Decentralized Insurance: Transforming the Insurance Industry
Over the years, insurance companies and brokerages seem to be stuck in a time capsule with technological advancements. This, in turn, causes several recurring inefficiencies within the customer journey and delays with errors while processing claims.
Decentralized insurance came into existence to facilitate a customer’s journey within the system. By incorporating blockchain technology, DeIn now replicates traditional insurance products on a decentralized infrastructure.
Despite being a new concept in the insurance sphere, DeIn carries a large number of benefits to its users.
Highlighted below are some of the important benefits:
- Speed. The process of filing a claim and finally receiving a payout takes weeks or months. Decentralized Insurance claims can be settled within minutes of an event via smart contracts.
- Transparency. The biggest issue faced by the traditional insurance industry is its power to withhold information from the public. As a result, policyholders often feel left in the dark when it comes to their policy information. With blockchain, the policyholders have enough freedom to access their data and the open-source code dictating the rules of the protocol.
- Affordability. Blockchain will reduce administration costs through automated verification of policyholders identity and contract validity. Smart contract technology enables end-to-end automation of payments, efficient risk model estimation, and semi-automated claims. Thus making the entire process affordable to its users.
PolkaCover highly understands the benefits DeIn can bring to its users. We are in the process of developing a frictionless insurance marketplace experience that incorporates next-generation blockchain technology and tokenized incentives.
We are building decentralized insurance products such as:
- Hack Covers
- NFT Covers
- Wallet Exchange Hack Cover
- Smart Contract Cover
The platform will soon propel a new line of insurance products that gives the community a user-centric insurance purchase experience.
About PolkaCover:
PolkaCover is the First DeFi insurance marketplace for the global crypto ecosystem. Our aim is to lower transactional and administrative costs of insurance policies and coverage while providing high-value, cost-effective insurance products for the crypto world.
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 blockchain technology and tokenized incentives.
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