Home » Blockchain/Cryptocurrency » CrowdCoverage Launches Crowdfunding Campaign, Creating New Paradigm In How Consumers Will Shop For and Purchase Insurance

CrowdCoverage’s revolutionary insurance platform based on Smart-Contracts and Blockchain Technology is considered by many to be a major disruption in the global insurance industry. On their platform, the process of shopping for insurance and submitting claims changes from cumbersome to hassle-free. 

Henderson, Nevada, May 31, 2018, To state that the process of shopping for insurance, making the purchase, and filing claims has notoriously been cumbersome is a gross understatement. Consumers living in different states are faced with different rules and criteria for acceptance. Acceptance has always been mediated via arbitrary decisions of the insurance companies. All that is about to change in a big way thanks to the launch of CrowdCoverage. The insurance industry will never be the same.

CrowdCoverage has managed to create a platform that will enable consumers to navigate the world of insurance in a straight-forward and hassle-free environment. This is accomplished through the use of smart-contracts based on blockchain technology and the Ethereum platform, meaning that the CrowdCoverage platform is owned by no central authority—rather, it is owned by users of the platform. Once smart contracts are coded and placed on the blockchain they cannot be changed or corrupted by any individual or group of people. This eliminates the possibility of fraud while at the same time reducing consumer costs by cutting out the middlemen, banks, administrators and streamlining every phase of the insurance process. Due to their being automated online processes, smart contracts allow insurance companies to cut out many superfluous administrators on the product purchasing process, allowing both insurance providers and customers to share decreases in overhead. Businesses get more competitive by allowing lower premiums, and consumers save money on their insurance.

During a recent interview, John Pearson, Co-Founder and Co-CEO of CrowdCoverage, made these comments: “Armed with the power of smart contract technology, our goal at CrowdCoverage is to guarantee faster, more trustworthy insurance at lower costs and in larger volume than could ever be dreamed of in the traditional insurance world.”

In the way of trust, another one of the ways CrowdCoverage is revolutionizing the insurance market is by introducing decentralized smart-contract crowdfunding to the policy negotiation and claims management processes. Any decisions about policies and claims will be as a result of “Tribunals”, which means consensus decisions, not arbitrary decisions based on the benefits to the insurance company. All claims are settled by a representative tribunal according to a communally agreed-upon protocol, instilling the claims-management process with decentralized-consensus objectivity.

Some of the features and benefits of the CrowdCoverage Platform:

  • Reduced Fees: CrowdCoverage reduces fees for users and friction for insurance providers by implementing smart contracts and blockchain technology to remove unnecessary administrative burdens.
  • Compare Quotes: The platform will present users with a number of uniquely generated coverage options and the ability to compare or negotiate company quotes.
  • Complete Transparency: CrowdCoverage is transparent at every step to increase trust and understanding between users and insurance companies. Furthermore, public ledger technology assures that all policy stipulations are made available and easy to browse for users purchasing insurance on the platform.
  • Automated Underwriting: CrowdCoverage aids insurance providers with the underwriting process via algorithmically-guided automation. Providers can opt to undergo a series of company-provided calibration exercises which will better allow CrowdCoverage to estimate how much they may charge in a variety of different user circumstances.

The CrowdCoverage ecosystem is fueled by their Ethereum-based COVR tokens which act as incentive-based fuels for the CrowdCoverage insurance platform. Within the CrowdCoverage ecosystem, COVR tokens act as service validators, claims-management incentives, and anti-fraud devices. Primarily, COVR tokens operate much in the same manner as tokens in an arcade, or as service validators. That is to say, tokens must be used to “run” the CrowdCoverage platform. As such, tokens are included in the price of purchasing an insurance policy on the CrowdCoverage platform; this nominal fee serves multiple purposes.

The crowdfunding stage is an excellent time to participate in a revolution to the Insurance Industry. As noted above, tokens are necessary to run the program, and will be distributed during all phases of CrowdCoverage’s funding. That said, purchasing equity at this point will grant users a 35% extra bonus of COVR tokens than if they waited for the second round of funding. By offering both equity and tokens, the company is allowing investors to double down on the prospects in this revolutionary technology and is allowing early investors the opportunity to participate in early product stages.

In the future, imagine being able to say that you were part of the most revolutionary change to the insurance industry in its lifetime. A more complete discussion about CrowdCoverage can be viewed in their Whitepaper here.

For further technical information and the opportunity to invest, please visit: https://www.startengine.com/crowd-coverage