What is CoverCompared?
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CoverCompared is a DeFi insurance marketplace for the global crypto ecosystem. We are a one-stop-shop for both personal and cryptocurrency insurance needs, backed by traditional & decentralised insurance providers.
CoverCompared will connect users and multinational insurance providers with global insurance products such as crypto-related protection, health, life, education, and family insurance plans.
“Our vision is to align insurance purchase with the core principles of decentralised technology to provide global access 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.
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.
The CoverCompared 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.
The CoverCompared 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:
Insurance Policy Purchasers
Exchanges houses (Group Policy Purchaser)
Insurance Companies
Claims Administrators
CoverCompared connects users to our platform, which is then connected to different blockchains (based on the requirement) using bridges on the Ethereum 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 Ethereum network. The information from the insurance company and the user data allows the smart contract to validate and issue the policies.
