Verida to Establish a Decentralized Insurance Protocol with Nimble

Verida has announced a partnership with Nimble to improve the Nimble decentralized insurance protocol and platform by leveraging the high-performance Algorand blockchain. Nimble will reportedly establish its democratized insurance service by leveraging the expertise and industry know-how of Verida. The developers will provide digital identity, trusted storage, private data ownership, and secure messaging for Nimble end-users through the Algorand blockchain.

Nimble revealed that it’s developing innovative tech for the insurance services sector that allows communities and members to take part in the insurance process. They can earn yield, control their private information, and be an important part of an insurance process that provides real value.

The announcement also noted that Verida will complement the Nimble tech stack and offer better connectivity to Algorand as the blockchain for implementing smart contracts and handling transactions with stablecoins.

Nimble’s decentralized insurance solution is able to benefit from “trusted” storage, identity, and messaging functionality provided by Verida’s framework. This allows Nimble stakeholders through the insurance life cycle to drive their own unique value from Nimble’s Insurance-as-a-Service framework.

Establishing a platform that cuts costs of insurance and offers equity to the insurance process wouldn’t be possible without a secure way to share their data and meaningfully contribute to the overall insurance process. The Verida network, along with the Verida mobile “Vault”, provides this tech solution to the wider Nimble ecosystem.

With this advanced framework in place, Nimble will aim to establish connections to different carrier systems both on and off-chain. This enables insureds and Nimble members to exchange data in an anonymized way and take micropayments for these transfers. This is a novel concept for insurance and could result in enhanced risk mitigation, proper claims management, and claims recovery processes.

Adam Hofmann, Founder at Nimble, said he’s looking forward to working on this initiative and believes this approach will become a key part of the future of insurance. Hoffman remarked:

This partnership will create a transparent relationship between what has traditionally been referred to as insureds and insurers.

He added that this innovative approach greatly improves the traditional process and establishes the rails for a better insurance process that allows consumers to be a part of the insurance ecosystem and create strong communities that can pool their shared risk. He added that this model can help people with realizing the benefits of insurance as a service and the yield that is “intrinsic to blockchain networks.”

Verida co-founder and CEO, Chris Were, added that the strategic partnership with Nimble will bring real-world utility to the DLT sector. Chris also noted that he was pleased that Verida can support Adam and the Nimble team to “build their vision for a next generation insurance platform.” He added that insurance was an “important use case” that they considered while creating the Verida technology stack, so it’s great to partner with Nimble to make this a reality.”

Nimble is focused on helping communities and insureds by harnessing the power of blockchain tech to enhance processes, properly aligning incentives, improving cost efficiency, and offering access to insurance coverages that are not accessible via the traditional insurance market.

Verida is a network of user data owned and controlled by the users themselves. The network has been designed to incentivize users to tap into their data that’s stored on centralized platforms. Verida is also operating the Verida Vault which is a mobile application that can work as a “Data Wallet” and a “Crypto Wallet.” It offers private key management and a secure interface for interacting with the Verida network and supported chains. This acts as the main entry point for end-users to manage their identity, safely log into apps, manage their own data, transmit messages and securely manage blockchain transactions/tokens.