Onchain
Digital
assets
are
the
future
of
value
transfer
and
should
be
integrated
into
every
sector
and
business
globally.
We
believe
that
risk
management
programmes
should
also
leverage
the
onchain
community
and
liquidity.
Community-powered protection
Insurance started as a community effort, where members came together to support each other in times of disaster. This spirit of mutual aid eventually evolved into the insurance market we know today, but the core ethos remains the same: insurance is a community enabler.
Yet, this support has largely bypassed the onchain community - until now.
Native is here to change that. By partnering with onchain insurance marketplaces and traditional providers, we are bridging the ‘crypto gap’ and bringing the best of both worlds to the digital asset community. Here’s what we provide
- Policies denominated in crypto
- Policy documents as NFTs
- Onchain document vault for increased security and encryption
- ‘Hybridised’ cover providing follow on cover to regulated primary insurance
- Fast and efficient onchain claims processing
- Access to Native’s $20m underwriting pool
The future won’t be decided in boardrooms; it will be shaped by communities coming together to protect those who need it most.
Frequently Asked Questions
If you have any further questions, please contact us.
Onchain 'cover' is a discretionary product provided by a Mutual, not a regulated insurance policy. This means it does not have the same guarantees as a typical insurance policy and does not come under the supervision of an insurance regulator, however can be more flexible and quick to innovate than traditional insurance. The Mutual uses blockchain technology for transparency and efficiency to ensure all participants have a clear understanding of how the Mutual operates and cover is bought and sold. It’s important to note that payouts are at the discretion of the Mutual, unlike contractual obligations in regulated insurance.
Unlike traditional insurance where claims can be denied based on strict contractual interpretations, discretionary cover through mutuals offers a more flexible, community-focused approach to claims. The mutual can choose to pay claims when they believe it's the right thing to do, even in scenarios that might fall outside explicit policy terms. For example, Nexus Mutual has a near 100% record of paying legitimate claims, publicly verifiable, including cases where traditional insurers might have found technical grounds for denial. This transparency and community-first approach often results in fairer outcomes for policyholders, while the mutual's on-chain governance ensures decisions are made openly and consistently.
Onchain cover may be suitable if you're looking for potentially lower costs, faster payouts, and are comfortable with the discretionary nature of claims. However, it may not be appropriate if you require guaranteed payouts or need coverage for regulatory compliance purposes or contractual obligations that require insurance from an insurance company that has a financial strength rating.
While onchain cover utilises blockchain technology, you don't need to own cryptocurrency or have a crypto wallet to purchase coverage. Native handles the use of blockchain infrastructure, allowing you to pay in traditional currencies.
Pricing for onchain cover is determined by factors similar to traditional insurance, including risk profile, coverage limits, and historical data. However, it may also consider real-time data or blockchain-specific factors.