Today AON, the world’s second-largest insurance broker, said it plans to run a pilot with insurtech startup Nayms, which uses the public Ethereum blockchain. As the startup’s name suggests, it has its sights set on offering something similar to the London Lloyds’ market where the underwriters are the ‘names’. However, unlike other DeFi insurance startups such as Nexus Mutual, Nayms has a far more conventional approach and is not as decentralized.
Nayms aims to offer a regulated insurance market and hence is currently operating within the Bermuda sandbox until May. Instead of sourcing funds purely from retail capital, which Nexus does, Nayms is looking at conventional insurance firms to underwrite the risks, and brokers such as Aon can source clients and price the risks. What Nayms provides is a marketplace for insurance contracts to raise money from capital markets.
The initial target is the digital assets space that is notoriously underinsured, but Nayms’ ambitions are broader.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
