After the financial regulators, it is now time for insurance companies to enter the world of Metaverse. U.S. insurance broker and wealth management firm IMA Financial Group is ready to launch one of its research and development sectors in Decentraland.
According to Justin Jacobs, senior vice president of marketing at IMA, the catalyst of this action in “Web3Labs” was the quick development of the non-fungible tokens (NFT) market. In an interview with CoinDesk, he said, “We have this huge asset class worth over $40 billion, for which there’s no traditional insurance products.”
“Many NFTs I think would be considered some form of art, and today we transact a ton of business in the realm of specie insurance; fine art, collectables, things of that nature.” He also revealed that IMA has ties with Lloyd’s syndicates. However, currently, no insurance products are aimed at things like NFTs.
IMA has also planned the whole metaverse value chain and is also looking forward to convincing clients who aren’t sure of things like decentralized finance (DeFi).
The model of IMA’s Web3Labs has interactive material and content along with a tranche of NFTs that the firm will mint. The long term vision is to build a space where transactions can happen.
IMA executive Paul Washington said, “I absolutely believe we are quickly approaching an inflection point.” “There’s, of course, a big focus on asset building in the metaverse, which needs to be considered from a risk mitigation standpoint, no question.”