Introduction
We’re creating the technology that will enable companies to replace their insurance contracts with smart contracts on the blockchain.
Rather than relying on outdated, centralized structures and processes, Covest Finance enables the seamless transfer of risk between parties in the network. We do this by replacing traditional agreements with self-executing code stored on the blockchain, thereby ensuring that the terms of all contracts are upheld.
Our smart contract technology tokenizes insurance portfolios to access to different sources of capital regardless of the insurance risk, speed, and complexity allowing risk owners, brokers, insurance carriers, and reinsurers to unlock liquidity in their portfolios.
Tradable, traceable, and trusted insurance contracts that record capital solvency and risk exposure for all stakeholders using smart contracts on blockchain are essentially the solution to all existing problems.
Streamlining insurance procedures to provide more cost-effective insurance coverage by reducing administrative cost for policies, claims, relationships, binding, accounting, and reporting.
Insurance data stored on blockchain can decrease the need for regular participation in reconciling capital balances and risk exposures by offering transparency across the insurance value chain.
Enabling cross-industry data portability for insurance data footprints such as KYC/AML information, claims, medical records, and fraud evidences to improve risk analysis and compliance performance.
