Pilot marks the first tokenised, or blockchain-enabled, placement of insurance ever conducted with regulated, professional insurance entities
London, UK (Mar. 3, 2021) – Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, has announced a first-of-its-kind offering to secure capital through a collaboration with Nayms, an InsurTech platform that supports cryptocurrency investors in insuring crypto-risk.
As part of the collaboration, Aon via Nayms will conduct a first pilot with Teller Finance, a decentralized lending protocol, to highlight the ability to scale cover efficiently by matching assets to liabilities when underwriting crypto-specific risk. The underwriter for the contract will be Relm Insurance Ltd, a Bermudian specialist insurer. The pilot will mark the first tokenised, or blockchain-enabled, placement of insurance ever conducted with regulated, professional insurance entities.
Benjamin Peach, Associate Director & Digital Assets Specialist, Global Broking Centre at Aon, said: “Aon is committed to embracing technology and is constantly developing its offering for our growing client base in the digital asset space. By collaborating with Nayms and Relm to launch this pilot, we are taking the first step to creating a platform for digital asset companies to scale up their cover efficiently and cost effectively as the market continues to expand. As the first of its kind, this pilot represents a huge milestone for the digital asset and insurance industry. We are extremely pleased to be working with such innovative organisations and look forward to exploring how we can support traditional insurance and reinsurance, as well as open up digital asset risk capacity to capital markets.”
Dan Roberts, CEO at Nayms, said: “As the digital asset space soars to $1 trillion, the need for appropriate insurance protection to scale alongside that growth will be vital for the sustainability of this innovative market. By working with Aon and Relm, we are enabling the collaboration between technology, regulation and the existing insurance marketplace, bringing a robust solution for the cover of digital asset risk to the market.”
Joseph Ziolkowski, CEO at Relm, said: “We launched Relm in 2019 in order to bring to the insurance market informed and dedicated capacity for digital asset and blockchain businesses. To that end, we are excited to be working with Nayms and Aon in an area of the insurance sector to which we are fully committed and see great potential. In addition to supporting numerous digital asset companies all over the world with financial and professional lines coverage, the Nayms platform will enable Relm and Aon to transact insurance in a manner that creates more alignment with our target insureds.”
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Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance. For more information, visit www.aon.com.
Nayms is an insurance marketplace, utilising smart contracts to code the rules of how insurance can be placed, traded, claimed and settled. Brokers place these digital contracts of insurance between buyers and sellers of Digital Asset risk, therefore bridging capital markets native to the cryptocurrency space with a $1tn of largely uninsured risk, via professional underwriters. For more information, visit https://nayms.io.
Relm is a Bermuda-domiciled specialist insurer focusing capacity on new and emerging areas of risk. Relm is the first commercial insurer with an Innovative Insurer-General Business (IIGB) license, enabling the company to also transact insurance utilizing blockchain technology and non-fiat denominations.
Source: AonTags: Aon, blockchain, coronavirus, epidemic, industry first, InsurTech, partnership, pilot program