Crypto disrupting expansive Insurance Industry
I have been trying to wrap my head about how Crypto Smart Contracts will impact legacy Insurance industry. Sure the Insurance industry makes a lot of bread the old fashion way, you pay them and then they stall paying you when need their services. Crude, but worth the laugh. Much like their peers in the Banking industry they don't innovate and that makes them ripe for the crypto realm to revolutionize!
I stumbled upon Nexus Mutual - nexusmutal.io, and learned they cover smart contract failures.
What is Nexus Mutual? Nexus was launched in '19, it was built upon Ethereum Blockchain which allows one to take out 'Covers' for smart contracts. It is run by its members, the members decide what is valid. Everything is recorded to the blockchain and thus enforced by smart contracts
How does it work? Nexus is a risk sharing pool that was built as a disruptive force to bring innovation to the staid Insurance industry. By spreading the risk out to many people prevents the need for an insurance company. It is a risk sharing platform designed to usurp the traditional insurance providers
What does it protect against? A few examples are it provides coverage against the DAO attack or multi sig wallet issues.
Who can invest in Nexus? Anyone is available to invest in NXM. Currently it is worth ~$125 per token.
To learn more check out the Nexus Mutual White paper - https://nexusmutual.io/assets/docs/nmx_white_paperv2_3.pdf
Summary the Crypto verse is taking more and more traditional money and talent. This offering really makes sense in a time of rapidly rising insurance rates and potentially failure to pay legit claims!
Disclaimer - I am not an employee nor an agent for Nexus Mutual nor any of its alliance partners. I am just offering investment opinion about this rapidly expanding realm!