October 27th, 2022 - In a move that signals the beginning of a new era for the global insurance market, Day By Day will offer insurance policies in the form of non-fungible tokens (NFTs) starting today.
This world-first NFT utility marks the first phase of Day By Day’s decentralised insurance platform which aims to provide personalised, on-demand and lower cost insurance cover for real-world assets. Owners of Day By Day insurance policy NFTs will receive passive income when their unique NFT is used to provide cover to insurance customers.
“Following terrible first hand experiences with existing insurance companies and their processes, we developed a solution for fairer and better value global insurance. We have been working hard over the past year to build a decentralised solution made possible with public blockchain infrastructure. And thanks to our grant from the Algorand Foundation, we are excited to be delivering our solution. People are no longer happy with one size fits all insurance products - they want to be able to tailor their cover to their specific needs. With our new NFT policy platform, we are giving them exactly that, representing a huge step forward for the industry.”
- Bill Angelidis, Founder and CEO of Day By Day
This launch is the first phase of the Day By Day insurance platform, and enables users to create insurance policy NFTs without taking on the risk of underwriting.
Anyone wanting to own these NFT policies can follow the steps below:
1. Go to the Day By Day platform app.daybyday.io
2. Connect your Algorand wallet to sign up
3. Choose exactly what asset categories, insurance events and time period you want to insure assets for
4. Choose your blockchain to mint your NFT on
5. To get a discount on your mint price, burn 10% of your mint price in DBD tokens
6. Mint your policy with ALGO or USDC on Algorand
Over the coming months Day By Day will release a DeFi underwriting solution, onboard customers to get insurance coverage from NFT holders and release their smart contract claims solution.
The insurance industry is ripe for disruption and web3 introduces the perfect technology to bring trust, transparency and lower costs to customers. It gives anyone around the world the opportunity to invest and puts the power back in customers’ hands.
Visit the Day By Day website to get involved at https://daybyday.io and follow them on Twitter and LinkedIn for updates.
For media enquiries, please contact Renee Chung.