Lloyd’s of London Embraces Cryptocurrency for Insurance Payments
Lloyd’s of London, a storied institution in the insurance market, is now allowing customers to pay for their insurance policies with cryptocurrency, thanks to a pioneering partnership with Evertas and Nayms. This move signals a significant shift in how insurance premiums can be paid and managed through the innovative use of blockchain technology.
Revolutionizing Insurance with Blockchain and Crypto
Lloyd’s of London has partnered with Evertas, a cryptocurrency insurance underwriter, and Nayms, a smart contract-based insurance marketplace, to introduce policies that are fully manageable on the Ethereum blockchain.
BULLISH NEWS FOR #ETHEREUM
Lloyd’s of London-Backed Insurance Policies Can Now Be Paid for in Crypto on Ethereum
Cryptocurrency insurance underwriter Evertas, a Lloyd’s coverholder, has teamed up with smart contract-based insurance marketplace Nayms to offer the on-chain… pic.twitter.com/ECWWbe9XSU
— Print Ether – $PRINTR (@PrintEther) August 1, 2024
This collaboration is set to streamline the traditionally cumbersome process of coordinating between brokers, insurers, and the insured. J. Gdanski, CEO of Evertas, highlighted the importance of this integration, stating, “What we’re enabling is for people using public blockchain infrastructure to interact with highly regulated, traditional, fiat-backed institutions in a way that is seamless.” Customers can now pay for their policies in USDC or other native cryptocurrencies, or even place policies completely on-chain.
The Impact of Crypto Payments in Insurance
This initiative is not just about simplifying payments but also transforming the entire insurance underwriting process. By utilizing blockchain technology, Lloyd’s of London aims to reduce the administrative overhead associated with insurance transactions. The ability to pay premiums in cryptocurrencies like Bitcoin and to manage policies on the blockchain reduces dependency on traditional banking systems and speeds up the transaction process.
Evertas and Nayms: Pioneering Crypto Insurance Solutions
Evertas, which also specializes in providing coverage to custodians, exchanges, and bitcoin mining operations, recently expanded its services by acquiring mining cover specialist Bitsure. This expansion allows Evertas to offer policy limits of up to $200 million per crypto mining location.
Nick Selby, head of European underwriting at Evertas, commented on their approach: “The crypto native expertise we’re bringing into the underwriting process gives us a thorough understanding of the risks we underwrite. It means we are highly explicit about what we will and won’t cover, and we can pay insured claims faster than anybody else.”
JUST IN: Lloyd’s of London-Backed Insurance Policies Can Now Be Paid for in Crypto on Ethereum. pic.twitter.com/DBpFFXEQce
— Daily Day Crypto (@dailydaycrypto) July 31, 2024
The partnership between Lloyd’s of London, Evertas, and Nayms marks a significant milestone in the integration of blockchain and cryptocurrency technologies within the insurance sector.
This development not only enhances the efficiency and transparency of insurance transactions but also demonstrates the growing acceptance and adoption of cryptocurrencies in mainstream financial services. As the industry continues to evolve, these innovations are expected to set new standards in how insurance products are offered and managed globally.
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