Peercover of Providence Creates P2P Connections Between Insurance Brokers and Individuals
After a year-long market test with Peercover on the Ripple protocol, Providence is relaunching the peer-to-peer (P2P) insurance platform as part of a five-product suite.
The latest iteration of Peercover will also utilize Ripple, and it will enable brokers already working in the insurance business to be their own bosses through a fee-less, affiliate-marketing model. Smaller brokers will be able to connect with startup businesses who are in need of insurance coverage, providing an important and necessary tool for working within the young and growing landscape of cryptocurrency.
The Peercover platform fits within the larger goal of the Providence project, created by co-founders Jared Mimms, CEO—who was also the founder of the original Peercover that was closed in June to be absorbed into Providence—and Matthew Neumeier. Their goal was to provide complete, next-generation, FinTech 2.0 financial services. Mimms says,
“Providence will allow people to create their own self sustaining enterprises limited by their own creativity and salesmanship.”
These “self-sustaining enterprises” include both the businesses of the insurance brokers who will work independently under Peercover, and the business entrepreneurs who will use their services.
But Peercover doesn’t just make insurance available to entrepreneurs and startups. It will be available to anyone. “It’s insurance for anything,” says Neumeier. “You can insure your phone, laptop, etc.”
The full Providence suite will include:
Pier — a simple, easy to use asset and currency exchange, featuring over 2,500 markets and 50 different currencies
Pecunia — a stock exchange built over the Ripple protocol
Paladin — a decentralized, stylized social rating system that utilizes the Ripple Protocol
Peercover — a P2P insurance platform that enables existing insurance brokers to be their own bosses
Pilgrim — a mobile application and API enabling contract credit that will work with Providence, the contract client
The Providence business plan states, “Our team grew organically from the white hat cryptocurrency community.” The slogan of the project is “the freedom to enterprise.”
The founders designed the suite of products to enable cryptocurrency startup entrepreneurs to gain easy access to all of the financial tools they will need in order to launch and build their businesses. Insurance is, of course, one of the most important needs of startups, as explained by Larry Christopher Bates (aka “Providence PR” on BitcoinTalk):
“Peercover was a valuable first step in executing the Providence project. Peercover will play a major role in the ecosystem, as providing insurance is a necessary element to establishing a safe environment to foster new enterprises.”
The developers of Providence want to create a financial suite that includes “a plan for phased construction” that they believe will serve small businesses well.
Neumeier told Bitcoinist in November:
“Our insurance platform offers a service unheard of, even in the fiat world. Providence’s suite of platforms enable every man, woman, and child to earn a passive income. Providence will not only impact the cryptocurrency industry, but will change the world of financial services.”
Peercover will enable individuals who want to embark on entrepreneurial endeavors within the cryptocurrency space—or individuals who want to purchase insurance through its P2P platform for any reason—to achieve more financial security.
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