Insurance enters the Matrix | Business Insurance America

IMA Financial Group has announced the launch of IMA Web3Labs, the metaverse’s first insurance and risk management research center. IMA Web3Labs will be located in Decentraland, a virtual world based on blockchain technology.

Funded by IMA’s investment arm, IMA Investments, the virtual research center will test, explore and bring to market metaverse-specific risk and insurance strategies.

“IMA is known as a thoughtful and strategic partner who finds innovative and effective solutions to manage risk for our clients,” said Paul Washington, Executive Vice President of IMA Financial Group and Head of IMA Investments. “Web3Labs allows us to explore the risks associated with digital and meta assets from the metaverse, so that we can better prepare our clients to manage these risks.

“Our investment in IMA Web3Labs will also allow IMA to explore the endless applications of blockchain technology to better understand how it could fundamentally change the landscape of the trillion-dollar commercial insurance industry.”

Read next: IMA Financial acquires independent broker Diversified Insurance Group

IMA said it recognized a gap between the growth of NFTs and the fundamental risk transfer and management strategies to secure them – a gap that signifies risk to business operations in the decentralized finance market. In 2021, $20 billion worth of NFTs were traded and the market value of the asset class currently exceeds $40 billion. IMA plans to create its own NFTs and use other tools to advance its expertise in the ecosystem of digital and meta opportunities, the company said.

“We don’t just take the ‘wait and see’ approach that our industry often favors,” said Justin Jacobs, senior vice president of marketing at IMA Financial Group and architect of IMA Web3Labs. “Society is at an inflection point, as evidenced by the popularity of meta-platforms. We need the ability to test, learn, and adapt quickly in a meta-native environment so that we can build strategies and products that manage risk beyond the boundaries of the metaverse.

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