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Introducing Crypto Wallet Coverage

By The Boost Team on Aug 7, 2022
2 min read
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Today we’re excited to announce the launch of Boost’s latest white-label insurance product: crypto insurance coverage for retail wallet holders

While some commercial insurance has been available to institutions like exchanges, up until now individuals have had virtually no options for protecting their cryptocurrency holdings with insurance. Boost’s new crypto insurance product, developed with our partner Breach Insurance, is the first product that allows individuals to buy protection for crypto wallets held with select custodians.

An insurtech specializing in the cryptocurrency space, Breach envisioned this product as a solution to the protection gap that existed for retail investors in cryptocurrency. Bringing new insurance products to market, however, can be a long and arduous road - which is why they came to Boost to navigate the complex process of bringing Crypto Shield to life.

Bringing Cryptocurrency Insurance to Life

This is an area where Boost really shines: we’ve already done the hard work to assemble the operational, technological, compliance, and capital elements that you need to create a new insurance product, and we package them together into our insurance infrastructure-as-a-service platform, accessible via a simple insurance API integration. For insurtechs like Breach, that means we can help them develop their new products and bring them to market much, much faster than starting from square one. 

Our insurance and tech experts worked with Breach to create the new crypto insurance product for retail wallet holders, and to make sure it met regulatory and compliance standards in all applicable states. To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Now that the product is live, Breach’s customers can seamlessly purchase and manage every aspect of their policy and claims process right from Breach’s proprietary platform. 

Partnering Together to Offer the Leading Crypto Insurance Product

All of Boost’s insurance products are backed by A-rated insurance and reinsurance partners, and our crypto product is no exception. Boost and Breach partnered to source and secure reinsurance backing for crypto from Relm Insurance, the world’s leading capacity provider to the crypto sector. Relm has insured companies operating across the cryptocurrency ecosystem, and they were a natural choice to partner with on creating an innovative new crypto wallet insurance product.

Learn more about our white-label crypto insurance product, and learn more about Breach’s Crypto Shield offering at breachinsured.com.

 

Boost works with leading insurtechs across a variety of business areas to bring innovative insurance products to market, more quickly and easily than building from scratch. To learn more about how Boost can help you develop your insurance products, talk to our specialists.

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