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The global blockchain insurance market is predicted to grow to $32.9bn by 2031 and Nayms, led by CEO Dan Roberts, is looking to capitalise on this through its blockchain-based insurance project. The company focuses on property catastrophe, specialty lines, and digital asset risks, offering smart contract underwriting. Nayms works in reinsurance, helping industry entities lower risk. Nayms operates as a Bermuda-segregated account firm, aiding effective blockchain use and offering greater manageability over fraud. The NAYM token, launched in 2024, funds the Nayms Liquidity Facility and lets token holders influence platform decisions.

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Blockchain technology, known for its broad versatility, is making strides in the insurance industry. The global blockchain insurance market is expected to grow to a whopping $32.9 billion by 2031.

Dan Roberts, co-founder and CEO of Nayms, is taking advantage of this growth with his blockchain-based insurance project. He believes that blockchain will bring about more active participation in digital markets by making this mature asset class available for folks to invest.

Ever had a flight canceled and spent days squabbling with the airline for a refund? It can be a real pain! Here’s where blockchain insurance could be a game changer.

Roberts also points out that the insurance world is sort of a closed place with sketchy transparency. It’s unclear where the money is going and there are high barriers to enter this multi-trillion dollar market. Moreover, there’s a lot of fraud going around. Blockchain technology could be just the thing to shed light on this darkness and verify capital.

Nayms, the company headed by Roberts, emphasizes three areas in insurance: property catastrophe, specialty lines, and digital asset risks. They allow investment in smart contract underwrites, which provide coverage for crypto-related risks.

Unlike traditional insurance, Nayms focuses on reinsurance, allowing partners and other industry players to reduce their risk with Nayms marketplace.

Speaking of legality, Nayms is structured as a Bermuda-segregated account company. This allows the company to efficiently use blockchain. With blockchain, Roberts explains, you have a technical enforceability which is way better than the manual process of segregation that can drag through the courts in case of a mishap.

With Nayms’ approach of built-in transparency, you can actively engage and trade in real time. You can keep in touch with how an individual program is doing and trade in and out of that program. This was impossible in the traditional insurance space.

NAYM, the governance token of the Nayms marketplace was launched in October 2024. It capitalizes the Nayms Liquidity Facility (NLF), which invests in insurance programs and rewards token holders with potential returns. Token holders can also actively influence platform governance by staking, voting on proposals, and making key decisions.

Roberts points out that the days are coming where blockchain’s cross-chain interoperability may create a stronger sense of community. It allows people to rally around subsets of an insurance program on a particular chain. There’s room for friendly competition to see who can build a bigger pool on a particular chain.

Roberts is also excited about the promising role of artificial intelligence in the insurance world. It’s making headway in underwriting purposes, capital allocation, and meeting global competition. Incorporating AI with their functions, Nayms is ready to be part of this exciting progress.

Source: Cointelegraph