Aon plc (NYSE: AON), a renowned global professional services organization, has recently completed a groundbreaking pilot program focused on revolutionizing insurance placement through the integration of blockchain and smart contract technologies.
The pilot, in collaboration with Nayms SAC Ltd., a forward-thinking crypto-compatible insurance marketplace, and Copper.co, a trusted digital assets custodian, marks a significant advancement in the industry.
The utilization of blockchain and smart contracts offers numerous advantages to insurance stakeholders, such as opening up access to new capital sources, enhancing transparency, and streamlining administrative processes to reduce costs.
Jillian Slyfield, the chief innovation officer at Aon, emphasized the company’s commitment to exploring cutting-edge solutions to better serve their financial institution and commercial clients. She highlighted the potential benefits of blockchain technology, including lower transaction costs that can ultimately broaden access to financial services.
During the pilot, Aon made use of a Copper Web3 custodial wallet to execute transactions and transfer funds on Nayms’ platform seamlessly.
Lachlan Douglas Ferguson, the business operations manager at Nayms, lauded the efficiency gains demonstrated through the pilot, showcasing how blockchain technology can revolutionize insurance practices in a secure and compliant manner.
Through Copper’s infrastructure, premiums were transacted in stablecoins, and Aon received crypto-native commissions for its brokerage services, all seamlessly allocated through smart contract logic on Nayms’ platform.
Dmitry Tokarev, the founder and CEO at Copper, highlighted the pivotal role of this pilot in bridging the gap between traditional insurance practices and the realm of cryptocurrencies. This innovative project signifies a significant stride towards transforming the insurance sector by harnessing the potential of blockchain and digital currencies.
Aon’s ongoing commitment to developing innovative solutions and fostering safety and trust within the industry underscores their dedication to promoting institutional adoption of Web3 technologies.
Jim McCue, the Web3 leader at Aon, expressed pride in the successful completion of the on-chain insurance pilot, acknowledging the collaborative efforts of various Aon solution areas and geographies involved in the initiative.
Aon plc is dedicated to influencing decisions positively, safeguarding and enhancing lives worldwide. With a focus on providing actionable analytic insights, integrated Risk Capital and Human Capital expertise, and tailored solutions across 120 countries, Aon empowers clients to make informed risk and people decisions that drive business growth and resilience.