Insurance is a procedure of making individuals financially protected against losses occuring in the event of some damaging accident. Most insurance policies for individuals are homeowners, health, auto and life insurance. There are also insurance policies for businesses and financial institutions against specific types of risks that are inherent in the industry. Insurance is an important institute for the modern world that helps people be more willing to take risks in business by giving them the assurance of protection from various events in daily life. Different technologies may be used to improve the current state of this procedure. Blockchain-based insurance may help validate contracts and blockchain insurance startups are working on smart-contracts for forcing the execution of it’s terms. The blockchain insurance industry is a rapidly-growing segment of the fintech industry and is gathering a lot of attention from investors.
From payments to asset management and even data privacy, DeFi solutions are spreading across multiple sectors.
Sectors Realizing the Full Potential of DeFi Protocols In 2020
Insurance firms in China use blockchain to manage coronavirus-related claims amid the outbreak.
Chinese Insurance Firms Use Blockchain to Process Coronavirus Claims
Paystand’s hybrid blockchain platform is achieving success in the commercial payments industry, allowing it to raise $20 million in Series B funding.
Blockchain Payments Platform Paystand Raises $20M in Series B Round
Cryptocurrency exchange Bittrex obtained $300 million in digital asset insurance against theft or collusion for the cryptocurrency it holds in cold storage.
Bittrex Secures $300 Million Insurance for Cryptocurrencies in Cold Storage
Modern crypto exchanges often have audited financials, chief compliance officers, and seek out regulators without hesitation. Will insurance be the next step?
Keeping Your Assets Safe — Crypto Insurance May Soon Become the Norm
Gemini cryptocurrency exchange, founded by the Winklevoss twins, has formed its own insurance company to insure its custody arm for $200 million.
Gemini Launches Firm to Insure Its Own Crypto Custody Branch for $200M
With Anthem announcing their blockchain project, the technology’s mainstream acceptance continues to increase.
Insurance Industry Eyes Blockchain as Top Firms Begin Tests