In today’s world, technology plays a critical role in how a business operates, especially in the case of insurance, where a promise and assurance is sold instead of a tangible product.
Data plays a vital role in insurance companies, especially when performing essential functions such as underwriting risks and assessing claims. With the rise of new technologies, the insurance industry, often described as one of the oldest industries, faces a new challenge of reimagining the customer journey to match the digital trends. The data available to the insurance sectors has exponentially increased with growth in technology, additionally highlighting the need for products in insurtech.
Insurtech is the combination of the words Insurance and Technology; Inspired by the word FinTech.
Insurtech is a broad term or the ideal keyword for describing the products and processes that can assist in the insurance industry’s digital transformation. The demanding need for digitization of insurance services across the globe is acting as one of the significant factors for the driving growth of the Insurtech market.
Going hand in hand with the advent of Artificial Intelligence, Insurtech is continuously evolving as the high processing power of AI in gathering and analysis of data will help insurers. The products and services are better customized to the needs of policyholders with the power of AI incorporating blockchain and IoT.
PolkaCover is a GenX insurance platform propelling a new era of insurtech products. It is the first DeFi insurance marketplace for the global crypto ecosystem. At PolkaCover, the power is given back to the users, lowering the transactional and administrative costs of insurance policies while providing high values with cost-effective insurance products for traditional crypto and the non-traditional world. PolkaCover is also available globally, providing access to purchase insurance products quickly and easily, making it an ideal example of an Insurtech platform.
PolkaCover is the First DeFi insurance marketplace for the global crypto ecosystem. Our 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.
Our 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.