Project rundown interview with Brandon Brown, Co-founder and CEO of nobl Insurance
Project Rundown interview on Altcoin Magazine
Hello there! Thank you for taking the time to educate us and our readers on nobl Insurance. Please give us a brief introduction.
Hello Altcoin Magazine readers, my name is Brandon Brown, Co-founder and CEO of nobl Insurance. nobl is a web-based, direct-to-consumer insurance company offering the first of its kind hot-wallet insurance policy. We offer insurance to individual cryptocurrency investors up to $50,000, if hacked while trading on an approved exchange. At our launch, nobl will be a US-regulated insurance carrier and rolled out across all 50 states.
Thanks. What sparked the idea of nobl Insurance?
It began in mid-2017 when Nick Hurst and I became convinced there must be a solution to the structural problems inherent in the insurance industry. Our front-line interaction with customers exposed us daily to the public’s disaffection with insurance. It’s a product they cannot live without, yet one renowned for the frustrations it inspires when it comes to making claims. We set about creating a new business model that takes the conflict out of the relationship between insurer and customer. We wanted to put them both on the same side by turning the policyholders into members that own the company. So, when the insurance company thrives, the policyholders are the ones to beneifit by receiving dividends.
Can you tell us more about your first product, noblCRYPTO?
We wanted to begin the nobl revolution with a sector that is currently not served at all by the insurance industry. Cryptocurrency made perfect sense. With over a billion dollars stolen in hacks in the last year, it’s an industry crying out for the protection that only insurance can provide. We have devised a simple and easy-to-understand policy that will insure individuals up to $50,000 against hackers while trading on approved exchanges. You can buy it online in minutes and the policy is written in plain English. We use technology to automate the whole process. We will monitor exchanges and provide immediate notice to policyholders when a hack is verified. If a policyholder’s exchange is hacked and there is a loss, we will process the claim and pay out fast — without the battle and hassle of loss adjusters. We want to give investors the peace of mind that will help drive adoption and take crypto into the mainstream.
You said the cryptocurrency market is crying out for insurance, and that it will drive adoption — why?
There is no shortage of media hype around crypto crime. However, our research amongst 737 US crypto owners shows that the vast majority (89%) still hold their digital assets in a hot wallet. The ease and convenience of the hot wallet is hard to beat, but it makes investors vulnerable to hacking attacks. Insuring individuals trading on exchanges will bring a real sense of security that people need by managing the risk they face. The availability of insurance will provide comfort and usher in those standing on the fringe not willing to risk it to a hack.
Insurance is a foundational building block to any long-standing industry. The crypto industry needs someone to step up and protect early adopters and new entrants in this emerging market. We are proud to do just that!
So your research suggests that only 10% hold their crypto exclusively in a cold wallet. Were you surprised by that?
Yes, initially. But when you consider that the value proposition of an exchange is ease of use, it makes sense that people will seek simplicity over all else. And, of course, we are all guilty of believing “It will never happen to me”. Our research suggests that even cold wallet users would prefer the convenience that comes from keeping their crypto on an exchange hot wallet. Eighty-seven percent of respondents who only used cold wallets would be more likely to hold their cryptocurrency in a hot wallet if they could buy insurance.
Could you tell us what you are most proud of in the development of the brand?
We are most proud of the ambitions we have set for both the nobl brand and the noblCRYPTO product. We want to be more than just another insurance carrier. We want to make insurance a force for good again, not a necessary evil. nobl is honorable, straight-talking insurance. We never hide behind complicated policy language and we believe the insurance experience should be easy and transparent. We set out to create a strong sense of community amongst customers who trust that nobl has their best interest at heart. At nobl, the policyholders own the insurance company. So when there’s more money than we need to keep safe, they get 100% of the dividends. This is a paradigm shift in insurance.
We believe the noblCRYPTO product is the perfect embodiment of our corporate ethos. It will directly benefit a passionate community of crypto adopters and give them the protection they deserve — and from a new type of company, committed to changing the face of insurance in the same way that crypto will change the face of traditional currencies.
Great! What is the most noticeable thing about your project? It can be something you developed or something you achieved.
Our platform uses technology to remove underwriters and adjusters. By removing the complication and expense of traditional insurance, we can deliver a first of its kind hot-wallet insurance policy that is cost effective. This simply could not be done in a traditional insurance model.
You told us that one of your missions is to help educate people on cyber security when it comes to online trading. Why is it important, and how can the imminent risk of getting hacked be averted?
We can’t avert the risk entirely. However, a more educated community can help mitigate the risk. Through education, we can prevent pitfalls we might not otherwise have been aware of. Reducing the amount of cybercrime is good for adoption and strengthens the ecosystem as a whole. When a hack does happen, noblCRYPTO insurance is the last line of defense and there when you need it most. We’ve been listing our top tips on how to stay safe, from ”separating funds” to ”being aware of phishing sites”. Have a read of our report on our website at www.noblinsurance.com. You can download a free copy there.
Could you give us a quick rundown of the future of the project? Tell us about your team as well.
noblCRYPTO is just the start of the nobl revolution. We plan to innovate in sectors where we can add real value and move from subjective underwriting decisions to faster and more reliable AI-enabled solutions. Everywhere we launch we will stand for honorable, straight-talking insurance that is easy to understand, individually controlled, and that comes at affordable rates.
Nick Hurst and I co-founded the company in 2017. Since then, we have established an industry-leading executive team with vast knowledge and experience in the fields of insurance, risk management, technology development, innovation, finance and research. We are supported by a very productive, well-organized staff in tech, IT, web design, marketing and PR that contribute to our success story every day.
What partnerships have you formed so far, and what kind of partnerships are you seeking for the future?
Establishing close ties with the crypto exchanges is key to our strategic plan for noblCRYPTO and we are happy to say we will be supporting some well-known exchanges during the launch. The other crucial piece of the jigsaw is establishing and maintaining close ties with the crypto community. We are strongly engaged with the uptrend community. This is an inspiring community and a great way of keeping up to date with our finger on the pulse of trends and new developments. You know, the market never sleeps, and neither does our competition or the cybercriminals. So, we want to collaborate with social media outlets that will promote us and share in the fight against cybercrimes, educating and creating awareness of the pitfalls of the market.
What kind of marketing do you practice? Do you attend any events or conferences?
We are active on social media and do frequent interviews in print and visually. We also publish reports on a regular basis, which are free to download from our website. We create short, informative video clips and ads that provide information on our upcoming launch as well as security tips when trading crypto online. So, stay tuned for our next campaign leading up to Christmas. It’s going to be informative, fun and entertaining! We have attended many InsureTech conferences and you will be seeing us at upcoming crypto and blockchain conferences leading up to our launch.
How can we stay up to date with nobl Insurance and support your project?
On our website www.noblinsurance.com, you can sign up to receive nobl Insurance updates, product information and offers. Be part of our pilot program or pre-register for your hot wallet insurance to get the best deals prior to the launch. We welcome all of you to our nobl family!
Thank you for your time!
It was a pleasure. Thank you very much for having us.