Boost Insurance partners with Breach Insurance
Boost Insurance and Breach Insurance, an insurance startup that provides insurance technology and regulated insurance products for the cryptocurrency market, announced the launch of Crypto Shield, “the first insurance product for cryptocurrency available to retail wallet holders.”
Crypto Shield offers coverage against theft of cryptocurrency while in the custody of a qualified custodian. 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.
In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from Relm Insurance, underwritten by Trisura Specialty Insurance Company.
“Early stage insurtechs have foundational operational gaps, and it’s been exciting to find relationships that complement one another as well as our partnerships with Boost and Relm. Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.” – Eyhab Aejaz, co-founder and CEO at Breach.
“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.” – Alex Maffeo, CEO and founder of Boost.