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Making better risk decisions in Web3
Insurance solutions for Web3 businesses, including staking as a service providers, DeFi platforms, and NFT marketplaces, to address unique risks such as technology errors and smart contract bugs.
- Insurance is not new to Web3, and Aon has been working with digital assets for some time.
- There are four key client types for staking as a service providers: validators, DeFi platforms, liquidity providers, and NFT and collectibles marketplaces.
- Custody solutions are essential for protecting assets, but the market sees a huge gap in insurance coverage for such solutions.
- There are no insurance products for smart contracts and DApps, but Aon is working to develop solutions to fill this gap.
- Aon claims to be the most advanced broker for digital assets, and its products cover a range of risks, including technology errors, malware, and human error.
- The insurance market has struggled to understand and price Web3 software risks, but Aon believes this will change as the technology advances.
- The company is working on a proof-of-stake insurance product that provides coverage for staking as a service providers.
- Aon believes its insurance products can help businesses grow and scale in the Web3 space.
- The company is also working on insurance solutions for decentralized finance (DeFi) platforms, which have a significant risk of cyber attacks.
- There is a need for innovative insurance products that can provide coverage for the unique risks of Web3, such as technology errors and smart contract bugs.
- Aon has experience in the blockchain space, having worked with companies such as Filecoin and Compound.
- The company is looking to grow its presence in the Web3 space and provide insurance solutions for companies that need them.
- There is a need for regulators to better understand and regulate the Web3 space, which will help the insurance industry provide more effective coverage.
- Aon believes its experience in the traditional insurance space can be applied to the Web3 space, but there are also many lessons to be learned from Web3’s unique risks and opportunities.