June 22, 2024

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Aon Announces Successful Completion of Innovative Pilot Placing Insurance Using Blockchain Technology

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Aon Announces Successful Completion of Innovative Pilot Placing Insurance Using Blockchain Technology

DUBLIN, April 11, 2024 – Aon plc (NYSE: AON), a leading global professional services firm, announced the successful completion of an innovative pilot for placing insurance using blockchain and smart contract technology. The pilot was conducted with Nayms SAC Ltd., a crypto-compatible insurance marketplace, and Copper.co, a digital assets custodian.

Notable benefits of blockchain and smart contract technology for insurance stakeholders include access to new sources of capital, enhanced transparency, and reduced administrative costs and processes. Nayms’ platform facilitates tokenization of risk-bearing capital and can provide investors in this asset class with liquidity through secondary trading of their positions.

“Aon is committed to investing in new solutions to better serve our financial institution and commercial clients who are testing and developing innovative products underpinned by blockchain technology,” said Jillian Slyfield, chief innovation officer at Aon. “The potential benefits of blockchain are compelling, including lower transaction costs, which can lead to greater access and participation in financial services.”

In this pilot, Aon leveraged a Copper Web3 custodial wallet to sign transactions and transfer funds on Nayms’ platform. Within the Nayms marketplace, Aon quoted insurances on-chain and earned crypto-native commissions on its brokerage.

“This pilot demonstrates the efficiency gains that institutions can expect from the Nayms platform which leverages blockchain technology to conduct insurance in a highly innovative yet secure and compliant manner,” said Lachlan Douglas Ferguson, business operations manager at Nayms.

Using Copper’s infrastructure, premiums were paid in stablecoins and the commissions due to Aon for its placements were automatically allocated to the firm’s user account on Nayms’ platform through smart contract logic without the need for manual intervention or reconciliation.

“With this pilot, we demonstrated how to bridge the gap between insurance and crypto,” said Dmitry Tokarev, founder and CEO at Copper. “This innovative project represents a significant step toward revolutionizing the insurance industry by embracing the power of blockchain and digital currencies.”

Aon has been developing innovative solutions and products with the overarching goal of promoting safety and trust to help foster institutional adoption of Web3.

“We are proud to have completed a successful pilot for on-chain insurance leveraging the solutions offered by Nayms and Copper, and we appreciate the contributions of the various Aon solution areas and geographies that participated in this effort,” said Jim McCue, Web3 leader at Aon.

About Aon

Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues in over 120 countries and sovereignties provide our clients with the clarity and confidence to make better risk and people decisions that help protect and grow their businesses.

Follow Aon on LinkedIn, X, Facebook and Instagram. Stay up-to-date by visiting Aon’s newsroom and sign up for news alerts here.

About Nayms

Nayms SAC Ltd. is the world’s leading crypto-native insurance marketplace. The company is registered and regulated in Bermuda with licences for both insurance (IIGB) and digital asset (DABA Class F) business. It operates as a bridge between alternative capital and a wide variety of property and casualty risks. It provides the technical and legal infrastructure over which relevant stakeholders, including insureds, insurers, brokers, and underwriters, can come together to capitalise and transfer risk on-chain. Building on Ethereum and Base, Nayms’ diverse team uses smart contracts to enable on-chain insurance placement and crypto-native transactions for collateral, commissions, premiums, and claims.

For more information on Nayms and investment opportunities, contact [email protected] or visit the website directly.

About Copper

Since being founded in 2018, Copper has been building the standard for institutional digital asset infrastructure with a focus on custody and collateral management. Underpinned by multi-award-winning technology, Copper has built a comprehensive and secure suite of products and services required to safely custody and trade digital assets. At the core of Copper’s infrastructure is ClearLoop, which enables clients to manage collateral and settle trades in near real time across multiple exchanges, while mitigating counterparty risk and increasing capital efficiency.

LinkedIn: Copper.co

Twitter: @CopperHQ


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