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Crypto Wallet

Crypto Wallet

Provide your customers added security by offering them the first and only crypto insurance product for retail wallet holders.

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Enhance your safety and security

Give your retail customers peace of mind by offering them insurance coverage for their crypto assets, backed by A-rated global insurers and reinsurers.

Increase the availability of crypto insurance on your platform

There are billions of dollars in cryptocurrency being held in online custody but less than 1% of those assets are insured. 

Stand out from the crowd

Differentiate yourself as uniquely secure and customer-focused by providing your customers with valuable protection – the first of its kind.

Get started with your crypto insurance product quickly

Be among the first to enter the brand-new crypto insurance market. Boost’s insurance infrastructure-as-a-service platform packages everything you need  into a single turnkey solution, so you can begin offering crypto wallet insurance to your customers in a matter of weeks.

Give your customers the 100% digital experience they expect

For tech-savvy crypto holders, cumbersome offline processes are a non-starter. Boost’s insurtech platform allows your customers to purchase and manage every aspect of their insurance policy in seconds, right from your website or app.

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Crypto Wallet
Coverage Overview
Standard Coverages
Crypto Crime
The standard crypto wallet policy protects retail customers who hold digital assets with a qualified custodian, covering losses that occur if the custodian suffers a breach.
Crypto Crime
The standard crypto wallet policy protects retail customers who hold digital assets with a qualified custodian. It covers losses that occur if the custodian suffers a breach: -If the custodian is attacked and crypto is stolen from the insured customer’s wallet -If the custodian’s email servers are compromised, and the customer is sent an email from custodian’s email domain with fraudulent instructions to transfer crypto assets
Optional Coverages
Crypto Flex
This endorsement extends coverage to up to 125% of the value the crypto wallet is insured at. Since the value of cryptocurrency can fluctuate, this additional coverage helps prevent loss if your customer’s crypto is stolen during a spike in its valuation.
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Introducing Crypto Wallet Coverage
February 15, 2022
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. 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.  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   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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Learn how crypto wallet insurance can help protect your digital assets.
Crypto Wallet Insurance: Do You Actually Need It?
October 20, 2022
If you follow cryptocurrency news, you may have seen that Boost released the first crypto insurance available to individual wallet holders earlier this year. While institutions like exchanges already had access to commercial insurance, Boost’s crypto wallet insurance is the first opportunity for most individual crypto owners to buy insurance protection for their digital assets. For many crypto holders, however, this raised a new question: since most exchanges do have commercial insurance to protect against theft and other potential losses from cybercrime, what exactly is the role of individual insurance? If your crypto custodian is attacked and your assets are stolen, won’t their insurance policy cover it?  The short answer is: it’s complicated. The long answer is that there are three big reasons that individual crypto wallet insurance is a good investment. When you deposit fiat currency into a traditional bank account, you get more than just the bank’s assurance that your money will be safe. Thousands of banks across the US are insured by the government through the Federal Deposit Insurance Corporation (FDIC), which was established in 1933 to stabilize the US financial system after a series of catastrophic bank failures.   The FDIC’s role is to make sure that even if a bank completely runs out of money (whether through theft or just mismanagement), the people who hold deposits at that bank don’t lose their savings. If the bank that holds your fiat currency were to fail, the FDIC would provide you with an insurance payment that covered the value of your deposit at the failed bank, up to $250,000.  This provides a vital safety net for fiat currency deposits in financial institutions…but there’s no similar protection for cryptocurrency. If your digital assets are stolen from a crypto exchange or custodian, there’s no fallback recovery like the FDIC. Whether or not you get your money back is wholly dependent on the institution’s insurance - or your own.  Unfortunately, this kind of loss isn’t an abstract concern, which brings us to the next reason why individual crypto wallet insurance is a smart investment. Over the past several years, cryptocurrency has become an increasingly popular target for cybercriminals. Since 2014, a number of crypto institutions have been hit by high profile hacks: The increasing threat puts crypto exchanges and custodians in a constant arms race against cybercriminals. While reputable exchanges make security their top priority, the past decade of cybercrime has proven that it’s virtually impossible to guarantee that any web-facing system is 100% impenetrable.  Adding to the challenge, many significant crypto hacks are believed to be backed by nation-state actors or large organized crime groups. Faced with determined, extremely well-resourced attackers, even the most state-of-the-art cyber security can fail.  If your crypto custodian is breached, the contents of your wallet risk being stolen. As we saw with reason #1, if that should happen, there’s no safety net for your assets. The only way to get your money back is through insurance, but relying on your custodian’s policy carries risks of its own. Your custodian likely carries a commercial insurance policy to protect against loss from hacking and theft, which in turn provides some protection to crypto wallet holders (after all, it’s your assets that would be taken in a hack). However, there are two big limits to how much that protection can help: Commercial insurance claims tend to be much more complex than claims for personal policies and take much longer to resolve. Particularly for claims involving crimes like a hack, the insurance company may require an investigation or inspection before proceeding with a settlement. While commercial claims can be resolved quickly, it’s not unusual for the process to take several months between incident and payout - or longer if there’s a dispute over the settlement amount.  When your custodian does receive their settlement money, that is only the first step toward you recovering your losses. The custodian will need to decide how to reimburse their cryptocurrency wallet holders, then arrange to disburse the funds. This adds even more time before you see relief in your wallet. If you hold a personal policy insuring your crypto wallet, however, it’s a whole different story. Rather than waiting for your exchange to work through its own process, you would file a claim directly with your insurance company for the value of the assets lost in the hack. With the comparatively straightforward personal line claims process, you would likely get your money back much faster than waiting for funds from your custodian’s policy to trickle down to individual wallet holders. Even the most comprehensive insurance policies have a limit on how much they’ll reimburse their policyholder. This is simply a reality of the business - insurance is all about managing risk, and unlimited payouts are a risk no carrier would be willing to take. Whether it’s $1000 or $1M,  all policies have a ceiling for their settlements - and any loss that exceeds that ceiling is the responsibility of the policyholder. For custodians that hold a high volume of cryptocurrency, this means that the total value of their holdings may exceed the limit of their insurance - even if their insurance policy is the best that money can buy. This is a particular risk when the value of crypto is volatile, and might sharply increase from one day to the next.  If a custodian is hacked and the losses are more than their commercial policy will cover, it can compromise their ability to reimburse their wallet holders. When that happens, individual crypto wallet holders might end up taking a “haircut” (i.e., permanently losing some of the value of their assets). For example, in 2016, cryptocurrency exchange Bitfinex lost $72 million to hackersand their customers lost over 36% of their assets. They tried to make amends with tokens of credit, but 36% is a significant loss. Similarly, Cryptopia suffered a $16M hack in 2019 and its clients took a 12-15% haircut.    This is another advantage of holding your own retail wallet insurance. Even if your custodian suffers a hack severe enough that it’s forced to give haircuts to its crypto wallet holders, you can ensure that you at least recover the full value of your stolen assets. Crypto wallet insurance is one of the best ways individuals can protect their digital assets against the risk of theft. It’s available to buy from specialty insurers, and some exchanges also offer it directly to their customers (with more adding it every day).  Interested in offering crypto wallet insurance to your customers? A Boost expert can help you get started today.
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What Is Embedded Insurance? (Plus: How It Works)
April 11, 2022
Embedded insurance is a huge revenue growth opportunity - but for businesses outside the insurance industry, it’s not always clear what embedded insurance actually means. We’ll go over what embedded insurance is, how it works, and why it matters for your business.  “Embedded insurance” gets its name from being embedded into an existing purchasing experience, allowing customers to buy insurance digitally without requiring them to go elsewhere to complete the transaction.  This is part of a growing trend of “embedded finance,” wherein customers are able to buy, sell, access credit, and interact with their bank through the platforms of non-financial companies. If you’ve ever ordered something from an app and paid for it without leaving the app experience, you’ve used embedded finance. Embedded insurance has a similar function and addresses many of the inconveniences that a consumer might face in a more traditional insurance-buying process. Typically, buying traditional insurance includes numerous disjointed, repetitive steps, such as navigating multiple websites, submitting documents multiple times, and even offline components, like calling an agent or faxing in forms.  In contrast, embedded insurance is available to buy when and where the customer needs it - usually when they’re making a related purchase. Rather than having to bounce between separate providers or experiences, embedded insurance allows customers to easily provide their information, get a quote, and receive their policy right from the website or app of the business they’re already transacting with. This ultimately makes the insurance purchase easier for both the business and the customer. If you’ve ever bought a plane ticket online, you have probably been offered a protection plan or travel insurance policy as part of the checkout process. That's an example of a real-life embedded insurance product. Without leaving the airline’s purchase flow, you can buy insurance as part of the same transaction as your tickets. By simply checking a box, the price is added to your total cost, your trip is protected, and you’re sent an email with details on how to file a claim. That’s the convenience of embedded insurance for consumers. Travel insurance is a common example that many people have encountered in their daily lives, but embedded insurance is actually on the rise across a variety of industries, including both B2B and B2C. Regardless of the type of business offering embedded insurance, the process is very similar: the customer is offered a way to seamlessly buy the insurance, at a time they’re likely to be interested.  Here’s another example, for a very different business type. Let’s say John owns a certain amount of cryptocurrency, which he stores in a digital wallet on an exchange. With crypto theft increasing and few protection options available for the average consumer, John is rightfully concerned about the safety of his digital wallet. One day, while John is checking his balance on the exchange website, he gets a pop-up notification about new crypto insurance coverage. He clicks on the pop-up and is taken to a product page within the same exchange website. He fills out a form, makes his first premium payment, and goes back to checking crypto prices.  The whole process takes him less than ten minutes, and now John’s crypto wallet is protected with the coverage that he needs in case of a breach. Meanwhile, the exchange has collected John’s customer data, set up recurring payments, and built a deeper customer relationship.  If you’re looking for ways to increase your revenue and/or deepen your customer relationships, offering embedded insurance as a complement to your existing products or services is a great business opportunity. You may not be selling plane tickets or crypto, but chances are you’re offering something that could be protected by insurance.  If your company caters to pet owners, you could offer white-label pet insurance, and help your customers protect their pets’ health when they’re already making a pet-related purchase. If you manage a cryptocurrency exchange platform, you could offer crypto wallet insurance to help your retail clients enhance the safety of their digital assets. If you provide HR services to SMEs, you could offer parental leave insurance to help your clients affordably offer this highly desirable benefit, while you’re already helping your clients set up their benefits packages. The options are plentiful.   The greatest advantage that embedded insurance offers to your customers is convenience—they can easily get the protection they need for just a slight extra cost, and no extra effort.  The greatest advantage that embedded insurance offers to you is that it works to grow your revenue. By offering your customers a quick, easy, and beneficial product, you can tap into a new stream of revenue. And, by applying your knowledge of your customers’ needs and purchasing behaviors, you can get ahead of their concerns, offer them a valuable solution, and ultimately, increase their brand loyalty. While there are multiple ways to approach embedded insurance, the fast and most cost-effective approach is usually white-labeling. The concept of “white-labeling” is not unique to embedded insurance. A white-label product is a product or service that is manufactured by one company and then rebranded and sold by other companies.  For example, when you see food items sold with the Trader Joe’s logo on them, those products were most likely not produced by Trader Joe’s. They were white-labeled and then sold under the Trader Joe’s brand.  The reason for white labeling is that it saves the company a lot of work. Instead of Trader Joe’s having to produce every frozen spring roll themselves, own vineyards to source each bottle of wine, and employ all the people involved in manufacturing each product, they outsource that work to companies that specialize in producing those things, and white-label and sell the products that those other companies create for them. With white-label insurance, the same idea applies. It’s theoretically possible for a company to build its own insurance product, but in most cases, it makes more sense to outsource that labor. Developing an insurance product is a complicated, expensive, and lengthy process with different legal requirements in each state. Instead of trying to take that on yourself, you could work with a company like Boost, who’s already done that work for you. If you want to learn more about growing your revenue with white-labeled, embedded insurance through Boost, contact us, or dive into building your insurance program with Boost Launchpad.
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