Covest InSaaS Protocol

Whitepaper v1.1: InSaaS Protocol Whitepaper

Overview

The Insurance as a Service Protocol or "InSaaS Protocol" opens up a world of possibilities for insurance liquidity and risk management. By leveraging the power of blockchain technology, we are able to create a transparent and efficient platform for individuals and companies alike to tokenize their risk portfolios and participate in the risk market.

With the InSaaS Protocol, insurance firms no longer hold a monopoly on risk-carrying solutions. Instead, we provide a level playing field where anyone can innovate and create novel insurance products. By widening participation in the risk market, we hope to bring new ideas and fresh perspectives to the industry.

Our team at Covest Labs is dedicated to making this vision a reality. We are committed to building a platform that is both user-friendly and technologically advanced, ensuring that the InSaaS Protocol becomes the go-to destination for insurance liquidity and risk management.

With the InSaaS Protocol, we are ushering in a new era of insurance innovation and accessibility. Join us on our journey to create a more equitable and dynamic risk market.

Product Onboarding

The InSaaS protocol carries out the following steps for onboarding each insurance product:

1. Risk identification: The first step in performing a risk assessment is to identify the potential risks that the insurance policy will cover. This may include risks related to the insured assets, property, or individual, as well as external risks such as natural disasters or market conditions. During this step of the process, Covest Labs team will work closely with the "Distributor Partner" to conduct an analysis of the historical data associated with the insurance product that is going to be provided to the end users. The next step is to determine the terms of the coverage as well as the exclusions that apply to each kind of product.

2. Expected claim and loss probability evaluation: Once the risks have been identified, the next step is to assess the likelihood of each risk occurring. This may involve analyzing historical data and trends. The next step is to determine the potential impact of each identified risk. This may include the potential financial loss, as well as any non-monetary impacts such as damage to assets, property, or injury to individuals. Based on the loss probability evaluation and the potential impact of each risk, the Covest Labs team can determine the expected claims for the new insurance product. This information will be used to set the appropriate premiums and ensure that each insurance pool has the necessary financial resources to cover any potential claims.

3. Claim mechanism evaluation: The Covest Labs team will evaluate the claim mechanism for each new insurance product to ensure that the claim process is clear, effective, and efficient. This will improve the customer experience and increase satisfaction. The Covest Labs team will also take into account the risk assessment process and incorporate a buffer to prevent fraudulent claims or errors in the claim process. The Covest Labs team will review the documentation, test the process, evaluate its effectiveness and efficiency, make recommendations for improvements, and communicate the updated process to all stakeholders.

4. Monitor and review the risk assessment: The risk assessment process is an ongoing effort that requires regular monitoring and review. The Covest Labs team is dedicated to ensuring that our risk assessment process is effective and up-to-date. We track the dynamics of our programs in real-time and make adjustments as needed to ensure that they are performing as expected. Overall, the Covest Labs team is committed to providing a thorough and effective risk assessment process that helps us to manage and mitigate risks for our customers. By regularly monitoring and reviewing our programs, we can ensure that they are performing as expected and provide our customers with the protection they need.