Blockchain-Based: Decentralized insurance platforms operate on blockchain technology, ensuring transparency, security, and immutability of transactions
Smart Contracts: These platforms use smart contracts to automate claims processes, reducing the need for intermediaries and streamlining payouts
Peer-to-Peer Model: Users pool their resources to insure each other, creating a community-driven risk-sharing model that replaces traditional insurers
Lower Costs: By eliminating intermediaries, decentralized insurance platforms can offer lower premiums and more cost-effective coverage
Global Accessibility: These platforms are accessible worldwide, allowing people from different regions to participate in decentralized insurance pools