The future of insurance can be found in the past—some 5,000 years ago
Insurance protects us from life’s everyday risks, but it’s not a new idea—it goes back to ancient times. Some say the concept of sharing risk began 5,000 years ago, when Chinese merchants and traders started mixing their cargo together to distribute each other’s goods across several boats.
The downside: if a ship sank, it took a chunk of everyone’s goods with it.
The upside? Every merchant and trader was “insured” against being wiped out completely. This system was created because a community of people trusted each other to keep everyone’s best interests at heart. As the centuries rolled by, however, insurance got bigger. As a result, the core principles of insurance have been buried under hundreds of pages of policy and cumbersome claim processes. Positive feelings of risk-sharing and opportunity have morphed into a view of insurance as a necessary evil.
We took a step back to learn from the past, from a time when insurance was that group of hard-working merchants and trading communities sharing the risks and rewards, based around trust, shared interests, and cooperation. That is how we came up with the idea for nobl Insurance.
Over the last two years, we have been silently creating a new type of insurance business that is simple, honest, and based on those 5,000-year-old shared community values. From there, it didn’t take long to identify a new and innovative market that is community-driven, filled with risk, and in need of insurance to foster its adoption and growth. We believe we have created a product that will help build trust, propel the industry forward, benefit and reward customers (we give the profits back to our customers or, as I like to call them, family members). It’s easy to understand (a two-page policy!); and simple to use (our very clever blockchain and other advanced technologies are designed to replace underwriters and adjusters—come on, I see that grin on your face): hot wallet cryptocurrency insurance.
We chose cryptocurrency insurance, cryptocurrency assets, and hot wallet insurance because, like us, they are new and disruptive with a strong sense of community—a community in need of insurance protection from the everyday risks associated with this emerging technology. It’s a simple peer-to-peer risk-sharing model for cryptocurrency stored on crypto exchanges anywhere in the world. Exchange hacks have been a barrier to the cryptocurrency industry and a deterrent to those thinking of investing because there is no insurance out there and security isn’t guaranteed.
We believe that by creating insurance coverage for digital asset holders, we can help drive change, save money, serve customers better, and give an instant quote online in both the insurance industry and this new industry to help make real innovation possible.
We are entrepreneurial innovators at heart and are passionate about changing what has become a sorely outdated industry. By putting our members at the center of everything we do and using cutting-edge technology, we intend to disrupt the norm and bring never-before-seen smart and simple insurance products to emerging markets or industries undergoing change by offering cheap car insurance with our auto policy to 255 million drivers, marine insurance, even crop farming insurance, which we plan to roll out in the United States and grow our nobl family around the world.