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IMA Financial Group, which earlier this year launched Web3Labs, is now the first insurance broker to issue a certificate of insurance (COI) on the blockchain. The COI, completed on behalf of client Engiven, was transacted as a non-fungible token (NFT) through Web3Labs, IMA’s research and development facility in Decentraland.
Founded in 2018, Engiven is the first B2B cryptocurrency donation software servicing nonprofit organizations. James Lawrence, its co-founder and CEO, sees today as a meaningful step forward in the use of distributed ledger technology in insurance.
“As a company on the forefront of blockchain technology, we have often blazed our own trail,” said Lawrence. “With IMA as a partner, we can double our impact and advance the adoption of blockchain technology in insurance and across many industries.”
Certificates of insurance (COIs) are documents containing essential details of an insurance policy in an easily digestible, standardized format. Despite...
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