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Home»ADOPTION NEWS»Ensuro Leverages USDC to Improve Insurance Accessibility for the Underserved
ADOPTION NEWS

Ensuro Leverages USDC to Improve Insurance Accessibility for the Underserved

By Crypto FlexsAugust 26, 20242 Mins Read
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Ensuro Leverages USDC to Improve Insurance Accessibility for the Underserved
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Timothy Morano
26 Aug 2024 15:17

Ensuro, powered by USDC, is revolutionizing insurance by increasing inclusivity and capital efficiency, especially for underserved populations.





The mainstream adoption of blockchain technology continues to grow globally. From global enterprises to individual developers, more and more people are building new applications that can transform how value is moved, stored, and exchanged. Marco Mirabella and Guillermo Narvaja are at the forefront of this evolution, particularly in the insurance sector. They are the co-founders of Ensuro, an innovative insurance provider that uses smart contracts to make insurance both capital efficient and inclusive, according to circle.com.

Ensuro’s innovative approach to insurance

After years of experience in technology in Latin America and Europe, Mirabella and Narvaja were drawn to insurance, using blockchain to disrupt the traditional insurance model. In April 2024, Ensuro acquired Circle’s Impact Unlock Held a pitch competition in Washington DC, won 100,000 USDC and received mentorship from Circle leaders. Next Impact Unlock A pitch competition will be held in New York in September, and another will be held during the World Bank Annual Meetings in Washington, D.C. in October.

The Role of Blockchain in Insurance

Blockchain technology, and smart contracts in particular, offer enormous potential for the insurance industry. These contracts can manage risk very efficiently while automating the movement of value on a global scale. This innovation enables programmatic risk pricing and faster, cheaper payments, making it economically feasible to write insurance contracts for less than previously possible. This, in turn, expands insurance to people who were previously underserved.

The Crucial Role of USDC

Ensuro uses USDC for all policies and payments, citing transparency and 1:1 redemption to the dollar. USDC acts as a bridge between blockchain and the rest of the world, enabling faster and more cost-effective transactions. Unlike traditional payment methods that can take days, USDC allows policyholders to receive payments in minutes.

Ensuro’s global impact

Ensuro has acquired over 170,000 policies across seven programs covering travel, weather, cyber and cargo risks. The company is expanding its crop insurance program in Kenya to benefit farmers by providing protection against climate risks. It also diversifies risks, making these policies more attractive to investors. Using blockchain and a digital dollar presents a huge opportunity to reach billions of people who are excluded from traditional finance and insurance.

Image source: Shutterstock


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