• Verida joins forces with Nimble
• This partnership aims to improve Nimble’s decentralized insurance protocol.
• Nimble has been developing new tech in the insurance service industry.

Verida and Nimble have announced a partnership to develop the Nimble Decentralized Insurance Protocol and Platform by Leveraging the Algorand, a high-performance blockchain. Verida’s expertise and knowledge will help Nimble establish its democratic insurance service. Through the Algorand Blockchain, developers will offer digital identity, trusted storage and private data ownership to Nimble users.

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 will be able to control their personal information and earn some yield.

Verida, which is the blockchain used to implement smart contracts and handle transactions using stablecoins was also mentioned in the announcement.

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.

This advanced framework will allow Nimble to make connections with different carriers both on- and off-chain. The framework allows Nimble members as well as insureds to securely exchange information and make micropayments. This innovative concept in insurance could lead to enhanced risk mitigation and proper claims management. It also allows for faster claims recovery.

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 made the following comment:

The partnership will establish a clear relationship between the two entities, which were formerly known as insurers and insureds.

The innovative process is greatly improved and the railroads are laid for better insurance. This allows customers to become part of an insurance ecosystem that creates strong communities and pools their 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.”

Chris Were (Verida CEO and cofounder) said that the partnership with Nimble would bring practical utility to DLT. 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 a community-focused insurance company that uses blockchain technology to improve processes and align incentives. It also offers access to coverages not available through traditional insurance markets.

Verida is an open-source network that stores user data. It’s owned and managed by users. 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 is where end-users log into their accounts, secure transmit messages, manage and manage their tokens and transactions, as well as manage their identity.

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