InsurePal Coin- Blockchain Based Decentralized Insurance Platform
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The Blockchain is essentially a permanent record of transactions within a network that works on the concept of “digital ledgers” that are shared with all participants of a network to serve as a common source of “truth”. The technology itself is unique and considered to be the next phase of the internet where it will replace many traditional economic models with self-regulatory, client-oriented models. Insurance is among that traditional model where no technological innovation has been done from past many decades.
Thus, for a change, InsurePal has come up with first of its kind blockchain based decentralized insurance platform that is powered by social proof guarantee. InsurePal is not an insurer but a company that is continuously working to create a global blockchain-based platform with a sole purpose to enable social proofing in numerous ways across the globe and different economic sectors. The concept of InsurePal is wholly based on Blockchain technology.
What is InsurePal?
InsurePal (IPL) is a Next-generation peer to peer insurance scheme relying on social proof endorsements powered by blockchain technology. Platform expected to transform contemporary insurance practices. Its platform runs atop the Ethereum blockchain technology with a goal of restoring the core values of the insurance industry. Heavily relies on human’s innate moral convictions for endorsements. InsurePal integrates technological advances in leveraging the market as well as venturing into blockchain transactions. Doing so will help create trust between investors, stakeholders and the InsurePal community. Today the biggest challenge arises from traditional insurers that refuse to embrace change, market segmentation, and poor risk evaluation approaches. In addition to that, competition is expected to arise from new entrants offering peer-to-peer niche products built on blockchain technology. Nonetheless, InsurePal has the advantage of being a pioneer of the social proof concept having obtained the requisite patents and licensing for addressing the value chain.
It will offer insurance for a variety of entities ranging from blockchain businesses, property, life, health and automobiles. This decentralized application will use social proof endorsements to guarantee insurance payments to its users. The project will also solve challenges facing the current insurance industry such as segmentation and risk selection while also enhancing trust between the parties involved in the insurance process. All through this, the Insurepal (IPL) token will be the fuel for the platform in order to increase its adoption into the industry. Insurepal simply harnesses the power of blockchain technology and integrates it to the insurance industry for a more streamlined and efficient operation.
Team behind InsurePal
Matt Peterman and Tom Volk are the founders of InsurePal. Matt is currently an executive and business developer in Salviol Ltd, an Insurance Detection Company and possesses an experience of 15 years in Insurance business while Tom is the founder of Adacta Group, a company with €25 million annual revenue. His company developed an insurance core system which is used by EU and Russian Insurances. Besides these two, InsurePal has got an executive management team of professionals with exceptional experiences in insurance as well as other financial sectors.
InsurePal Platform Working
The InsurePal platform is the global provider of blockchain business transactions. Blockchain represents a foundational technology allowing a moderate transition into a fully tokenized service, and ensure the high level of quality while diverting the clients to a whole new decentralized internet of insurance. InsurePal stands on the concept of Social Proof, where it backs up the credibility of the client with the third-party endorsement. Every statement in this model is backed by a suitable guarantee where clients are assured with gains in value and credibility.
The platform is a self-regulating mixture of a peer-to-peer endorsement on blockchain as well as classical insurance which is backed by social proof of the clients. For the betterment and interest of their users, InsurePal offers a variety of options as well as limited fee guarantee. This help user to believe they are really benefited from traditional policies and consistently moving towards their better future.
InsurePal Main Features
InsurePal coin provides us with many features which are as follows:-
- Transparency – Due to the allocation of blockchain system, insurance could have an effect on forecasting risk and liability of the insurer for payment of benefits to insured, determining premium rates and cash reserves. Chances of loss would be less when risk transfers to a higher limit.
- Self Regulation – With the usage of blockchain application, the working of InsurePal becomes self-regulatory in nature. The blockchain innovation helps to improve efficiency, increase transparency, lowers the cost of processing of the transactions, which in result enhance the customer satisfaction, improve the reliability of data and trust between the parties. With Social Proof scheme, parties with risky behaviors would be eliminated by their social contacts, which mean that the model is self-regulatory by the clients and itself.
- Peer to Peer data – Trust among the participants is the sole pillar of the scheme, which motivates them to promote safe habitual patterns. For the majority of the individuals, the P2P proof scheme works better than any of the current traditional standards of insurance. Enforced responsibility lead individuals to remove non-reliable parties in their contacts.
- Cost Reduction – The distributed model of InsurePal brings significant price reduction for a generation with much lower income all because of its flexible discounting model. With the element of social endorsements as well as virality, all the needs of the users are fulfilled who chit-chat through social media. An end-to-end product will be available at the APP, which will make it more user-friendly and users can access it via mobile anytime, anywhere.
Milestones of InsurePal
The funds raised by the crowdfunding of IPL token will be distributed in the following phases:-
- Targets for Phase 1 – $5 million allocated for the InsurePal Platform which will include Ethereum, Social proof endorsement scheme, and Module 1 & 2 social-proof for blockchain business transactions and for motor car insurance, Light insurance core integration usage, worldwide patent filing completion and worldwide patent protection.
- Targets for Phase 2 – $10 million allocated for additional modules like property, casualty, life, health, full insurance core integration and usage within the system.
- Targets for Phase 3 – $18 million allocated for UK motor car insurance pilot & development, ERP system.
The main highlighting clause is that if the goal is not reached, the raised funds shall be returned.
The InsurePal Coin
IPL coin is the base of the InsurePal platform as for each new insurance premium conducted, these tokens will be used. These tokens will be used by all the third party business partners as well as clients worldwide. Further, the tokenizing property set within the platform will identify the nature of insurance assets and with the help of digital records, it will transform the information to other business types. In order to benefit the customers, these tokens will be listed on different exchanges so as to diversify the trading process.
The total coin supply is 300,000,000 IPL. Coins stored in MyEtherWallet, or and any Ethereum ERC20 compliant wallets. 67% was distributed on the crowdsale, founders and the team are rewarded with 24%, advisors and ambassadors with 6%, and user incentives 3%.
The issuance is controlled by Ethereum network and tokens conform to the ERC20 standard. The minimum target for the crowdsale was set to equivalent 5 million while the hard cap was $18 million. 100% hard cap was reached in ICO started on 16th January 2018 that ended within 80 seconds raising close to $18 million. Further, during the IPL crowdsale, a total of 300 million of non-mineable IPL tokens supplied. Initial value set to be $0.10.
How to buy InsurePal?
Platforms which permit the buying or selling of InsurePal tokens include:-
EtherDelta>> It is an open-source and decentralized exchange platform providing a simple, user-friendly and safe interface for trading IPL tokens for a very low and reasonable fee. One can be in full control of his funds all the time. The private keys protocol is the safe element of EtherDelta that makes trading of different coins possible without any risk.
LIVECOIN>> It is a popular Bitcoin and Altcoin cryptocurrency exchange platform that offers many currency pairs, even trading Altcoins for fiat currency. The exchange was founded in 2013 by DELTA E-COMMERCE LTD from London, UK. It provides simple and clear structure for easy trading. Any funds stored on this platform will be secured in cold storage to ensure its safekeeping, providing maximum reliability to users.
HitBTC>>: It is a cryptocurrency exchange platform that was launched in 2014 and operated by Hit Techs Ltd. The Company is based in Copenhagen, Denmark, registered in Hong Kong. HitBTC was built on modern technologies to provide fast, secure and reliable service to its clients.
InsurePal has successfully implemented the social proof methodology for the insurance sector. The company had already filed their approach to protect its patent worldwide. InsurePal deploys away for a change to better. Being self-regulatory, without the need of any central institution, InsurePal provides the safe, reliable and cost-efficient model as risk-prone individuals will automatically be excluded from social proofs. In the end, it will be right to say that InsurePal is a futuristic approach for the insurance sector.
Hope you enjoyed reading our guide on InsurePal. Do come back to know more about similar currencies!