The insurance world is one of the many industries zeroing in on the cryptocurrency market as it begins to mature in 2021.
Cryptocurrency insurance is on the cusp of mainstream adoption and will become more important and relevant on the real economy more and more each day.
Introducing the Future of Digital Asset Insurance
Insured Finance is a decentralized P2P insurance marketplace with easy claims and instant payouts and is powered by Polkadot.
A Blockchain-Based P2P Insurance Marketplace
Underpinned by the Polkadot network, Insured Finance is a P2P insurance marketplace. Market participants can easily request or provide coverage on a wide variety of cryptocurrency assets. Claims are fully collateralized and payouts are instant.
Smart Contract Coverage
Protect against bugs and smart contract exploits. Tens of millions in USD value has evaporated at the hands of smart contract attacks. Insured Finance users can protect against such events.
Cryptocurrency Holdings and Exchange Cover
Hundreds of million in USD value has been lost due to exchange hacks. Insured Finance users can insure their holdings on a cryptocurrency exchange. If the exchange is hacked or experiences bankruptcy, users with coverage are compensated.
Protect Against Stablecoin Failure
The stablecoin market has grown to over $25 billion. Stablecoins remain exposed to a variety of risks like security lapses and issuer bankruptcy. Insured Finance users can protect against stablecoin failure.
Rug Pull Cover
Hedge DeFi Positions by covering Rug Pull possibilities. If a rug pull happens, Insured Finance users are covered.
Community-Driven P2P Marketplace
Insured Finance is not an insurance company. The marketplace is operated entirely by its members and underpinned by the governance token INFI. Any user can request insurance and anyone can provide coverage. Insured Finance is the first marketplace that allows users to specify their own coverage.
It’s never been this easy to insure crypto holdings
Request Coverage
Any Insured Finance user can easily request coverage on a wide variety of holdings and instruments. Submissions specify the premium of the coverage and are broadcasted to the marketplace with the INFI token.
Provide Coverage
Insurance requests can be covered with INFI tokens or USDT. Those that provide coverage will earn premiums based on the specifications of the insurance request.
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Why Choose Insured Finance?
Instant Payouts
In both the traditional finance industry and existing crypto insurance solutions, payout methods are complicated. It often takes months for compensation to arrive, if it arrives. Insured Finance smart contracts ensure that payouts are made immediately after an event has occurred.
Fully Collateralized
Insured Finance coverage is underpinned by collateral which ensures that users can be compensated instantly if an adverse event occurs.
Benefit from Market-Based Pricing
In the traditional finance industry, you are dealing with a counterparty who is rewarded if you overpay. With Insured Finance, you are dealing with a wide marketplace who are competing to give you the best terms on your insurance.
Challenges of Current DeFi Insurance
Limited Insurance Pools
- Pre-Set-Coverage-Pools
- No individual and custom coverage
- No rug pull protection
Unacceptable Pricing and Collateralization
- High premiums
- Insufficient collateralization reserves
- Counterparty risk
Complicated Claims Assessment
- Payouts can take months
- Complicated claims process
- Complicating voting process for claims
Protocol Limitations
- High fees on Ethereum-based insurance platforms
- Slow transactions
- Greater smart contract risk
Insured Finance Solutions
Decentralized and P2P:
Get coverage or cover others. Insured Finance is a peer-to-peer marketplace where insurance requests are filled by other users on the platform. Users benefit from market-based pricing. Insurance companies want you to overpay. The Insured Finance marketplace guarantees competitive pricing.
Vast Coverage Capabilities
Insured Finance users can get coverage from their web-based wallet with no need for KYC. Insurance possibilities are extremely flexible and easy to use. Users specify the holdings they wish to insure and the request is broadcast to the market. Exchange hacks, stablecoin failures, and smart contract exploits can all be covered.
Instant Payouts and Full Collateralization
Claims are handled by smart contract code which ensures that payouts are instant and insurance contracts are fully collateralized.
Powered by Polkadot
Insured Finance operates on the Polkadot blockchain. Everything is transparent. Claims and collateralization can be easily audited on-chain.
Earn Yield
Those that provide coverage earn a return on their funds. The riskier the coverage, the greater the returns. The entire premium of each insurance contract is rewarded to those that provide coverage.
Unrivalled Returns
INFI token holders also earn returns. The funds in insurance contracts are allocated to stable investments and the returns are distributed to INFI token holders quarterly.
Roadmap
Q4 – 2020:
Equity Funding, Going Public, Token-Private Sale
Q1 – 2021:
PR and Community Building, Token Launch, Listing on Exchanges, Product Development, Testing, First Beta Desktop Version
Q2 – 2021:
Beta to Live Version Desktop, Beta App IOS, Extended Structured Products, Beta Rating System
Q3 – 2021:
Multi-Collateral Escrow, Shift to DAO Governance, Fixed Liquidity Provider Structure
Q4 – 2021:
Enough Instant Liquidity for major assets, P2P Insurance for Re-Insurance
Q1 – 2022:
Liquidity Mining, Live Protocol Rating System, Live Exchange Rating System, Live User Rating System.
Q2 – 2022:
System Integration with Exchanges, System Integration with Trading Terminals.
Q3 – 2022:
Safe and Insured Purchase of Crypto Assets with Fiat, Insured Crypto Debit Card
Q4 – 2022:
Insured Finance Eco-System Improvements, Governance Incentives, Blockchain Contract Insurance.
To find out more visit the Insured Finance website.
