Nimble is excited to announce a partnership with Verida to strengthen the Nimble decentralized insurance protocol and platform leveraging the Algorand blockchain.
Nimble will build their decentralized and democratized insurance platform in conjunction with Verida, which will provide decentralized identity, trusted storage, private data ownership, and decentralized messaging for Nimble community members on the Algorand blockchain.
Nimble Decentralized and Democratized Vision for Insurance
Nimble is building a new technology for the insurance industry that allows communities and members to participate in the insurance process, earn yield, control their private data, and be a part of an insurance process that isn’t commoditized, but instead provides real value and service.
Verida will complement the Nimble technology and provide connectivity to Algorand as the blockchain choice for smart contracts and stable coin payments.
Nimble’s decentralized and democratized insurance solution leverages the trusted storage, identity, and messaging capabilities of Verida’s framework. This enables all Nimble participants and stakeholders through the insurance life cycle, including insured, capital providers, underwriters, and more, to drive their own unique and distinct value from Nimble’s Insurance-as-a-Service network. Delivering a platform that drives down costs of insurance and brings much needed equity to the insurance process wouldn’t be possible without providing a consensual and secure way to share their data and contribute to the insurance process. The Verida network combined with the Verida mobile “Vault” provides this technology to the Nimble ecosystem.
With this secure framework in place, Nimble will provide connection to existing carrier systems both on and off chain allowing insureds and Nimble members to send and request data in an anonymous way and receive micropayments for these transactions. This is a new concept for insurance and leads to more proactive risk mitigation, claims management, and claims recovery methods.
Nimble Founder, Adam Hofmann, is thrilled about this announcement and what it means for Nimble and the future of insurance.
“This partnership will create a transparent relationship between what has traditionally been referred to as insureds and insurers. However, it busts that traditional box and creates the rails for a new insurance process that allows everyone to be a part of the insurance ecosystem and create strong and robust communities the can not only pool their shared risk, but also earn the benefits of insurance as a service and the yield that is intrinsic to blockchain networks. With the rails built, insurance capital resources can be deployed much more effectively and equitably to propel these new and exciting models,” said Hofmann.
Verida co-founder and CEO, Chris Were, says the partnership with Nimble will bring real world utility to the growing Verida ecosystem.
“I am thrilled that Verida can support Adam and the Nimble team to build their vision for a next generation insurance platform. Insurance was an important use case we considered while designing the Verida technology, so it’s wonderful to partner with Nimble to make this a reality. This is an exciting opportunity, with many opportunities to innovate and disrupt existing incumbents. ”
Nimble is a global decentralized insurance company that is building and deploying Web3.0 and blockchain tools and technology to power the community-centric future of efficient and equitable insurance processes. Nimble has developed a system that decentralizes all aspects of the insurance for multi-party participation and secure, consensual, risk participation.
Nimble is committed to empowering communities and insured by leveraging blockchain technology to improve processes, align incentives, increase cost efficiency, and provide access to insurance coverages that are not easily accessible in the traditional insurance market. Nimble believes in the decentralized future as a way to build trust without the participation of a biased intermediary; providing impact both economically and socially.
Learn more about Nimble at www.insurenimble.com
Verida is a network of personal data owned and controlled by users, incentivizing them to unlock their data stored on centralized platforms. Builders access this data for new exciting use cases such as trusted storage, decentralized messaging and single sign-on. User’s private data can be input into smart contracts, enabling connectivity to multiple blockchains.
Ther Verida Vault is a mobile application that acts as both a “Data Wallet” and a “Crypto Wallet” for end users. It provides private key management and a user-friendly interface for interacting with the Verida network and supported blockchains. This is the entry point for end users to manage their identity, sign into apps, manage their personal data, send/receive messages and manage blockchain transactions/tokens.
Learn more about how Verida fosters the development of powerful, secure, and user-centric Web3 dApps at https://www.verida.io/