We strongly believe that decentralized trust will unlock a decentralized future. We are entering the next phase of the internet with many blockchains reshaping traditional economic models to become largely self-regulating. Thus, the need for a centralized institution is becoming redundant. In this aspect, InsurePal challenges the insurance industry of today with a decentralized, self-regulating social proof insurance platform with perhaps the most innovative model of risk selection.
Today, every segment of insurance is ultra-competitive with entrepreneurs exploring new ways to price risk, creating new types of premiums and servicing consumers in a tightly regulated and challenging economy. Competitive advantage revolves around the ability to adapt in an ever-changing environment and demanding customer expectations. With more than 15 years of experience in insurance, we have had the opportunity to witness, explore and thoroughly question the current business model. We have learned by doing. Realising that regardless of restrictions and rigorous supervision, insurance fails to provide a transparent and fair pricing model with good risks subsidizing poor risks.
Over the last two years, our team has tested and refined the opportunity behind the InsurePal platform by taking into account both, our own experience from processing huge amount of policies and claims and the advice from underwriting specialists. The thing that makes InsurePal fundamentally different is the complete switch in paradigm. Rather than insurance companies accommodating irresponsible clients and having expensive administration, we are growing a community of more responsible and diligent individuals who share a common value of reciprocity. Our agile, self-regulating insurance platform will help them connect and conclude mutual insurance, consequently making sure they stop paying for irresponsible individuals.
InsurePal is motivated by a psychological phenomenon known as “social proof” which is a natural, in-built mechanism within all of us, representing people’s moral compass. The process will leave little or no room for fraud and recklessness as InsurePal is set to reward, motivate and grow behavioral patterns that not only benefit oneself, but stimulate groups and society as a whole. We think of blockchain as an ideal architecture for our innovation. Its implementation has a long-term horizon to fundamentally simplify the business processes as we know today and build a highly customer-centric product that is designed for the benefit of each individual and not for the profits of the insurance companies. Blockchain technology makes it possible to get rid of all redundant articles in a transparent way and support a growth of peer-to-peer self-regulating community, thus committing InsurePal to delivering the cheapest affordable insurance to responsible and diligent individuals.
In addition to innovations in the already known segments of insurance (motor, life & health, property), InsurePal also intervenes in the completely new area, namely, securing blockchain business transactions. By ensuring the financial compensation of an unrealized deal to the injured party we will establish the trust among all the stakeholders and greatly accelerate the quality and quantity of all future blockchain business transactions. Considering all of this, we believe now is the best time for a new insurance player to further investigate blockchain and offer a revolutionizing solution on InsurePal platform that will fully harness the innovative power of blockchain technology. InsurePal is nearing our ambitious goal and coming to life. By introducing the first social proof insurance on blockchain we are ready to disrupt the insurance market worth $7 trillion globally. We invite you to join us in a venture in what is to become a new insurance model of the next generation
Vouch For Me (InsurePal)
