Yesterday Aon, the world’s second largest insurance broker, announced it completed a pilot with Nayms, the blockchain insurance protocol that went live last year. Nayms is a Bermuda-regulated insurance marketplace that operates on a similar model to Lloyds, as its name suggests.
Instead of Lloyds syndicates, Nayms has ‘cells’. This involves locking up crypto or stablecoins with a return of between 11% and 17%. Of course if there’s a claim, some (or all) of the money will be lost. Much in the way Lloyds helps with access to capital, Nayms is targeting the same, but not from retail investors. It also helps to cut administrative costs. In many ways, it’s like a tokenized syndicate, with the advantage that the tokens can potentially be sold before the end of the insurance cover term.
Currently, there are six cells on the marketplace, ranging from industry loss warranty to cyber insurance and property catastrophe. However, only three cells have more than $1,000 in capital, with the marketplace total at just over $1 million.
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