Decentralized Finance (DeFi), also known as 'open finance', is an ecosystem of financial applications developed on top of blockchain and distributed ledger systems. It's also referred to as 'the Lego of Finance' due to the fact that even ordinary people can use smart contracts to create a new world of finance. This new approach gives people quicker access to services and activities like payments, lending, borrowing, funding and investing. With the blooming of the DeFi ecosystem, DeFi players are creating more and more wealth and stakes. Insurance, the stabilizer of the financial system, arrives at a slower pace. According to the data from DeFi Pulse, only three notable insurance protocols are available out of the 100 major DeFi projects that are selected - Nexus Mutual, Opyn, and Augur.