InsurePal (IPL)

What is InsurePal

InsurePal is a self-regulating, social proof insurance platform based on social proofing and decentralization. To protect the intellectual property behind InsurePal, a worldwide patent has been filed, giving then InsurePal platform a unique opportunity to become “the go to” platform for insurance based on social-proof.

The introduction of social proof as a self-regulating psychological phenomenon allows InsurePal to nurture a scheme of lower-risk individuals, consequently decreasing their premiums by up to 50%, whilst fully harnessing the power of blockchain technology. Having the ability to offer an attractive end-to-end product for an incomparably lower price is our guarantee for success, as well as a proven solution that will attract only the diligent and responsible into our business model.

InsurePal model improves the segmentation and risk selection process; a decades-lasting issue for insurance companies and insurance clients alike and most importantly, enhances the trust that flows horizontally among peers, friends, colleagues and business partners. The most suitable expression for InsurePal using insurance terminology would be “a third-party deductible”. It is proven that a classic deductible reduces insurance claims frequency due to the clients’ imposed self-evaluation. From this fact InsurePal proceeded when re-inventing an InsurePal third-party deductible into a third-party evaluation with introducing social proof.

MISSION STATEMENT

InsurePal aims to become a first-of-a-kind blockchain-based decentralised insurance platform powered by social proof guarantee. We’re dedicated to build a modern insurance product that reflects the historical roots of insurance, where a smaller group of acquaintances agreed on a mutual method of sharing the burden of risk based on trust. We wish to return insurance back to its core value of trust and consequently expand the mindset of mutual reciprocity. As InsurePal model is self-regulating and therefore ideal for blockchain implementation, we’re decided to not only address the insurance challenges of today, but encroach upon those niche segments which don’t yet exist but will be crucial in the years to come. Doing so, we tend to deepen the community’s confidence in blockchain transactions and operations, and thus strengthening the growth and expansion of an emerging distributed economy.

VISION

Our vision is to craft an insurance premium based on one’s social endorsements by rewarding diligence. We’re growing a community that shares the common value of reciprocity and thus creating a shift, not just in insurance industry, but also in a broader society. InsurePal can and will self-regulate without the need of an industry-funded regulatory body, continuously allowing us to create attractive end-to-end insurance solutions, addressing both, the challenges of today and those of tomorrow.