How and Why We Built Our New Capital Provider Experience
We’re thrilled to introduce significant updates for investors looking to dive into our Nayms insurance pools, a unique way to access Insurance as an asset class. You can read more about the announcement here — and in this blog I want to dive a bit more into the ‘why’, and how this initiative sets such a strong foundation for us for more platform growth.
It’s all about the capital
Earlier in the year, we announced the full launch of our platform — which also marked the first capital deployed into a Nayms insurance pool. And this presented us an opportunity to battle-test the capital provider investment experience.
With only a handful of investors required for this critical phase, we worked closely with these early users, personally engaging with each one of them. Our aim was to observe and understand their experiences as they navigated the investment process within our platform.
The feedback and takeaways from these interactions have provided invaluable insights into the user experience, allowing us to make significant improvements to our investment process –
Investors in our initial pool encountered diverse challenges when deploying capital to the platform. Some overlooked the fees associated with their initial trade, so had to deposit twice. Others had to create temporary sign-in/deposit wallets, due to our platform initially only supporting MetaMask, a popular Ethereum wallet, for sign-in and funding of deposits.
In addition, a few months before the launch, the Nayms team went through a product strategy exercise as part of our offsite, and the main principle we all agreed was that capital onboarding underpins the success of the platform, and therefore demanded increased focus post-launch: it became the principal theme for the second half of this year.
Combining other contextual data, including a desire to align our look and feel more towards an institutional offering, the capital provider initiative was undertaken, resulting in the newly-released, enhanced experience.
A better onboarding experience
Prior to this release, there was no means to register directly to the platform as an investor. You would have had to contact us, and our ever-diligent Business Operations Manager, Lachlan, would have gone through the onboarding process with you manually. With our latest updates, investors can seamlessly start their journey with Nayms — by simply providing some basic registration information, they can review Nayms investment pools within seconds, and through self-serve KYC, start investing within minutes.
Although the main objective is a boost in individual user experience, this improvement also allows our product operations to scale and equates to huge process efficiency gains for us internally. This streamlined process not only enhances our user acquisition rate but is also poised to significantly boost our revenue potential as we cater to a larger, more varied investor base. And this update just represents the first version of this new experience — you can expect further improvements in this flow, e.g. relating to the onboarding of multi-user companies, and how log-in identities relate to customer wallets. Stay tuned.
More data, better investment decisions
The first batch of investors were already familiar with the investment pool they were to invest in, through calls with our team. This pattern, however, is not scalable for the way we expect investors to operate on the Nayms platform. Part of the uniqueness of our proposition is that capital providers can freely buy and sell their tokenized participation in our insurance pools.
Investors need to be able to make decisions on investments based solely on the information that we provide to them on-platform, and to support secondary trading, it is critical that the investment information accurately reflects the state of the insurance pool throughout the pool’s lifecycle.
To this end, prospective capital providers can now directly view investment information about insurance pools that are fundraising or active in the Nayms marketplace before starting KYC verification, and the new investment details pages show up-to-date performance metrics of the insurance pool, including premiums written, as well as expense and combined ratios.
Unlocking insurance as an asset class
To finish, we are very excited about these new updates, and see this release as a critical step towards our vision for a transparent and liquid insurance marketplace.
If you are already on-boarded as a capital provider, simply head over to the Nayms app and sign in. If you are a new user, follow the new onboarding process by heading to the signup page.
Join us in this exciting journey as we redefine the future of insurance. We look forward to welcoming you on Nayms!
For more information and to explore our improved user experience, please visit nayms.com or contact our team at hello@nayms.com
