trade.orionprotocol.io/pools/CVR-USDT
MEXC Exchange: https://www.mexc.com/exchange/CVR_USDT
Q3) Where immutability and data security are crucial. How does maintain and protect its platform? Can @CoverCompared ensure data security for its users?
That is a very interesting question!
I personally also believe that cybersecurity should be the absolute priority especially with a significant increase in data exposure & hacks.
We as insurance providers, always keep safety & security as our primary goal as well. We will ensure the utmost security in regard to user information on our platform and we are incorporating the best & latest of technology to do the same.
Q4) Nowadays partnership is one of the most important things in a project’s long run, Can we see new partnerships for the project soon?
That is a very true statement. Our partnerships contribute highly to our growth and we are always looking to join hands with like-minded folks.
We currently have various crypto-based as well as traditional insurance providers who have come onboard the CoverCompared platform namely Insurace, Protect4less, Medical Second Opinion and we will soon be having another traditional travel insurance provider who will be joining us soon as well so keep an eye out!
Q5) What is your” strongest advantage that you think will make your team leading the market?
At CoverCompared, our primary selling point is uniqueness. We are always looking to lead the way in being the first in various fields of DeFi. We are the first-ever multichain insurance aggregator that is providing a space for users to buy traditional as well as crypto asset-based insurance policies all for cryptocurrencies & what’s more? You can get 25% discount on all policies when purchasing using our token $CVR.
These are only some of the highlights among the pool of other innovative offerings we have at CoverCompared that is never seen before on any other platforms & cannot wait for our audience to see all the innovative creations that will soon come to fruition.
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.
RageFan is a fan-first decentralized sports platform offering Daily Fantasy Sports (DFS), Sports NFTs, Stake and Mint, Token Hunt App and Sports Oracle aimed at Sports Fans. The Daily Fantasy Sports (DFS) platform and app covers Cricket, Football and Basketball for fantasy sports players. Their stake and mint platform, nftstake.rage.fan, allows NFT farming and has gamified yields with NFTs earning rewards based on outcomes in sports events. Scramble is a Pokemon-like Augmented Reality (AR) NFT & Token Hunt App available on Google Playstore, where users hunt tokens anywhere in the world. Rage.Fan will also host a Sports Oracle, offering reliable secure off-chain sports data.