Contact person: Val Ji-Hsuan Yap
Email address: [email protected]
Contact number: +65 3163 9184
Asia and ANZ
The Digital Insurer Startup InsurTech Award
PolicyPal Network is the Future of Insurance for the Unbanked and Cryptoassets. We are an insurtech startup with the goal of disrupting the insurance industry by leveraging on Blockchain technology to build decentralised insurance products. Our two-fold vision is to address issues that overlap the fields of both insurance and cryptoassets in the world today.
The roots of PolicyPal Network can be traced back to its affiliate startup. In April 2016, PolicyPal Pte. Ltd. was launched as an insurtech startup in Singapore for users to buy, manage, and optimise their insurance plans within one app. Through the use of Optical Character Recognition (“OCR”) technology, taxonomy and rule-based algorithms, PolicyPal seeks to automate the process of digitising and analysing insurance coverage information. PolicyPal Singapore requires only 30 seconds to digitise a policy and the algorithms determine coverage gaps to provide a personalised recommendation on optimal changes.
PolicyPal Pte. Ltd aims to be a one-stop insurance solution, and with over 40,000 registered members, it is well on its way to becoming one. Seeing clear gaps within the insurance industry, a vision for the affiliate startup, PolicyPal Network, was formed. At the start of 2018, PolicyPal Network released its whitepaper, officially embarking on a journey as both an insurtech and a Blockchain startup.
There are two products which will be offered initially by PolicyPal Network: CryptoProtect Insurance for Cryptoassets and Decentralised Insurance for Global Markets. The former product will be a cyber security service in partnership with insurers, aimed at providing protection for cryptoassets. The latter of these two products helps to lower the barrier of entry for individuals to get protection. By building Peer-To-Peer Mutual Aid insurance products on the Blockchain, this group of individuals will be able to obtain affordable and safe insurance solutions. Employing Blockchain technology allows for automated underwriting and claims processing, which will further lower premiums.
PolicyPal Network held a token generation event, an Initial Coin Offering (ICO), during the first quarter of 2018 and raised 23,809 ETH (~US$20million) with a sell-out time of 38 seconds for the public crowdsale. Our tech team built an ethereum smart contract for the ICO, which worked seamlessly in the crowdsale process and received positive feedback from the community as one of the smoothest ICOs they have participated in. Although our ICO was only the first of many milestones to come, it was a major one, which we are incredibly proud of!
In year 2018, the PolicyPal Network’s team is focused on developing the two main products and establishing partnerships in connection to these. We aim to achieve the end goal whereby we can bring assurance to the crypto community on their cryptoassets with insurance protection from cyber network hacks. With the launch of decentralised insurance platform, we will be working with the technology partners to distribute peer-to-peer insurance implemented on the blockchain.
PolicyPal Network is a team of innovative and passionate visionaries who seek to revolutionise the insurance industry. Implementing insurance offerings on the blockchain will enable automated underwriting and claims handling. This will reduce fraud, enable fast-tracked customer verification and identification processes, as well as decrease premium rates across all products. PolicyPal Network aims to work with various partners and provide the community with affordable insurance protection with the use of blockchain technology.
As an insurtech startup, the team continually seeks improvements on our work to simplify insurance for individuals. We strongly believe that relentless innovation is a key factor to enable us to cope with any current and prospective market challenges.