Insured Finance Review
By: Fairum Group
Tags: Blockchain, Defi, Insurance, Cryptocurrency, Economy

The world of insurance is one of the latest industries to receive the blockchain treatment in recent times. Traditionally, getting insurance coverage would require a lot of interaction with middlemen such as insurance brokers, banks, and so on. This would usually result in increased fees and a lengthy process to receive claims. Thanks to blockchain, however, this process can be made cheaper and faster for all.

One company that is doing a lot in this space is Insured Finance, a blockchain-based insurance platform that facilitates peer-to-peer insurance among users and is powered by Polkadot. Insured Finance manages to blend the traditional system of insurance with the modernity of blockchain.

Features

Digital asset insurance: A lot of the insurance sector is focused on non-digital assets such as cars, houses, and so on. However, with the booming digital assets market and the risks attached to it, there is a need for digital asset insurance which Insured Fiance offers. Through their platform, users can get coverage for all kinds of crypto assets.

A lot of the insurance sector is focused on non-digital assets such as cars, houses, and so on. However, with the booming digital assets market and the risks attached to it, there is a need for digital asset insurance which Insured Fiance offers. Through their platform, users can get coverage for all kinds of crypto assets. Smart contract coverage: While smart contracts have been used to make the blockchain and crypto sector more efficient, it has happened in the past that smart contracts have been exploited which has led to the loss of millions of dollars. In response to this, Insured Finance offers cover in the event of smart contract exploits

While smart contracts have been used to make the blockchain and crypto sector more efficient, it has happened in the past that smart contracts have been exploited which has led to the loss of millions of dollars. In response to this, Insured Finance offers cover in the event of smart contract exploits Exchange cover: I t seems that every few months or so, news breaks about a cryptocurrency exchange that has suffered a hack. The amounts lost in these hacks range from thousands to millions of dollars in some cases and customers often never recover their funds. Insured Finance, however, offers insurance in the event of exchange hacks or even exchange bankruptcies, meaning that customers can be compensated for their cryptocurrency held on exchanges.

t seems that every few months or so, news breaks about a cryptocurrency exchange that has suffered a hack. The amounts lost in these hacks range from thousands to millions of dollars in some cases and customers often never recover their funds. Insured Finance, however, offers insurance in the event of exchange hacks or even exchange bankruptcies, meaning that customers can be compensated for their cryptocurrency held on exchanges. Stablecoin protection: The stablecoin market is booming, with billions of dollars being invested in it every single year. At the same time, certain risks loom such as the failure of the project or hacks. Thankfully, Insured Finance offers protection in the event of any of these, allowing users to invest in stablecoins without fear.

The stablecoin market is booming, with billions of dollars being invested in it every single year. At the same time, certain risks loom such as the failure of the project or hacks. Thankfully, Insured Finance offers protection in the event of any of these, allowing users to invest in stablecoins without fear. P2P Community: Insured Finance operates as a P2P system and allows users to request insurance and other users to respond to said requests with their quotes. This allows the requester to compare various plans and offers and then choose a plan that suits their specific needs. This has the advantage that users with unique or unusual situations can be catered to as well.

Insured Finance operates as a P2P system and allows users to request insurance and other users to respond to said requests with their quotes. This allows the requester to compare various plans and offers and then choose a plan that suits their specific needs. This has the advantage that users with unique or unusual situations can be catered to as well. Instant and fast payout: The traditional insurance system often sees people wait for months before getting their compensation and this can prove to be rather inconvenient for them. With the use of Smart Contracts on the Insurance Finance platform, claims are processed and paid out within minutes as they do not rely on human efficiency. For example, should a claim be based on the hack of exchange, the payout will be processed and paid out automatically.

The traditional insurance system often sees people wait for months before getting their compensation and this can prove to be rather inconvenient for them. With the use of Smart Contracts on the Insurance Finance platform, claims are processed and paid out within minutes as they do not rely on human efficiency. For example, should a claim be based on the hack of exchange, the payout will be processed and paid out automatically. Yield earning: The platform benefits not just those who seek insurance but the insurers themselves. Those who offer coverage can earn a return on their funds based on how risky their coverage is. On each agreed insurance, the entirety of the premium will be refunded to the insurer.

The platform benefits not just those who seek insurance but the insurers themselves. Those who offer coverage can earn a return on their funds based on how risky their coverage is. On each agreed insurance, the entirety of the premium will be refunded to the insurer. Collateralized plans: The insurance coverage offered by Insured Finance is attached to collateral. This means that all coverages offered will be paid out if the event they are covered for occurs. This protects consumers from missing out on their deserve compensation.

Pros

Protection for digital assets

Cover for assets held in exchanges

Faster payouts

The ability to compare various plans by the user

The use of smart contracts to enable payouts

Rug-pull protection

Stablecoin protection

The ability to request coverage

Underpinned with collateral

Conclusion

With Insured Finance, consumers can have access to all manner of protections for their crypto assets. Their system offers immense benefits for both the insurers and the insured.

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https://insured.finance/

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Author- Rony Roy, Twitter: @cryotekgaming