The challenges in the crypto-insurance industry
As the public is more and more invested within the crypto world, it still remains complex and very volatile in nature. Although, there are various safeguard measures being employed by digital exchanges and platforms, discrepancies are still present that investors need to be protected against.
The insurance industry still remains bubbled but through our efforts, CoverCompared aims to decentralize this industry so as to provide users with a platform where they can attain customized protocols as per their needs. However, the concept of a crypto-insurance industry still remains a mystery to many.
Even though it would be highly beneficial to users, they are skeptical about the conditions under which protocols would be purchased and if they are relevant to cover their needs. The insurance coverage that currently exists caters to only a niche environment of users and most remain unaware of the protection their digital assets could attain.
There is also a lack of insurance professionals within this domain which has also resulted in people being unaware of insuring their crypto-based assets. With a significant increase in crypto related hacks and thefts that has lead to a total of $1.9 billion being stolen in just the past year alone, insuring your assets have become very imperative as we further progress towards a digitized world where crypto currencies could potentially become a global payment system.
Another pitfall when it comes to crypto-insurance is how most insurance providers offer different insurance protocols that provide coverage for only limited claims which causes a hassle for consumers who would require different coverage for different needs.
CoverCompared aims to fill this gap and overcome these challenges, by offering a frictionless marketplace where users have the liberty to choose from a plethora of insurance protocols that are customized according to their needs. We are also the only DeFi insurance platform that allows users to purchase any traditional insurance policies we offer in exchange for crypto currencies.
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.