How CoverCompared is taking DeFi insurance to the next level
The evolution of technology has brought about a massive change in the way we conduct things whether it be the introduction of new gadgets to make life easier, the rabbit hole called the internet or even the way we view industries such as insurance.
Insurance, as we all know, seems like a mundane industry but the truth of the matter is that the insurance industry has been around longer than we imagined and now it is taking a new path through the introduction of DeFi. Contrary to the general centralized finance ways, in the case of DeFi, there is no central regulatory body. The access to power remains within the users with a more liberal perception of taking decisions. Enter CoverCompared, to make all of these utilities easier for users.
There is a varied grid of reasons as to why we believe that the insurance industry should be decentralized. The vision at CoverCompared is to primarily give back the power to users when it comes to purchasing insurance coverages that could offer added protection in case of grave unpredictabilities.
Security problems in DeFi space are adding up to such unpredictabilities and harming DeFi’s reputation. Smart contract hacks are getting out of hand as new DeFi platforms come into life. At the time of writing, there are a total of 83 DeFi exploits have occurred, with lost funds amounting to a total of approximately $2.3 billion.
Thankfully, DeFi insurance came to the rescue, helping crypto exchanges and users stay protected against smart contract vulnerabilities. An insurance aggregator for both DeFi and traditional insurance, CoverCompared is dedicated to making insurance services more accessible for all parties. We are the one-stop-shop solution where users can get all their insurance needs covered without strain on their pockets.
To achieve this goal, CoverCompared is constantly looking for forming alliances with reliable insurance providers. With an already vast and constantly growing DeFi insurance marketplace, we are happy to help DeFi maintain a level of security to attract the attention of larger masses.
Enabling insurance purchasing using crypto tokens, CoverCompared also removed gas fees out of the picture when buying insurance covers. This way, users can access a variety of insurance plans at unmatched rates on a single platform.
CoverCompared takes the task of revolutionizing the insurance industry seriously and doesn’t limit itself to certain types of insurance services. Alongside DeFi insurance, users can quickly compare and buy health, travel, and electronic device protection in just a few clicks.
These are just a few simple steps that we have taken in revolutionizing the insurance industry and will continue to make massive changes while prioritizing the needs of our users.
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 blockchain technology and tokenized incentives.