Nexus Mutual is an Ethereum-based platform that allows people from all over the world to share insurance risk together without the need for a centralized insurance company.
The Nexus Mutual platform is run entirely by its members, who decide which claims are valid and have their decisions recorded and enforced by smart contracts. This means that claim payments are enforced by token driven economic incentives, eliminating the need to place trust in an insurance company. All members of the mutual have their membership rights backed by legal agreements and represented by cryptocurrency tokens which are used throughout the insurance platform.
Nexus Mutual was founded in 2017 by Hugh Karp and is located in London, England.
The first product offered by Nexus Mutual is called Smart Contract Cover, which provides protection for "unintended uses of code" that result in financial loss on a smart contract. For example, Smart Contract Cover would pay out in an event such as the Ethereum DAO hack in which a hacker was able to exploit a loophole in the coding to take 3.6 million ETH.
Returning the power of insurance to the people - Nexus Mutual - Medium
Use Cases - Nexus Mutual
Hugh Karp and Rei Melbardis
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