PolkaCover Community AMA- Recap
SECOND COMMUNITY AMA
Moderator: Aaron Barboza:
Hello PC Crew.
Welcome to the Second AMA happening at our chat channel.
We are excited to have Kunal Sadani, CEO — PolkaCover with us today.
Kunal Sadani:
Hi! Glad to be here.
Moderator: Aaron Barboza:
@ksadani let’s start.
Can you briefly introduce yourself as well as the PolkaCover?
Kunal Sadani:
Sure. Anthony & I have been based in Dubai (UAE) for over 15+ years.
I have previously worked with multinational insurance companies (AIG & Allianz) in senior leadership roles building products & partnerships in the Middle East & Africa Region. In my last role, I was heading the Retail Insurance vertical for Policybazaar ( which is an insurtech valued at over $1billion with VC partners like SoftBank & Tencent) reporting into the CEO. My experience has revolved developing, building & managing large scale B2C insurance products & markets for over 10 years from scratch.
Anthony was working with Allianz Partners for over 4 years and was part of a strategic development team where he worked in building third party implementations, automation engines & workflows for insurance partners & third party vendors in a B2B & B2C environment. Anthony has been working in creating back end solutions for these insurance products and we have previously worked together as well on several projects for Allianz which is where we had met.
@Polkacover, we saw that there was a massive need for insurance products with not many providers in this space so we got on a mission to create a insurance marketplace platform which could benefit the larger crypto marketplace.
Moderator: Aaron Barboza:
That’s a really impressive background.
Kunal Sadani: Thanks!
Moderator: Aaron Barboza:
Next Question: What’s your role at PolkaCover and what is the project about in a few simple sentences?
Kunal Sadani:
I look after business development and partnerships to get to the desired platform, while anthony focuses on the operational and the development side of the business.
We at PolkaCover are building a one-stop crypto-insurance & one-stop market for traditional and decentralized insurance products and services to provide crypto users in the marketplace providing the mass market an option to protect their Crypto, DeFi & NFT assets.
Our products are targeted at early & retail crypto user base and providing covers against exchange hacks, Exchange bankruptcy, phishing attacks to name a few.
Moderator: Aaron Barboza:
That’s a detailed answer.
Moderator: Aaron Barboza
Q3 coming up: What products — coverages — are you offering?
Kunal Sadani:
As we have several products in the pipeline, our initial focus is bring out products targeted at crypto currency users which is backed/underwritten by large traditional insurance companies. In the medium term, we are also building out our own P2P Insurance platform (Insurance DAO) where we would have additional products in there as well.
A few of the initial products we are working on are
. Loss of crypto due to exchange hack
. Loss of crypto due to phishing attack
. Loss of crypto due token going bankrupt or project abandonment to start with
. Impermanent loss to NFT assets
plus we have loads of partners we are working with that are going be announced over this month.
Moderator: Aaron Barboza: Sounds amazing.
Next Question: How many people are on the team? And For how long have you been working on PolkaCover?
Kunal Sadani:
Currently we are a growing team of 12 which includes 3 full time & 2 part time devs, this includes our technical and marketing team alongside me and anthony, in addition we have also partnered with Audace Labs as our technology advisors who we consider as part of our team as well.
The Idea for PolkaCover was penned out somewhere early 2020, and did a bit testing and market scoping for about a year. We had been speaking to insurance companies to warm them up to crypto insurance product for about a year and when we finally received a positive response is when we announced the project a couple of months ago.
Moderator: Aaron Barboza:
Incredible!
That looks likes a star-studded team behind an awesome product.
It’s time for community questions, are you ready @ksadani?
Shall we open the flood gates?
Kunal Sadani: Let’s do it!
Q. How is CVR unique?
Kunal Sadani: Currently, there are no platforms connecting the traditional insurance world to the crypto space. With our experience and connections within this sea of insurance companies, we are gonna fill this gap making crypto a safer and secure space for all retail crypto users.
> Q. Loving the partnerships so far, are there more coming up?
Kunal Sadani: We have a host of partnerships within as well as outside the crypto space in order to create a complete ecosystem of products and services. Be ready for a lot of announcements regarding our partnerships over the next month with some of the largest projects in the space.
Q. Hello there, when will staking be open again?
Kunal Sadani: As of now, there are no plans for staking to be open in the short term. However, we are looking into it and we will be sure to keep the community abreast of any announcements we have!
Q. How is the market looking for CVR?
Kunal Sadani: The crypto insurance market is as good as a virgin market because less than % of crypto users currently have any insurance against their assets, which provides a massive opportunity for PolkaCover to be the leading insurance provider for crypto users.
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Q. When are you planning to move to Polkadot?
Kunal Sadani: Polkadot is planning to go live on Q3 this year and we intend to go live on Polkadot in the same quarter.
Q. CVR is huge. just want to know when we get list on more exchanges?
Kunal Sadani: Real soon. We are speaking to several exchanges at this point. However, we want to ensure that we list on an exchange which provides a good amount of liquidity to transact.
Q. There has been a lot of conversation around tokenomics inflation. What are the plans in place to control selling pressure?
Kunal Sadani: [Good question. We do not and cannot speculate on the buying/ selling price of a token. However, we are working towards building token adoption on our platform. Regarding the tokenomics inflation, the details of unlocks have been provided to the community. From now till the end of the year, only 25% of the tokens will go into circulation which were distributed during private sale. The remaining tokens which are unlocked do not go into direct circulation as they are held within the wallets of the PolkaCover ecosystem and will be used only if necessary.
Q. Hello Kunal, pleased to be here , magnificent product!
It has been a ride last couple of weeks I imagine, pointing to a amazing partnership ( paid) with a challenging outcome… may i ask which role CVR played in this matter?
Kunal Sadani: Hi, it is unfortunate the situation that PAID Network’s community has gone through in the last couple of weeks. However, our partnership was limited to the usage of the solution that they were building. We hope the PAID Network team is able to overcome this bump in their journey and continue to develop their platform.
Q. You had a great partnership lined up with one of the UAE based insurance firm, are there similar partnerships lined up with other companies from across the globe?
Kunal Sadani: Yes, we are currently speaking to multiple MNC’s regarding crypto as well as retail insurance products. We’ll be announcing the partnerships as they come along. Stay tuned!
Q. Thank you for your answers. Simply put, Is PolkaCover going to be Policy Bazaar of the crypto space?
Kunal Sadani: Bigger!
Q. In term of p2p insurance, what will make PolkaCover better than others?
Kunal Sadani: In the P2P insurance model, one of the biggest risks that we have identified is the methodology towards risk pricing for a policy is unfortunately not backed by data and leans more towards market requirement. This makes it a highly risky policy which could ideally burn the insurance protocol in case of claims being of a higher frequency than estimated. We are working with an external risk actuary to build our products to ensure the pricing is in line with the risk exposure.
Moderator: Aaron Barboza
Q. I have one last question. I know this is a prototype image but the website url is still up for grabs. I suggest you guys book it asap.
Kunal Sadani: We actually already purchased the domain well before the project began, don’t worry about it. In any case, the website will soon be updated.
Q. So it’s not fully automatic trough smart contract?
Kunal Sadani: Yes, it is. The risk model will be integrated into the system. In the longer term, through machine learning and AI, the pricing will be revised through a self-balancing model based on claim payouts.
Q. I was brainstorming some insurance ideas for 3rd world countries. Currently when one gets insurance it’s only valid in the country they reside. Will CVR allow for international insurance coverage?
Kunal Sadani: Yes, that is the basis of our model. However, initially there will be limitations to the number of countries in which we can launch. This will be based upon country to country regulations.
Q.> Is there any marketing in the works to bring more awareness to this project?
Kunal Sadani: We have a growing team in house and we are also working with several external crypto marketing agencies as we get closer to the launch.
Q. Can you name any crypto marketing agencies? I feel that recent marketing efforts have not been producing results. 3 days ago there was 7201 members, today that number has gone up by +2…
Could u give us more colour on what additional efforts is the team doing to ramp up exposure in the industry?
Kunal Sadani: There is a constant growth of awareness and actual wallet holders of our platform. We have moved up from 2800 wallet holders at launch to over 7800 wallet holders in a matter of 60 days. This has shown our exponential growth and are working to continue to grow in the same way.
Q.When is launch Kunal? Is the plan to launch in Q2, or is it Q3?
Kunal Sadani: As of now, the launch is the same as it is in the roadmap.
[4:
Q. That is awesome, and great work by the team. But im trying to ask about recent times where there has been a plateau.
How does the team look at growing interest levels/exposure — which has seen a massive slowing of growth rate in recent times?
Kunal Sadani: We are working with several other marketing partners in the crypto space as well as onboarding exchanges to ensure that there is a continuous growth of awareness around our project.
Q. I see Q2 says “go live”, so this is the planned launch? Just making sure I understand the Roadmap. Thanks! And “P2P” is a second version?
Kunal Sadani: Yep.
The P2P platform will go into development after we launch the initial marketplace where we will provide niche products; I.E. insurance against NFTs.
Q. Apologies if this question has been asked earlier. Does CVR have any plans to open yield farming/staking pools over the next few weeks?
Kunal Sadani: Yes, we will inform the community once it has been confirmed.
Q. What do you think will increase the price of CVR?
Kunal Sadani: Sorry, but we cannot speculate on price.
Q. Do you plan to conduct AMA in different groups?
Kunal Sadani: Yes, we are planning further AMAs with our partners.
Q. > And what about further partnerships? Will this affect rapid development?
Kunal Sadani: The intention of partnerships is to further improve the PolkaCover ecosystem and should augment our development.
Q. > Could you help me understand the future product. Lets say i own a NFT worth about USD1,000 and i wish to buy crypto insurance on it. What are the 3 most basic coverages, how long is the insurance policy, and how much will this insurance cost me?
Kunal Sadani: The product is still in development. However, the main coverage will be against impermanent loss.
Q. Hi,I trust cvr and its team, but there is an important issue, it is important how strong the project is, but if it is not mentioned in a reputable exchange such as Bainance, investors will not get the desired result from the project !! My question is, do you have a specific plan for listing on Bainance Stock? My question is only about Bainance Exchange and I want to know if you have a plan to be listed in Exchange Bainance or not?
Moderator: Aaron Barboza
All listings are first announced by the exchanges before being publicised by the client so we can’t comment on that part. Kindly wait for the announcement that’ll be published via our announcement channel.
@Polkacoverannouncement
Q. I just want to know if you think about it or not?
Moderator: Aaron Barboza: We have plans to list in Tier 1 Exchange.
Thank you so much everyone for joining in, the response was just incredible.
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