Cryptocurrency isn’t Going Away. Manage the Risks to Take Advantage of It.

To benefit from cryptocurrency and blockchain, be prepared for the unknown

Ever since its inception, Cryptocurrency has been a hot topic for commentary, mostly focused on its volatility and value. And whilst opinions may differ, one thing’s for sure: it's here to stay.

This fast-evolving technology is rapidly changing the nature of business and how transactions are made. In our sector, it has the potential to revolutionise how we manage risks, and finances.

Understanding how to insure cryptocurrency and blockchain entities is key.

The world of cryptocurrency regulations is like living in parallel universes. Things that should be the same have different rules, which can leave many scratching their heads. Ongoing regulatory change creates uncertainty around policies and claims, so disputes can (and will) pop up.

These cutting-edge technologies are always on the move, and we're dealing with volatility and valuation challenges there’s no precedent for. This has led to a risk-management ‘vacuum’, as if the insurance market put a blanket-ban on these types of risk.

Our view is that you can’t deny or avoid the change that’s occurring. You need to get in front of it, and stay there.

When we see a challenge, we also consider its twin: opportunity.

For us, Blockchain isn't a tech buzzword or black hole, it's a game-changer. It provides the opportunity to streamline claim processes and minimise fraud. Smart Contracts? They're like magic; automating payments and making life easier than ever. But we need to be always on our toes; adjusting our strategies as change happens.

We’ve defined what we think is the way forward:

• Coverage will become even more personalised: We see our role as insurance matchmakers, tailoring coverage to fit a client’s crypto-related needs like a glove
• Get good at navigating rough waters:  Market ups and downs are sure to happen, so factor that into the approach to guiding clients and best manage those risks
• Stay on the right side of The Law: Accept that regulations will change, so always stay on top of this. Make sure clients’ coverage is current and compliant
• Move with the times: The world of cryptocurrency evolves quickly, and so should we. Clients will rely on us to keep coverage relevant in this ever-changing landscape.

We believe if you don't move with the times, you’ll get left behind. Our team of specialists have a thorough understanding of the space and looking to utilise every aspect of the industry, to provide better solutions for our clients.

This industry is only going to grow. If you have any questions or would like to discuss your needs, Feel free to get in touch.

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