Pana DAO Raises Seed Round to Begin Democratized Insurance

What Is the Problem?

Insurance requires capital and today’s wealth is built upon asset ownership. Further, those who hold the capital are incentivized by today’s securities laws to provide their wealth to opportunities that have the highest growth potential. Because providing insurance to micro/small businesses and individuals is considered low margin, there is a strong disincentive to go down market. This means today’s insurance does not democratically serve those who need it most. To make things worse, as inflation increases globally, the poorest do not have a way to park their cash in assets and potentially mitigate the effects of inflation. Inflation accelerates their path deeper into poverty.

How Are We Solving This?

Through the lens of crypto and digitalization, we are taking a fresh view of insurance — we are experiencing a Lloyd’s Coffee House moment.

The Background Story

NeuralMetrics launched in 2017 with the idea that AI and machine learning could enable commercially viable insurance to micro and small businesses. We launched our products in the United States in order to leverage the extensive insurance industry located there — we believed this would enable us to get our footing. We’ve since established engagements with some of the world’s largest carriers, who have been fantastic partners — they are unequivocal leaders.

How It Works

Phase one of the Pana protocol is focused on building a treasury that can be leveraged to support a product that we call, Assurance NFTs. Assurance NFTs are a triple-point asset with complex valuations. NFTs are important for several reasons, one of which is our mission to serve the underserved by providing assets with the hope of enabling wealth creation for the least privileged. People who do not understand crypto still connect with imagery and understand that visible digital assets have tangible value. This forms a critical abstraction atop an otherwise hard to understand DeFi protocol.

Pana DAO

Pana DAO is wholly separate from NeuralMetrics. But we are proud that we have received working capital from NeuralMetrics Capital, a separate investment entity. Pana DAO provides a rare opportunity for crypto to successfully move into the insurance industry by solving one of the most difficult types of insurance — parametric insurance. We believe this type of insurance fits nicely in the DeFi universe in a way that is profitable for all parties.

Seed Contributors and Mentors

We are proud to have raised private seed funding for Pana DAO. This generous infusion of capital empowers us to reach our goal of providing the first tranche of Assurance NFTs and compensate our builders and contributors to the Pana DAO. We thankfully make a special call out to:

Next Steps

Watch for additional Medium articles as we continue development of phase one. We appreciate your support and look forward to democratizing insurance together — with you.

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Pana DAO

Pana DAO

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Pana DAO is the first crypto protocol built to facilitate parametric insurance using a model similar to the time tested Lloyd’s of London syndicate model