Frequently Asked Questions
What is Cuvrr?
Cuvrr is a decentralized cost sharing network, powered by Blockchain. Together, as a community, we help each other when needs arise. This is an alternative to insurance that will revolutionize the industry, if not replace it.
How Does it Work?
Members pay a monthly share into their Cuvrr wallet. This can be an automatic payment. These amounts are held in that personal wallet and distributed directly to approved needs. When a need arises, that member works together with Cuvrr to get the best service for the best value. That entails shopping around and comparing prices. In the case of health needs, that can also include taking advantage of prepay, uninsured, and other discounts. Authorized needs are proportionally pulled from all members individual wallets. A small portion is kept for administration. The rest is reserved by you! If the network does not need it, you keep it.
Is Cuvrr insurance?
No. This is not insurance in the traditional sense. It is very similar to Cost Sharing.
Although Cuvrr is used to mitigate risk (like you do with insurance), this is an alternative to insurance that we believe is far superior. Insurance is a contractual obligation to pay for covered expenses. Cuvrr and it’s members cannot guarantee payment since it is a voluntary arrangement where continued participation is essential for the network to be able to reimburse members. If we pooled funds into a central account or were to centrally guarantee payment, we would be insurance and regulated as such.
Why choose Cuvrr over traditional insurance?
There are so many reasons to join Cuvrr over traditional insurance. Eliminate a central insurance company from the equation, and we all realize a system that makes sense. Consequently, your relationship with us is not layered with conflicts of interest. Best of all, the cost savings are staggering.
Will Cuvrr save me 16% or more?
Yes. We should have a better grip on this as we collect more data, but in some sectors, we aim to reduce costs by 50% or more when compared to traditional insurance. Healthcare in particular is an easy target for dramatic savings. There are many layers of cost savings that we can achieve over traditional insurance.
What are some basics I should know before getting started with sharing?
- You need to know that this is not insurance and does not provide any guarantees. Many states require a disclosure which you can see on the Disclosures Page.
- Make sure you understand the basic differences between insurance and cost sharing. Contact us.
- Remember that Cuvrr is not as simple as insurance. As part of our commitment to keep prices down, all members must help reduce costs when it’s their turn to receive help. This means you should be asking for pricing and discounts, comparison shopping, and seeking second opinions. There are some basic cost saving methods and tools you will need to familiarize yourself with.
- Cuvrr is for responsible and prepared individuals and families. It works best for you if you are the type to save and be prepared for a rainy day. We encourage all members to set aside a portion of their savings as a medical emergency fund, outside of Cuvrr. This can be an HSA or normal bank account. It could even be a crypto porfolio or digital wallet.
- Cuvrr is very new. There are going to be some hiccups. Only the basic core of our platform is functioning so far. Things will improve over time as we implement and improve many front end and back end features.
How are members incentivized to act responsibly?
We are still working on the mechanics, but this will work in a number of ways.
We are connecting the consumer to the price by putting you in control of services and providers. We provide members resources and support so that you don’t have to do this alone.
Incentives are provided in the way a need is distributed from a member’s wallet vs all other wallets. Similar to a deductible or a Health Savings Account.
When you act responsibly and save the network money, your personal account is not touched. This would be equivalent to your insurance provider waiving a deductible if you shopped for a good price or snagged a deep discount.
Blockchain and DeFi
Why use Blockchain and Smart Contracts?
Blockchain and Smart Contracts are particularly suited to the needs and requirements of a decentralized cost sharing network. As we get past some early stages, the full power of Blockchain and Smart Contracts will be realized, benefiting the Cuvrr network. We have a long way to go and are super excited for what the future will hold.
What is DeFi?
DeFi stands for Decentralized Finance. It refers to the financial software and applications that run on Blockchain technology. Insurance (and more importantly cost sharing) are some of the use cases for DeFi.
Is this an ICO?
No. The CUVR token is what’s called a Utility token. It is needed to participate in the network. It does not represent any stake or ownership in Cuvrr, and should not be considered an investment. That being said, you can purchase Cuvrr token before needing it. Our discounts will diminish as times go one.
Do I need to be a current member to buy or hold the Cuvrr Token?
No. You can purchase the CUVR Utility token before needing it. The price may fluctuate. And you need to understand that it does not represent a stake or equity in the Cuvrr network. It only represents credit of the Cuvrr network’s cost sharing services.
When mars? When Tesla?
Though the price of CUVR can fluctuate, it isn’t meant to be an investment launch vehicle. It’s primary purpose is to operate the Cuvrr Cost Sharing Network. Also, Teslas are way cooler than Lambos.
Why does the value of CUVR fluctuate?
We looked closely at using a fixed vs a fluctuating value token. We eventually determined that there were a number of large upsides to the network using a fluxuating value token with very few and minor downsides. One major advantage is that a fluctuating token provides liquidity in secondary markets. A fixed token would isolate liquidity to a closed system. A fluctuating token also provides users with a possible upside appreciation of the balances in their accounts.