AON insurance to explore DeFi

A a multinational Anglo-Irish  insurance company, AON has announced that it would be experimenting with DeFi. 

AON sells a range of fiscal risk-mitigation products, including insurance, pension administration, and health insurance plans.

Aon has partnered with three different companies -Nayms, Relm Insurance and Teller Finance for carrying out a pilot project.

Nayms is an insurance platform that allows cryptocurrency holders to provide decentralized insurance cover against losses due to hacks or buggy software, Relm Insurance is a Bermudian insurer that specializes in digital assets and Teller Finance is an automated matchmaker between investors’ assets and crypto risk liabilities.

Nayms CEO Dan Roberts said to a media house via email, “The Nayms platform puts the tool of smart contracts in the hand of regulated underwriters (like Relm) and brokers (like Aon), to open up a new capital source when underwriting crypto risk,”. He added, “This could be in either crypto (ETH, BTC) or fiat (via a stablecoin). Aon is assessing both options as part of longer-term programs.”

“Aon is committed to embracing technology and is constantly developing its offering for our growing client base in the digital asset space,” Aon’s crypto specialist, Benjamin Peach, said in a statement. He added, “By collaborating with Nayms and Relm to launch this pilot, we are taking the first step to creating a platform for digital asset companies to scale up their cover efficiently and cost-effectively as the market continues to expand.”

The company has not shared anyupdate on when the pilot will commence.

Interestingly, Aon had previously worked with the cryptocurrency exchange Coinbase. The crypto they insured were not connected to the internet but were held in cold storage.