IMA Uses Blockchain Platform to Issue Insurance Certificate Jul 26, 2022 Jul 26, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJuly 26, 2022 by Kelly Cromley

IMA Uses Blockchain Platform to Issue Insurance Certificate

The IMA Financial Group is the first insurer to produce a certificate of insurance (COI) utilizing a blockchain platform. The IMA Financial Group is also the company that created Web3Labs earlier this year. The COI, which was carried out on behalf of the client Engiven, was transacted as a non-fungible token (NFT) via Web3Labs, which is IMA’s research center that is situated in Decentraland.

IMA Financial Group Inc. is a comprehensive financial services corporation with its headquarters in North America. The company’s primary mission is to protect the property of its varied customers by providing services in the areas of insurance and investment management. Because IMA is an employee-owned company, the company’s more than 1,800 employees are encouraged to adapt goods to meet the unique needs of IMA’s clients.

Engiven is now the most prominent B2B bitcoin donation platform that serves charitable organizations. It was established in 2018. According to James Lawrence, co-founder and CEO of the firm, the incorporation of distributed ledger technology into the operations of insurance companies has made major strides as of recent times.

According to Lawrence, “As a company at the forefront of blockchain technology, we have regularly blazed our own way.” [Citation needed] We are able to achieve a factor of two rise in the usage of blockchain technology in the insurance business as well as in a great many other industries if we work with the IMA as a partner.

Certificates of insurance, often known as COIs, are pieces of paper that provide the essential details of an insurance policy in a style that is straightforward and standardized. Despite the fact that firms are required by their contracts to preserve the paperwork, COIs are seldom maintained or examined, placing companies in jeopardy. This is especially true in the construction and oil and gas industries. The transfer of credentials as NFTs is the solution to these maintenance issues since it creates a record that is always up to date, can be accessed easily, and can be verified.

The issuance of certificates is a vital practice for all brokers,” said Garrett Droege, Senior Vice President and Director of Innovation and Strategy at the IMA. “On a national basis, hundreds of millions of certificates are produced yearly,” he said. “In spite of their widespread acceptance, NFTs are seldom used in commercial transactions. Engiven is the right partner for proving the value of COIs, which are the most effective utility available for doing so.”

According to Justin Jacobs, Senior Vice President of IMA and Director of Web3Labs, “Web3Labs enables us to study possibilities to serve our customers and lead the sector in the uptake of Web 3.0 technology.” [Citation needed] “Web3Labs enables us to study possibilities to serve our customers and lead the sector in the uptake of Web 3.0 technology.” Because it enables us to develop usability and value for our clients as well as their upstream and downstream partners, the COI technique is a perfect beginning point.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.