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. Hav- ing 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.
Every day, the blockchain wave is gathering strength. With more and more concrete ini- tiatives, either alone or in association with their peers, business partners, clients or sup- pliers, it gives foundations to a birth of a booming new economy in the years to come. The new golden era will begin as soon as the trust between parties doing business on blockchain is established on an adequate level.
InsurePal model improves the segmentation and risk selection process; a decades-last- ing issue for insurance companies and insurance clients alike and most importantly, en- hances 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 eval- uation with introducing social proof. By doing so, InsurePal managed to objectivize the evaluation process itself.
To customers, the key motivator to use InsurePal is a significant cost reduction. Namely, the core mechanism behind the platform enables InsurePal clients to endorse each oth- er in order to obtain a discount on their insurance premium. The endorsement has to be backed by a financial guarantee from the endorser which is only taken in case the insurer files an at fault claim. The InsurePal platform enables the social proof of an individual to be locked into the blockchain in order to secure higher transparency without aggressive- ly invading privacy. Due to this innovative approach, InsurePal will expand peer-to-peer risk managed operations and become the customer’s first choice, consequently making it available in a wide range of different types of insurance products.
Moreover, with a module for blockchain-made agreements, InsurePal will assure a final compensation to the insured client in case the other party breaches the mutually set arrangement, namely when the agreed service is not performed within the set dead- line, quality and other conditions stated in the smart contract. It too will use the basic principle of social proof, meaning that the compensation will partly be covered by the in- surance company and partly by the endorsers, putting social pressure on all the signing parties and quickly eliminating those that violate the terms. The embedded seriousness of such an agreement will guarantee the transactions between the parties are being carried out with the utmost responsibility. Significantly better segmentation and incen- tives to change behavior guarantee a marked reduction in insurance premiums, leading to the insurance to become widely acceptable for the majority of blockchain business transactions.
The growing value of InsurePal social proof insurance will reflect in the increasing mar- ket value of InsurePal (hereinafter IPL) tokens. The adaptation of InsurePal policies will trigger a wider circulation and utilisation of the IPL token, with the aim to become the prevailing currency of global social proof insurance economy. It is our belief that other segments of the fiat economy, closely linked to the insurance industry, will consequently start accepting IPL tokens as a currency, serving as an additional boost of an IPL utility token economy.
The total amount of issued IPL tokens will be limited and fixed, with a security mecha- nism of token split and/or token denomination added to efficiently support expected price growth in the future. We are cognizant that the adoption of the tokens by the mass markets is an evolutionary process, therefore InsurePal will gradually progress to a fully tokenized operation. It is our goal that the IPL utility token becomes the currency of the InsurePal community that will operate as an alternative economy based on a patented social-proof business model. As such, it will noticeably disrupt the $7 trillion worldwide insurance industry of today and significantly improve the blockchain business transac- tions of tomorrow.
For that, we invite you to get fully acquainted with social proof as the core mechanism behind our business model and learn more about the InsurePal token utilization. We are firmly convinced of the scalability and potential for it to become a first-of-a-kind social proof insurance platform with a global ambition.
Vouch For Me (InsurePal)