NMPIP 237: Approve the Addition of Delegated Claims for Select Product Types
- Open for Voting: NMPIP 237
- Voting Period: 17 October 3pm UTC until 20 October 3pm UTC
Overview
The Foundation and DAO teams have been prioritizing growth in cover sales and onboarding new syndicates (i.e., staking pool managers with an existing distribution pipeline). We’re currently working to onboard a new syndicate that can meaningfully contribute to the growth of cover sales. This syndicate will require additional functionality to offer new Product Types through their staking pool, specifically the ability to delegate to an Ethereum address as a designated assessor.
This functionality would enable certain Product Types to have a designated third-party claim assessor as defined in the cover wording for that Product Type. If someone were to buy cover for a Product Type with delegated claims enabled, then claims for that Product Type could only be assessed by the designated claim assessor.
On behalf of the Foundation and the DAO team, I propose that members approve the addition of Delegated Claims functionality for select Product Types. Doing so will enable the Mutual to onboard new types of syndicates with established distribution in onchain and offchain markets.
Rationale
One soon-to-be-onboarded syndicate and several potential syndicates have indicated they need to define who is responsible for claim assessment as a core business requirement, making the delegated claims functionality a material requirement for onboarding them as syndicates.
Specification
For certain Product Types, there will be a requirement to have a designated Claim Assessor rather than opening the claim vote to all members, as we currently do for our Product Types.
A Delegated Claims system would allow specialized assessors to review a claim. This functionality would allow the Mutual to underwrite new Product Types and access new lines of business. This feature would give syndicates and their respective clients an option to specify a more familiar claims process that is closer to traditional insurance, rather than the standard process where any NXM holder can vote.
Technical Specification for Designated Pool Managers
This Product Type will be designed for bespoke deals underwritten by syndicates (i.e., staking pool manager(s)). When listing a Delegated Claims Product Type, the Advisory Board will need to specify the Designated Pool Address(es) AND the Designated Assessor Address in the onchain data. Only the Designated Staking Pool(s) will be able to stake against listings within a given Delegated Claims Product Type.
Once a Delegated Claims Product Type is listed and a Designated Pool Manager has staked against a listing under that Product Type, the Foundation Frontend team will denote that the listing for this Product Type uses Delegated Claims in the UI.
The Designated Assessor Address for a Product Type can be updated in the future, but only the Advisory Board will have the power to update a Product Type’s onchain data.
Technical Specification for Designated Claim Assessors
When a cover holder submits a claim, the Designated Pool Manager will be responsible for notifying the Designated Claim Assessor. The Designated Assessor Address will be the only address that is registered and able to vote on the claim.
If an address other than the Designated Assessor Address tries to vote, that member will see a message telling them that voting on this claim is not available because this cover is for a Product Type that uses the Delegated Claims method.
Proposal Status
The RFC for this proposal was open for review from 19 September until 3 October. Members commented with support. No substantial comments or feedback was provided during the review period, so this NMPIP will be open for review and comment starting on 4 October 2024.
The NMPIP will be open for review from 4 October until 16 October. After this review period, the NMPIP will move to an onchain vote on Thursday, 17 October.
NMPIP 237 is open for voting from 17 October at 3pm UTC until 20 October at 3pm UTC.