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IMA Financial Group, which launched Web3Labs earlier this year, is now the first insurance broker to issue a Certificate of Insurance (COI) on the blockchain. The COI, completed on behalf of client Engiven, was transacted as a non-fungible token (NFT) through Web3Labs, IMA’s research and development facility in Decentraland.
Founded in 2018, Engiven is the first B2B cryptocurrency donation software serving non-profit organizations. James Lawrenceits co-founder and CEO, sees today as a meaningful step forward in the use of distributed ledger technology in insurance.
“As a company at the forefront of blockchain technology, we have often blazed our own trail,” said Lawrence. “With IMA as a partner, we can double our impact and advance the use of blockchain technology in insurance and across many industries.”
Certificates of Insurance (COIs) are documents that contain important details about an insurance policy in an easily digestible, standardized format. Despite contractual requirements to maintain the documents, particularly in the construction and oil and gas industries, COIs are rarely updated or reviewed, putting companies at risk. Providing certificates as NFTs solves these maintenance problems by providing an up-to-date, accessible, verifiable record.
“Issuing certificates is an important tactical procedure for all brokers, with hundreds of millions issued nationwide each year,” said IMA Senior Vice President and Director of Innovation and Strategy Garrett Droege. “Despite the buzz around NFTs, the tools are not widely used in business. COIs are the perfect tool to illustrate their value, and blockchain leader Engiven is the perfect partner.”
“Web3Labs allows us to explore opportunities to support our customers and lead the industry in the adoption of Web 3.0 technologies,” added IMA Senior Vice President and Web3Labs Director Justin Jacobs. “The COI process is a logical starting point as we can create ease of use and value for our customers and their downstream and upstream partners.”
About IMA Financial Group
Located in North America, IMA Financial Group Inc. is an integrated financial services company focused on protecting the assets of its diverse client base through insurance and wealth management solutions. Because IMA is employee-owned, its 1,800-plus associates are empowered to provide customized solutions for customers’ unique needs.
.About Engiven
Engiven is a leading cryptocurrency donation management platform that provides an end-to-end solution for the benefit of nonprofits and their donors. Engiven’s non-profit organizations include some of the most respected charities and ministries in the the United States including The Salvation ArmyUS Figure Skating, Compassion International, Texas A&M and North Point Ministries. For more information on Engiven, visit
About IMA Financial Group
IMA Financial Group is a North American insurance brokerage firm with market-leading risk management, insurance, employee benefits and wealth management practices. Among the largest independent, employee-owned brokerage houses in US, IMA employs more than 1,350 people with highly specialized expertise in a wide range of growing industries. The company’s mission is to protect assets and make a difference for its customers, partners and local communities.
Contact information
IMA Financial Group
Ruth Rohs
+1 303-615-7513
[email protected]
Center range communication
Alexandra Campbell
+1 201-790-6038
[email protected]
the company’s website
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