Covercompared.com will be a one-stop-shop to buy, compare & purchase from several insurance providers using crypto. It will be the first insurance marketplace where you can purchase crypto insurance products from anywhere in the world.
Features of the marketplace are as follows:
Efficiency & Automation: Smart contract technology enables end-to-end automation of payments, efficient risk model estimation, and semi-automated claims processing, thus substantially lowering operating cost
Reduction in Insurance Fraud: Data immutability and transparency on the ledger serves to significantly reduce insurance fraud in comparison to traditional insurance models
Access for customers: Lower costs enable insurance solutions for developing markets, low-income businesses, and new product verticals, which have been previously unable to obtain insurance. For example, crop insurance for rural farmers in developing countries is an under served market and a good candidate for further exploration.
Cross Border Payments: A majority of expatriates living in the Middle East hail from the African Countries. Token Payment systems allow them to purchase policies without losing money in the exchange rates. This is extremely beneficial for countries with unstable currencies