The final element we will discuss in the “Our Arsenal” series is the user journey. To better evaluate this, we can draw on an example between a provider (like RiskHarbor) and an aggregator (like CoverCompared). In contrast to an insurance provider, CoverCompared allows users to compare and contrast different products simultaneously. This helps people find the policy best suited to their personal needs and enhances their overall user experience and ease of purchase.
In today’s market, the journey for a user to find an insurance policy is quite complicated, particularly in the DeFi space that is still nascent. For instance, if a user is searching for an exchange hack cover to gain protection against smart contract vulnerabilities, there are a series of recurring steps he must follow. The first step is to search for a protocol that offers his desired insurance policy. Suppose RiskHarbor is offering a product that meets the user’s desires; he must individually browse through the protocols’ page and note down relevant specifications of the product such as cover period, price, etc. Once this is done, this same process must be repeated to find alternate variations of the policy on the same protocol. Now, once the user is done browsing through RiskHarbor, ideally he should want to evaluate options on other providers like Bridge Mutual or Nexus Mutual too, in order to make sure he receives the best bang for his buck!
Having to repeat this process multiple times will naturally become long and tiresome, and consequently delays the purchase decision process.
This inconvenience is inherent to not just one particular protocol but insurance providers in general. Further, insurance providers generally only cater to one specific need (for example, RiskHarbor solely offers Defi solution covers), which means that users usually cannot get all their different needs met at the same time.
The buying process at CoverCompared is very different, and we believe that our solutions alleviate some of the limitations inherent to insurance providers. Our user journey is highly customer-centric, where optimising customer experience is given utmost priority.
The primary inconvenience with insurance providers is that products have to be individually scrolled through to find specifications, which — as aforementioned — makes comparing products very burdensome and consequently delays the purchase decision process. However, this is not an issue at CoverCompared, as users are guided and navigated to products using an AI-powered database tool. Further, this AI tool also allows users to sort, search and compare different product options simultaneously. This complements a user’s ability to find a product best suited to their needs and expedites the buying decision process as all required information about products can be accessed instantly on one cohesive product-page.
The benefits of CoverCompared do not stop here. Unlike providers who generally cater to one specific realm of insurance, CoverCompared is an aggregator that offers coverage for a wide array of insurance covers, including crypto protocols and traditional products for life, health and devices. Moreover, CoverCompared is the first-ever avenue where all insurance products (including Traditional) may be bought using cryptocurrencies- quickly and conveniently.
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.