CoverCompared operates in a crypto-insurance industry that is relatively new. The emergence of cryptocurrencies has been accompanied by rising instances of hacks, cyber exploits and security breaches that has consequently led to millions of dollars being lost by crypto holders. Resultantly, the crypto community has begun to call for insurance and added protection on their investments in order to minimise the impact of potential scams and smart contract vulnerabilities.
Recognising this need, insurance providers have begun to develop policies and products that cater specifically to providing protection for crypto. Some of the biggest crypto-insurance providers include Nexus Mutual, Tidal, InsurAce, Nsure Network and Bridge Mutual. However, what CoverCompared does differently from these providers is that we are an aggregator rather than a provider — we offer multiple insurance products from different insurance providers. The result of this is simple; CoverCompared users have the option to browse through a wide range of different insurance offerings and choose a policy best suited to their needs.
To better understand the difference between an aggregator like CoverCompared and an insurance provider like Nexus Mutual, we can further deconstruct how operations between an aggregator and provider differ:
- Nexus Mutual is an insurance provider that offers users a variety of different crypto-insurance products. Nexus Mutual provides one type of coverage: Smart Contract Covers (protection against smart contract bugs and hacks). Users can purchase insurance products from Nexus Mutual through NXM, ETH, or DAI.
- This is where the primary difference lies. As an aggregator, CoverCompared is a marketplace that offers multiple products in partnership with different insurance providers. This means that our users have access to a much wider pool of insurance products to choose from, where they can compare and contrast different insurance policies and make a selection based on their specific requirement. For instance, a user looking for smart contract covers can compare covers offered by multiple insurance providers (like Nexus mutual!) and choose the option best for them. Moreover, smart contract covers are just one kind of products offered on CoverCompared. Similarly, we have integrated with providers who offer covers for NFTs, crypto, Life, Health, and many more.
To conclude, CoverCompared truly offers a one of a kind solution to crypto-insurance that cannot be found anywhere else in the market. We are a global aggregator that offers people the latest, most innovative, and widest range of insurance products for their crypto assets. We have grown significantly in the last year and will continue to pioneer the revolution of cryptocurrency insurance.
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 platform will include a frictionless insurance marketplace experience that incorporates next-generation block chain technology and tokenized incentives.