Ethereum
Lloyd’s of London-backed insurance policies can now be paid in crypto on Ethereum
Lloyd’s of London, the three-century-old insurance marketplace, is supporting digital asset protection policies curated on the Ethereum public blockchain that can be paid for natively, on-chain, using cryptocurrency, through Lloyd’s Coverholder Evertas and smart contract insurance provider Nayms.
Not so long ago, any kind of cryptocurrency insurance coverage Finding solutions was difficult. Aside from the efficiency benefits of paying for insurance policies in cryptocurrency and using blockchain to streamline the burdensome paperwork of intermediaries, a consortium of Lloyd’s of London syndicates backing cryptocurrency-native, on-chain insurance shows how far the industry has come in the last two years.
“We’re enabling people using public blockchain infrastructure to interact with traditional, highly regulated, fiat-backed institutions in a transparent way,” Evertas CEO J. Gdanski said in an interview. “Whether it’s paying in USDC or native cryptocurrency, or placing policies entirely on-chain with blockchain helping coordinate between a broker, the policyholder, and insurers, we believe this is a foundational infrastructure.”
Nayms, a digital marketplace where brokers and underwriters connect with crypto capital investment, is a play on Lloyd’s “names,” the collection of individuals and companies that underwrite risks in the historic insurance market.
“The native cryptocurrency expertise we bring to the underwriting process gives us a deep understanding of the risks we insure,” Nick Selby, the company’s head of European underwriting, said in an interview. “It means we’re very explicit about what we do and don’t cover, and we can pay insured claims faster than anyone else.”