AMA Transcript: NftyPlay x CoverCompared
Recently NftyPlay got the incredible opportunity to host and be a part of a super insightful AMA session with its latest strategic partner CoverCompared, to enlighten the community on the newly-formed alliance.
For those who missed this session, do not fret! This AMA Transcript has all you need to know!
About CoverCompared: 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 forum will include a frictionless insurance marketplace experience that incorporates next-generation blockchain technology and tokenized incentives.
SEGMENT I: INTRODUCTION
Parveen: Hi @ksadani Before we start, can you please introduce yourself to the community? I am sure many would like to know about your background and much more!
Kunal: Sure! My name is Kunal Sadani; I’m 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).
Q1) Can you briefly introduce your project to us?
Kunal: Through our project CoverCompared, we aim to be the first multichain insurance aggregator. We believe that insurance is a necessity that should provide coverage for most unpredictable events and that should be inclusive of your digital assets.
Cover Compared simplifies the traditional insurance process and offers immediate foresight to the users helping them be well-informed before purchasing any cover.
Q2) Would you elaborate on how NFTs relate to your project?
Kunal: NFT’s have dominated the digital world as of late and by the ratio of their popularity, it is clear that they are here to stay. But there remains a lot of apprehensions when it comes to trading in these digitized assets due to their highly volatile nature. People are holding themselves back as they fear the risk outweighs the return.
I believe that it is an absolute necessity to provide coverage for NFTs, just like how coverage is provided to ensure most assets are considered valuable to us. As insurance aggregators, we aim to ensure a safety net is set and the users are given 100% transparency in how these coverages will help protect their assets to encourage them to further invest and trade on these platforms.
Q3) As excited as we are for this partnership, could you tell us how this alliance would benefit both our communities?
Kunal: This partnership would only further strengthen our communities and help open up secure gateways for users to engage in NFTs. When there is adequate assurance that their assets are well safeguarded, and coverage is provided according to their needs, it will only promote growth while prioritizing the well-being of our communities.
This integration will allow the Nftyplay community to gain access to the CoverCompared marketplace, where users can buy insurance coverage for a wide range of varying needs. At the same time, this will provide CoverCompared users with a platform to trade NFTs on Nftyplay. A dual growth is possible and would only help both our communities security at the same time, prompt for new users to join hands with us.
Q4) What does the future hold for CoverCompared?
Kunal: I have to say the future looks incredibly promising for us!
The constant support from our communities and the consistent efforts we have put into expanding our territories have yielded beautiful results and led to building some great connections that will result in amazing innovations. As we expand our network and engage in more partnerships, our global presence and network will continue to improve. We will continue to innovate and revolutionize insurance within the DeFi realm.
In addition, we will continue to expand the pool of our crypto protocols offerings to ensure that our users are spoilt for choice at CoverCompared, irrespective of what kind of insurance cover they are looking for.
SEGMENT II: LIVE Q&A
Q: Maich Mafiaa: What are the payment gateways that can be used on CoverCompared?
Kunal: We are offering multiple payment options to our community and the end-user can purchase through the use of cryptocurrencies.
We have our very own token $CVR that would give users additional benefits while purchasing the covers.
With regards to the benefits, there are several use cases where the token may be used including Crypto Insurance Policy Purchase, Policy Discounts, Staking / Risk Assessment & Governance Rights, Claims Payout, and even Cross Border Policy Issuance.
Q: Joker Jackman: Is there anything coming up from CoverCompared that we should be excited about?
Kunal: We have a lot of exciting news in the works, which we cannot wait to share with the community soon! While prioritizing our users, we are taking mighty steps in becoming a multichain insurance aggregator and cannot thank the community enough for their constant support.
As we proceed along this path of breaking boundaries and revolutionizing the insurance industry, we are most proud of the people that have joined hands with us in witnessing these groundbreaking innovations. We are continuing to expand our partnership network and optimize our services and are confident that our solution optimizes user experiences and fulfills an unmet insurance need in the market.
Q: Sweat: What is the benefit of holding your token as a long-term investment? Can you tell us about the motivation and benefits for investors to keep your token in the long run?
Kunal: The CVR Token will be used throughout the platform for various activities. Staking, Insurance, Governance, Claims Management, Payouts, Loyalty schemes, and Policy Discounts.
Q: Cát Tiên Schaffer: What is your strongest advantage that you think will make your team lead the market?
Kunal: We believe “CoverCompared’’ better demonstrates our values and offerings. CoverCompared is the world’s marketplace that offers traditional and cryptocurrency insurance products, all available for purchase through a host of cryptocurrencies. CoverCompared is dynamic, unique, and fresh — and will be the new face of our brand.
Q: Dan Fomo: Where can I get the latest updates or more information about the project?
Kunal: You can keep yourself updated with all the CoverCompared updates on our Twitter Handle, Medium, Delta, and Blockfolio.
Links can be found on our website: covercompared.com
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