A 30 Second History of Insurance
Sharing is Caring
One of the earliest forms of insurance was practiced by Chinese Merchants over 3,000 years ago. To protect their cargo, merchants would split the cargo across various ships owned by various companies.
Power in Numbers
If one ship went down, they didn't lose all of their own cargo. This Risk Sharing limited the total amount of loss for any one merchant at any one time. Simple and effective.
Contracting
Around 1750 BD, the Code of Hammurabi formulated a "loss transfer" arrangement. Under this method, any merchant receiving a loan could pay extra in exchange for a guarantee that the loan would be cancelled in the event of a cargo total loss claim.
Did you know that up until the late 1800's there was debate as to whether insurance should be a for-profit industry?
Say Hi to Nimblr.
Nimblr is a distributed insurance marketplace connecting all members of the insurance value chain to ensure a more efficient, fair, and profitable insurance process.
Nimblr addresses the labor challenges, operational inefficiencies, and shrinking profit margins throughout the insurance industry.
Nimblr's foundation is rooted in the earliest concepts of insurance; infusing those concepts with lightning fast, digital-first technology.
Who are the Nimblrs?
Insureds
These are the Nimblrs who are looking for better insurance coverage, better rates, and more transparency. Paying premium through Nimblr means you are entitled to participation rewards and cash-back
Professionals
These are the Nimblrs who do the heavy lifting and insurance work necessary to ensure a profitable and equitable system for all Nimblrs. They build rating models, capital modeals, terms and conditions, and more.
Providers
These are the Nimblrs that provide capital to aggregate Risk Pools. This capital is locked as the secondary means to pay claims. In exchange for this capital, the Providers receive a stable APY, fees, and rewards.
How does Nimblr Work?
Meet a Nimblr Insured
This Nimblr Insured is looking for coverage for her vintage music collection. She has tried the traditional insurance route, but it left her confused, frustrated, and with limited options.
Meet the Nimblr Professionals
The Nimblr Insurance Professional have her covered. They can understand the markets, make sense of the confusion, and are able to create a transparent and understandable insurance product to meet the unique needs of someone like this Nimblr Insured.
The result is a Risk Pocket that can insure vintage music equipment with the support or property underwriters, equipment appraisal specialists, and knowledgable industry experts.
Protection & Peace of Mind
When a Nimblr joins the Nimblr community, they are contributing to a stronger, more robust insurance future. Their contribution helps protect a diverse portfolio of risk. Their contribution incentivizes good claims practices, efficient operational practices, and equitable risk sharing. It isn't just one unique insurance case for each unique Nimblr Insured. It is an entire platform of diverse risk.
Bu-Bye
To the traditional insurance process we say, "Peace Out Bad Insurance Vibes"
A Deeper Dive.
Empty Risk Pocket
A Risk Pocket is the container that holds the insurance coverage terms, conditions, Dynamic Rating Engine information, and premiums paid. It starts empty and ready to be filled.
Professionals
Nimblr Professionals get to work building the rating models, risk models, terms and conditions, and more for the Risk Pocket. This is all based on the unique risk being insured. Once approved, it is published and attached to the Risk Pocket.
Premiums
Nimblr Insureds can now see the rating information, terms, conditions, and other data that has been prepared. Insureds now pay premiums that are locked in that Risk Pocket.
Full Risk Pocket
The premiums in the Risk Pocket continue to accrue. They are used as first line of defense for any claims. The rates that were set by the Nimblr Professionals were based on expected loss allowing the insureds to share in the loss.
Risk Pools
Nimblr Capital Providers commit and lock money into Aggregate Risk Pools. These Risk Pools sit on top of the underlying Risk Pockets. The funds in Risk Pools are the second line of defense for paying claims. The result is a secure and efficient capital structure that benefits all Nimblrs.
Fees & Rewards
A percentage of the premiums paid into the Risk Pocket are allocated to pay Capital Provider APY, fees, and rewards. This information is transparent and visible to all Nimblrs. In the event of a profitable, low-loss year, insureds can also receive cash back and a percentage of profitability.
Common Reserve
A percentage of all premiums and all Capital Allocation is diverted to an ecosystem wide Nimblr Common Reserve. This reserve is not used for Nimblr operating costs. It is set up for the use of the community. The Common Reserve acts as the Third Line of defense for claims, as well as a reserve for additional rewards, bonuses, and fees for members of the community.
Wallet
All Nimblr rewards, fees, bonuses, policies, claims reports, cash-back, investment certificates, and certifications are held in the Nimblr Wallet. This creates a one-stop location for everything to do with your insurance and makes filing claims, getting paid, paying, cashing out and other aspects of Nimblr seamless.
Automation
Behind all of this is the Nimblr Brain. The Nimblr Brain is continually rebalancing the capital in the community to ensure the best possible rates available. The Nimblr Brain creates a simple claims process, investment process, and improves the overall insurance experience.
Consensual, Autonomous Data Sharing
The Nimblr system is better with data. But, that data belongs to the user, not Nimblr. Instead of filling out long application, you simply "toggle" and share the info that you want to share to get a real-time quote.
You own your data. Not the insurance companies.
The result is a hyper-personalized quote in just a few clicks.
Rewarding Participation
To further incentivize "good behavior" and a risk sharing community, rewards are generated through Nimblr Points. These points can be used for further discounts, redemption, or cash out for real money.
Incentives are given for helping with the claims process, helping other Nimblrs, building profitable risk models, and participating in other community voting measures.
Dynamic & Real Time
Nimblr is about moving the insurance process forward. We do this through a series of dynamic engines.
Our Dynamic Rating Engine is built to provide hyper-personalized and real-time quotes using information that is already available. This rating is done mathematically and does not involve any subjective review. Nimblr uses cryptography and zero-knowledge proofs to determine if a user is eligible for insurance, eligible for discounts, and to identify which rating tier they belong to.
The Nimblr Dynamic Capital Engine is continuously updating and balancing the capital requirements of each Risk Pocket and each Risk Pool. This means a greater level of capital efficiency.
This focus on efficiency and accuracy is what allows Nimblr to provide better coverage at better prices in a more equitable way.
The Sweet Sound of More Equitable Insurance.
At Nimblr, we are able to update our systems, data, and capital structure ever 14 seconds. What does that even mean? Well, imagine your favorite artist releasing a song every day instead of every year.
By leveraging the power of the Nimblr technology, all members can rest assured that there is capital security to pay claims, capital efficiency to pay rewards, and the data necessary to continue to improve that process for all Nimblrs.
As the Nimblr system is running and updating continuously, this means your rewards and discounts are updating continuously as well.
Collaborating for a Better Insurance Future
Sounds good, right? But wait, there's a catch! In order for this system to work, Nimblrs need to belong to the Nimblr community. To do that, users sign up for Nimblr and commit a few Nimblr points to the community "pool".
You may be wondering, why would someone choose to join Nimblr and lock some Nimblr points just for insurance. What's in it for them?
Fair question. Consider this process a one-time subscription fee to access a better insurance system. Those points continue to accrue value and they still belong to you. By locking those points, you are showing your commitment to a better insurance process.
Doing so entitles you to receive rewards, discounts on insurance, and cash back on the premiums you pay.
