Covest Finance

Covest Finance - Reinventing Insurance Ecosystem
Covest Finance - Problem
Covest Finance - Solution
Covest Finance - Protocol
Covest Finance - Ecosystem

Inspiration

We start with we want to change the traditional system for insurance that we are experiencing right now that is slow, inefficient, and burdened by intermediaries and conflicting stakeholder goals. We're working hard to resolve that.

What it does

Covest Finance is a risk-sharing protocol that enables the seamless transfer of risk between parties in the network by replacing traditional agreements with self-executing code stored 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 Rather than relying on outdated, centralized structures and processes, Covest Finance enables the seamless transfer of risk between parties in the network.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.

How we built it

We build MGA platform for risk owner to use with combination of Web2.0 and Web3.0 and we connect the platform (MGA Platform) with our smart contract that operate as the core insurance by leveraging some existing technology e.g. oracle network from Chainlink and Filecoin/IPFS.

Challenges we ran into

The legal framework and ways to stop fraud claims in our system are the two major obstacles for blockchain-based or decentralized insurance. The regulatory structure where our project is based severely restricts the ability of new businesses to take on risk. Another important element that will harm the protocol as a whole if it is not carefully avoided is fraud claims.

Accomplishments that we're proud of

At April, we took home the runner-up medal in Blockathon by RISE. Then we collaborate with Chiangmai Crypto City to put our protocol into practice in the real world by using the sandbox area. Additionally, Multiverse expert Co., Ltd., a blockchain consultant, supports us. Lastly, o ur first B2B client willing to tokenize the risk portfolio with us in the air cargo industry to cover goods losses across five airports in Thailand came on board this month.

What we learned

We discovered throughout the time of building this product that we must alter direction till we discover a market where we can operate legally and achieve large user acceptance.

What's next for Covest Finance

We need to become regulated on BMA Bermuda as a Digital Asset Business and Insurance Sandbox when we onboard 5 risks portfolio and launch our own product. We can therefore identify to ourselves as a regulated project of decentralized insurance.

Other information about Covest Finance

We’re creating the technology that will enable companies to replace their insurance contracts with smart contracts on the blockchain.

BLOCKCHAIN-BASED INSURANCE

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.

ALTERNATIVE CAPITAL SOURCES

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.