Decentralized Insurance by PolkaCover
PolkaCover introduced article Decentralized Insurance: Transforming the Insurance Industry.
Over the years, insurance companies and brokerages seem to be stuck in a time capsule with technological advancements. This, in turn, causes several recurring inefficiencies within the customer journey and delays with errors while processing claims.
Decentralized insurance came into existence to facilitate a customer’s journey within the system. By incorporating blockchain technology, DeIn now replicates traditional insurance products on a decentralized infrastructure.
Despite being a new concept in the insurance sphere, DeIn carries a large number of benefits to its users.
Highlighted below are some of the important benefits:
- Speed. The process of filing a claim and finally receiving a payout takes weeks or months. Decentralized Insurance claims can be settled within minutes of an event via smart contracts.
- Transparency. The biggest issue faced by the traditional insurance industry is its power to withhold information from the public. As a result, policyholders often feel left in the dark when it comes to their policy information. With blockchain, the policyholders have enough freedom to access their data and the open-source code dictating the rules of the protocol.
- Affordability. Blockchain will reduce administration costs through automated verification of policyholders identity and contract validity. Smart contract technology enables end-to-end automation of payments, efficient risk model estimation, and semi-automated claims. Thus making the entire process affordable to its users.
PolkaCover highly understands the benefits DeIn can bring to its users. They are in the process of developing a frictionless insurance marketplace experience that incorporates next-generation blockchain technology and tokenized incentives.
They are building decentralized insurance products such as:
- Hack Covers
- NFT Covers
- Wallet Exchange Hack Cover
- Smart Contract Cover
The platform will soon propel a new line of insurance products that gives the community a user-centric insurance purchase experience.
What is PolkaCover?
PolkaCover is the First DeFi insurance marketplace for the global crypto ecosystem. Their aim is to lower transactional and administrative costs of insurance policies and coverage while providing high-value, cost-effective insurance products for the crypto world.
Their 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.
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