What is PolkaCover?

What is PolkaCover?

PolkaCover is the first DeFi insurance marketplace for the global crypto ecosystem. We are a one-stop-shop for both personal and cryptocurrency insurance, backed by traditional & decentralized insurance providers.

PolkaCover will connect users and multinational insurance providers with global insurance products such as crypto-related protection, health, life, education, and family insurance plans.

What is PolkaCover's vision?

“Our vision is to align insurance purchase with the core principles of decentralized technology to be able globally accessible to everyone while offering a censorship resistant platform and build open-source technology governed by software and controlled by its users.”

The platform will include a frictionless insurance marketplace experience that incorporates next generation blockchain technology and tokenized incentives, more details of this can be found in the section titled Token Mechanics.

What are the key features and benefits for customers?

Our products are targeted to the early & retail crypto user base in order to protect primarily against exchange hacks, exchange bankruptcy and phishing attacks, to name a few.

Polkacover connects users to our platform covercompared.com, which is then connected to different blockchains (based on the requirement) using bridges on the polkadot network for cross blockchain transactions. Once the user requests for an insurance quote, the data is fed into a smart contract which is connected to the insurance companies using oracles/third party API’s on the polkadot network. The information from the insurance company and the user data allows the smart contract to validate and issue the policies.

The Polkacover value proposition is bolstered by CVR. As the native cryptocurrency of the platform, CVR can be used for payments, receiving and redeeming loyalty rewards and discounts among several other use cases which you can find in the token ecosystem section of the whitepaper.

Communication Channels

The Polkacover Platform will be the built to cater to 3 main channels of communications:

  • Web Portal

  • Mobile App

  • Social Media Integrations

Once the platform with in the initial phase has been completed, we would work towards deploying the features based on priority. The features are selected based on the following factors:

  • Size of the consumer market

  • Product development & approvals

  • Competitive landscape

  • Token adoption opportunities

  • Regulatory requirements and oversight

Participants on the platform are:

  1. Insurance Policy Purchasers

  2. Exchanges houses (Group Policy Purchaser)

  3. Insurance Companies

  4. Claims Administrators