NFT transaction is another metaverse first for the leader in digital asset risk management
IMA Financial Group, which earlier this year launched Web3Labs, is now the first insurance broker to issue a certificate of insurance (COI) on the blockchain. The COI, completed on behalf of client Engiven, was transacted as a non-fungible token (NFT) through Web3Labs, IMA’s research and development facility in Decentraland.
Latest Fintech News: Nokia Extends Strategic Partnership with Wipro to Drive Digital Transformation and Efficiencies in Global Business Services
Founded in 2018, Engiven is the first B2B cryptocurrency donation software servicing nonprofit organizations. James Lawrence, its co-founder and CEO, sees today as a meaningful step forward in the use of distributed ledger technology in insurance.
“As a company on the forefront of blockchain technology, we have often blazed our own trail,” said Lawrence. “With IMA as a partner, we can double our impact and advance the adoption of blockchain technology in insurance and across many industries.”
Certificates of insurance (COIs) are documents containing essential details of an insurance policy in an easily digestible, standardized format. Despite contractual requirements to maintain the documents, particularly in the construction and oil and gas industries, COIs are rarely updated or reviewed, leaving companies at risk. The delivery of certificates as NFTs solves these maintenance issues by providing an updated, accessible, verifiable record.
Latest Fintech News: Oromia Bank selects CR2 BankWorld to Advance their Digital Banking Transformation Strategy in Ethiopia
“The issuance of certificates is a key tactical procedure for all brokers, with hundreds of millions issued nationwide each year,” said IMA Senior Vice President and Director of Innovation and Strategy Garrett Droege. “Despite the buzz around NFTs, the tools aren’t widely used in business. COIs are the perfect utility to illustrate their value, and blockchain leader Engiven is the perfect partner.”
“Web3Labs allows us to research opportunities to support our clients and lead the industry in the adoption of Web 3.0 technologies,” added IMA Senior Vice President and Web3Labs Director Justin Jacobs. “The COI process is a logical starting point as we can create usability and value for our clients and their downstream and upstream partners.”
Latest Fintech News: Ushur Launches Insurance Automation Portfolio in AWS Marketplace
[To share your insights with us, please write to sghosh@martechseries.com]
