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How Does it Work?
First, there is a risk, something that might happen. What if your crypto assets are stolen? What if you are sued for deciding on behalf of a DAO? What if your baseball card collection is stolen? In many cases, the owner of that risk will look to insurance - making them an insured. Enter Nimblr.
The insured connects with the Nimblr platform and searches for the needed coverage. The insured finds the risk pool that provides the proper coverage. That risk pool was previously set up by decentralized underwriters and actuaries who understood the risk and decided on the terms and premiums offered. All of this is done equitably and efficiently.
Alternatively, the insured connects with the Nimblr platform and does not find the coverage they need. In this case, the insured can request a risk pool and open up the underwriting and actuarial services necessary for the decentralized marketplace community. These insurance professionals work to prepare the data, terms, & premium modeling required to provide insurance for this emerging risk. Now, the insured can purchase cover, and so can others interested in buying cover for similar risks.
Further, if an insured comes to the Nimblr marketplace and is unsure which pool is right for them; or if they are confused by all the options available - they can engage the help of a Nimblr Decentralized Insurance Advisor. The Nimblrs can help explain coverage, risk pools and work to set up risk pools on behalf of the insured or a group of insureds.
The risk pools that exist and are created within the Nimblr Decentralized Marketplace are funded by LP Members who join together to provide the necessary capital to support the risk pools' underwriting and insurance services. These capital providers can be individuals, investors, insurance companies, institutional investors, and/or organizations. Their capital is locked for periods of time to provide stability and security.
Nimblr is building the rails for a more efficient and equitable insurance process, taking all the beautiful and unique parts of insurance and reThinking it for Web3.0. So, how does it all work? Let's use a DeFi project as our example - but remember this same process could apply to a group of NFT collectors, art collectors, horse owners, widget manufacturers, etc.
There are many benefits using a system like Nimblr. We will get into those in the following pages.
Last modified 2mo ago