DeFi is great,
but there's no insurance if things go wrong.
You could be stuck wrecked holding a worthless bag
due to a hack or flash market crash
causing a liquidation.
Maybe your wallet gets hacked,
or perhaps you purchased into a project that's gone into bankruptcy and now is abandoned.
One project seeks to become the crypto insurance solution for such terrible events.
If something bad happens,
this one's got you covered.
And this gem could be the next one to set your bags on fire.
Let's get it!
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Welcome to BitBoy Crypto! The largest crypto channel in all the Interwebs.
My name is Ben.
Everyday, I show you how to make money in cryptocurrency.
If you like money and crypto, make sure to hit that subscribe button.
In this video, we're going to be showing you what could be the next Polka project to bust it wide open.
Today's project is PolkaCover.
And a big thank you to PolkaCover for sponsoring this video.
My research team thoroughly reviews all projects that approach us,
and they felt like this one is a project not only worth our time,
but that could be a gem to add to your portfolio.
But, of course, do your own research
as this is only my opinion and not financial advice.
Founded in late 2019,
PolkaCover has been working toward creating the world's leading crypto-friendly insurance purchase and policy issuance marketplace.
The aim of the project is to be a one-stop shop for all your crypto and personal insurance needs.
This week, the dApp beta for PolkaCover was launched,
demonstrating the marketplace user interface
and how cryptocurrency users can compare multiple types of insurance products in one place.
At the end of the video, we've got a preview of the app provided by the team.
Now, a few of the insurance products that PolkaCover will cover for loss of crypto include
exchange hack and bankruptcy,
for example, the KuCoin hack,
wallet hack,
storage damage,
and phishing attacks,
stop loss in volatile market drops,
project bankruptcy,
abandoned and fraudulent ICOs.
They aren't just offering insurance and crypto but also health, life, education and family insurance.
The team is working on building global crypto insurance products to protect over 50+ cryptocurrencies.
This team should not be ignored.
They're working with multinational insurance companies who are going to provide crypto insurance products
and PolkaCover to get exclusive access to these products.
PolkaCover is led by Kunal Sadani registered in Estonia.
Sadani has been based in the Middle East for over 25 years and knows the region as his home.
Kunal's passion for the insurance industry and innovation in technology is what drove him to start his passion project, PolkaCover.
Kunal has worked with several multinational organizations
as well as a leading insurtech startup in senior leadership roles.
Kunal's career has been a part of the biggest game-changing entities in the insurance industry,
including AIG, Allianz and PolicyBazaar,
an insurtech startup backed by SoftBank valued at over $1 billion.
The co-founder and CIO of PolkaCover, Anthony Thomas, has had spectacular growth in the field of technology and management from a very early age.
Throughout Anthony's career,
he has successfully created several regional backend system platforms,
alongside backend projects for multinational insurance providers
such as Allianz and NextCare,
leading insurance associations worldwide.
PolkaCover bridges the gap between traditional insurance companies
and the crypto-insurance products,
offering normal global insurance options for health, protection and more.
What's more, the platform will provide several tokenized incentives
making it up to 40% cheaper than any traditional insurance channel.
You may have guessed it,
but maybe not,
PolkaCover is being built on Polkadot using Substrate and Moonbeam
for smart contract functionality.
However, currently, PolkaCover is being built for its mainnet to go live on Binance Smart Chain.
Migration to Polkadot will take place after the Polkadot mainnet goes live.
Now, as far as partnerships go,
PolkaCover has made some high profile connections.
For starters, the project is partnered with Band Protocol and Umbrella Network
for building its oracle on the backend for both protocols.
For insurance, PolkaCover is partnered with 971 Insurance,
a regulated insurance broker that distribute insurance policies to crypto users globally.
PolkaCover will also utilize UnoRe, a reinsurance protocol,
to be able to underwrite crypto insurance products which are regulated by real world insurance authorities.
So far,
PolkaCover has pledged to provide protection to Phantasma against NFTs' impermanent loss,
LABS Group for coverage to their real estate and NFT assets,
and Orion Protocol to protect against exchange hacks for traders on their platform.
That's just a few partners mentioned
with a growing list of partnerships.
World-class crypto audit firm Hacken audited PolkaCover smart contract code
with a 100% success rate.
To provide access for crypto users to use fiat or their cryptocurrencies
to process their policies on PolkaCover,
they partnered with fiat on and on-ramp, Transak.
That's Transak with a K.
Since PolkaCover's IDO launch on Ferrum Network on January 21,
the token has surged 20X on Uniswap.
But with the tokenomics here,
PolkaCover might still have some room to run further.
So let's go ahead and discuss those tokenomics.
So here are the token use cases for PolkaCover.
No. 1: Policy Purchase
Customers can buy insurance using the token,
and third parties can offer payment gateways and integrations
which remove the necessity to own cryptocurrency from the end of the customer.
No. 2: Policy Discounts
To encourage the use of the token,
policy discounts up to 40% will be provided for using the token.
No. 3: Cross Border Policy Issuance
The platform will provide only global policies that can be bought via the token globally.
No. 4: Claims Payout
All claims are paid out using the token.
The customers can choose to hold the payment in the token or convert to fiat currency.
Incentives are provided to receive and hold the claim payouts in the token.
No. 5: Referral Fee, Product Reviews and Survey Forms
Customers who refer new customers will be paid using the token.
Customers who provide insurance policy reviews will be rewarded using the token.
No. 6: Fast Claims Incentive
That goes out probably without any needed explanation.
You get your claims processed faster.
No. 7: Data Sharing
If the customer allows the sharing of their information for market analysis,
PolkaCover will incentivize them with the tokens.
No. 8: P2P Policy Issuance/Claims
So the P2P policy issuance and claims payouts will happen exclusively through the token itself.
No. 9: Manual Policy Quotes
Certain insurance policies cannot be hardcoded in the platform
due to the complexity and analysis needed by the insurance providers, at least at this time.
In such scenarios, token incentives will be provided to the insurance provider for quick TAT responses.
In recent years, former hedge fund manager and current financial analyst Teeka Tiwari
has given several mentions to their newsletter members
rating PolkaCover as one of the top 3 insurance-based cryptocurrencies to look out for.
In an article, Teeka and his team mentioned PolkaCover and its services
how rapidly the project is growing.
Now, speaking of growth,
PolkaCover just released its 2021 roadmap.
So coming up in quarter 3 of 2021,
they have their marketplace alpha release.
They're also going to start doing crypto insurance partner onboarding.
They're going to launch on the Binance Smart Chain also very soon,
along with Kusama and Polkadot later on.
2022 is also going to be a big year
as they're going to see the release of their P2P platform beta,
also their governance platform launch.
There's going to be a lot of big stuff coming in the next two years for this project.
You're definitely going to want to pay attention to it.
But at the heart of this project is insurtech.
It's the usage of technological innovations designed to make the existing insurance industry more efficient.
By using technologies such as AI and data analytics,
insurtech solutions allow products to be priced more competitively.
Insurance companies are widely adopting numerous solutions
to drive cheaper, better and faster operational practices.
According to Grand View Research,
the global insurtech market size was valued at $2.72 billion in 2020.
The insurance tech industry is expected to expand at a compound annual growth rate
of almost 50% from 2021 to 2028.
The increasing need for digitization of insurance services is expected to propel this market growth.
Insurance companies are focusing on improving communication with their clients
and capabilities to implement automation processes.
Currently, the market cap of PolkaCover is sitting at around 13, almost $14 million.
It's a little over 10X at its current price of 67¢ per coin.
Now, if you want to pick up a bag of PolkaCover,
you can use Uniswap, Bilaxy or Hoo.
I'll end this video with a preview of the coming beta app,
so stay tuned after the outro here.
That's all I got.
Be blessed.
BitBoy out.
Here is a sneak peek at our marketplace app.
Simply connect your CVR wallet,
select your insurance product,
add your coverage detail,
get the best value products available to you,
just pay with CVR,
and voila!
For more information, visit www.polkacover.com.