Boost Insurance and its InsurTech partner Breach Insurance have launched Crypto Shield, an insurance product for the cryptocurrency market.
Crypto Shield is available to retail wallet holders and covers the theft of cryptocurrency. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.
While there is some commercial insurance available to cryptocurrency institutions, Breach said it envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding cryptocurrency.
Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programmes into a white-label solution, enabling InsurTechs like Breach to more quickly launch new lines of business.
Boost’s team of insurance and technology experts worked with Breach to develop a product that met all regulatory and compliance standards in all applicable jurisdictions. 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.
Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.
In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance.
Alex Maffeo, CEO and founder of Boost, said, “Many of our InsurTech and embedded partners have the deep market knowledge to identify and solve for gaps in the insurance market, but the insurance industry is often reluctant or unwilling to embrace emerging markets like crypto and traditional players lack the technology needed to support innovators like Breach.
“With Boost’s infrastructure-as-a-service platform, forward-thinking companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
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