The CoverCompared network, powered by PolkaCover, has been consistently expanding across the last year and new and innovative crypto protocols are frequently being onboarded. However, our ultimate goal is to provide coverage for every possible insurance need in the market, whether it be for crypto investments, health, travel, device protection or any others that ultimately add to the overall benefit of the community.
In the last month, we’ve announced integrations with Nsure Network and InsurAce — two insurance protocols that operate in the cryptocurrency realm where they offer coverage against smart contract vulnerabilities and custodian risk of wallets. However, CoverCompared is not just a cryptocurrency insurance marketplace; we aspire to be one of the biggest and most well-rounded insurance aggregators within the traditional insurance space as well.
We are hence delighted to announce a new era for CoverCompared — an era where we widen our network from crypto insurance protocols to offering traditional insurance products as well. In addition to our diverse insurance offerings, we are also the first ever aggregator where all our products may be purchased using cryptocurrencies. This option to buy traditional insurance products using cryptocurrencies will not only build a bridge between the actual and virtual world, but also establish CoverCompared as a global pioneer in accepting cryptocurrency payments for all forms of insurance products.
Why Traditional Insurance?
Before we begin the official announcements of who our traditional insurance partners are in the coming weeks, we believe it’s important for the CoverCompared community to gain clarity on why we have ventured into this arena.
Traditional Insurance generally entails coverage against risks in life, health, travel and more. The relevance of traditional insurance is immense. This stems from the sense of security traditional insurance offers people. For instance, if a person has term life insurance and passes away within his term, his beneficiaries would receive a death benefit sum of money (tax free). Similarly, other financial claims can be made by beneficiaries for health, life and other types of policies as well. The claims and premium amounts vary based on the type of insurance coverage purchased. Due to the financial security benefits that insurance gives people, it is highly likely that its relevance and popularity is only likely to increase.
This requirement for traditional insurance is felt strongly within the crypto community as well and we hence wanted to develop a platform where traditional insurance could in fact be bought using cryptocurrencies. At PolkaCover, we conduct extensive research to identify the latest, most affordable, and most boutique offerings on the market. Over the next few months, there will be several new traditional insurers being onboarded onto CoverCompared.
The future of CoverCompared…
As we venture into the realm of traditional insurance, we will continue to ensure that our users’ needs are prioritized and their experience is optimized. CoverCompared is built on pillars of transparency and honesty, and our vision has always been to be one the biggest insurance aggregators in the world. This is the next step of our journey. We will officially become the first ever marketplace that offers both crypto and traditional insurance on a single platform where cryptocurrencies may be used as a medium of payment. We are very thankful for all the support we have received from our community and are extremely excited to continue this journey with our CoverRangers!