We frequently hear brokers comment on how differently Evertas approaches the underwriting process, compared to other providers of crypto insurance. Our policy application form is comprised of about 1,000 items covering 20 risk areas, in detail. By contrast, some crypto insurers and many brokers use simple forms, often adapted from cyber policies without the input of custodial crypto experts.
For the broker who approaches client relationships transactionally, simple forms make sense; they check a box, lead to quicker quotes and do save some time on the front end.
On the other hand, for the broker who sees their role as providing clients with risk transference as a strategic business solution, only the Evertas approach to underwriting will do, and ultimately, it works to every party’s advantage.
An Evertas policy form is not only very effective at identifying and mitigating risks up front, but it also enables a faster velocity of payment should a covered event occur, which is where speed should ultimately matter much more to the insured. That’s because a policy application form that lacks detail will necessarily also lack clarity on what qualifies as a covered event. The highly dynamic nature of Web3 demands claims be paid quickly.
In more mature industries, it’s possible to “homogenize” the risks and this is often reflected in the underwriting process. This is not an option when it comes to Web3 risks. When a broker writes their own form, they assume the risks their form aims to cover. Evertas is here to empower you as a provider of strategic business solutions for your clients.
Just as importantly, the improved outcomes associated with Evertas coverage necessarily mean improved outcomes for our broker partners.