Nayms
Smart Insurance Contracts
NAMES OR NAYMS?
Nayms is rebuilding Lloyd’s of London Names on the blockchain.
Nayms allows crypto-holders to invest in underwriting smart contracts that provide cover for crypto-related risk.
THE PROBLEM
There are roughly only $6bn of cover in the $330bn crypto-space. This is preventing a tremendous amount of institutional capital from entering the market.
Insurance companies are looking to underwrite Bitcoin, Ether and other cryptocurrency risk with Dollars and other fiat currencies. This poses a great pricing inaccuracy which is limiting capacity
SOLUTION
Initially, the Nayms platform allows crypto-backed contracts to underwrite crypto risk.
Later, it will also utilise a stablecoin (cryptocurrency pegged to USD) to underwrite fiat risk. This will allow Nayms to become a new capital provision ecosystem for the insurance industry, with insurance contracts that are tradable, transparent and data driven.
Capital providers generate a yield on their assets, brokers gain efficient capital to underwrite risk and as the Nayms contracts are structured as Insurance Linked Securities (ILS), risk is fully transparent and liability is limited. These contracts can then be traded in the Nayms reinsurance marketplace, bringing liquidity to insurance and crypto markets alike.
CO-FOUNDERS
Dan Roberts – A multi-award winning, serial entrepreneur with 8 years startup experience across FMCG, Digital Out of Home, Smart Cities and Healthcare with involvement in multiple blockchain businesses as Commercial Lead over the past 2 years.
Theodore Georgas – A senior software engineer and software product manager with 20 years experience working with a range of technology systems. He has worked in technical roles for clients such as Deutsche Bank, Merrill Lynch and Lehman Brothers.
“The stats for startup success aren’t always encouraging. It is clear that a key partner is needed to raise an initial concept above the noise and therefore vastly increase the likelihood of building a sustainable company. Insurtech Gateway are that key for Nayms. They bring a multitude of strengths across insurance expertise to fundraising support and we look forward to working with them over the years to come.”
Dan Roberts, Co-Founder at Nayms
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“At Maker we believe in the power of transparency and composability in financial transactions. Nayms is bringing these premises to the traditional insurance industry in a cutting-edge way. I can’t wait to see the result of this collaboration.”
Greg Di Prisco, Maker Foundation