The insurance industry is flooded with a lot of problems, right from issues of identification to poor segmentation, privacy invasion and filing false claims. But those issues will be a thing of the past soon. InsurePal is a new insurance platform, changing the tide with modern and affordable solutions by leveraging the blockchain technology. Apart from ensuring that the insurance of your car or your house is hassle-free, it also insures your blockchain business, to help maneuver your way through the turbulent new technology. The amazing part? The entire system makes use of social proof from your peers. See the Whitepaper.
Putting social proof to work
Who knows you best? For the first time, an insurance will rely on peer to peer assessments and will also give incentives for this kind of valuable information as they are difficult to determine just with research or intellect. Social proof is a psychological system being leveraged by InsurePal so that your guarantee for cheaper premium is done not by your insurer, but by your friend, your family member or your neighbor, etc. It reduces the identity verification time of the individual and helps fast track insurance claims for both businesses and individuals, but most of all, it promises to reduce insurance costs for all of you who behave responsibly.
With social proof, your best friends will be able to confirm you are a safe driver and your potential business partners will be able to know for sure whether you can be trusted or not by relying on your Social Proof Trustscore rating. The fact is we use social proof in different situations every day: but now, our own diligence when assessing our social network will be used to give a more objective insight into one`s character and the best part, it will also be rewarded.
Insurance of tomorrow by harnessing the power of blockchain technology
In addition to the already known segments of insurance, InsurePal aims to intervene into a completely new insurance segments of life and business. The traditional insurance sector usually doesn’t offer niece coverage as it represents too big of a risk for their cumbersome structure. On the contrary, InsurePal is building a blockchain-based self-adjusting agile platform that will be able to use the mechanics of social proof for different segments of the already existing and also completely newly created insurance products.
So, how can you get a cheaper car insurance? Your friend Mary knows you are a safe driver who hasn`t had an accident in years. She can help you lower your costs by making a social proof guarantee for you. That means she will also be financially responsible in case you make at fault claim. InsurePal will give her an immediate incentive, and you will end up with a much cheaper insurance. Now you are all set and if you really are a responsible driver, neither of you has nothing to worry about!
What about securing blockchain transactions? This is a part when it gets really interesting! There are plenty of you out there who already do business online, trade in crypto or are at the moment seriously thinking about it. Now, you can make sure your business arrangements are secure. You and your business partner can sign up a smart contract in which you define the key parameters you have to abide prior making the transaction. So, if the other person breaches the agreement or something goes fishy, you still receive a financial compensation, collected from InsurePal and the other person`s social network. And the other side? Their Social Proof Trustscore reduces significantly and is visible to all the InsurePal network, clearly signalizing they are not trustworthy business partners.
InsurePal’s to launch pilot insurance in the UK
Historically, Great Britain is a cradle of insurance, making it one of the most challenging markets to penetrate. It is also a country where people, especially the young, pay enormous prices for car insurance. In fact, their insurance is usually more expensive than the price of their car. All in all, a total of 30 million personal cars were insured, which saw 3 million qualified drivers getting peer-to-peer insurance. InsurePal is certain that if their platform works there, it can pretty much work anywhere!
InsurePal’s primacy with patented solution and tokenization
So instead of going around gathering data from unreliable (yet extremely expensive) sources, InsurePal’s platform leverages the social proof data without aggressively invading one`s privacy. Even more, the platform is to store an individual`s social proof on the distributed ledger, giving the users plenty of possibilities to receive additional benefits, incentivize their activities and transfer the social proof information to other entities. It is expected the insurance economy on blockchain will rapidly grow. For that, InsurePal is already making strategic partnerships for arbitrage and identity protection to make this a reality without ever compromising individual`s privacy.
Even more, insurance is one of the most tightly regulated industries. That is why not many businesses cannot practice it. Insurance companies need a legal approval that their insurance model withholds even the darkest possible predictions so they can be able to pay out all the premiums and claims. And, InsurePal is planning to obtain all the necessary licenses in UK and Europe or make important strategic partnerships that will enable the social proof insurance be used anywhere in the world. Even more, the social proof in insurance is so innovative that they have filed for a patent protection in the US and worldwide.
The ICO that will change the way you insure
Since InsurePal is revolutionizing the entire insurance industry with the blockchain technology, participating in the crowdsale will put you in a position to being part of the system that will help individuals and businesses use the blockchain to insure themselves and their businesses.
Become a member of InsurePal to build the blockchain-based, peer-to-peer insurance market.
Participate in the crowdsale here.