The rise of blockchain innovation has made possible an enormous number of changes that bring transparency across the entire value chain and return the autonomy back to the users in the biggest global industries that have so far remained intact. The distributed ledger already affected various segments, from politics to entertainment and mostly, finances. For the first time, its effect can also be used to change the $7 trillion global insurance market of today.
What Are Friends For?
Social proof is a psychological phenomenon where people rely on feedbacks and the actions of others in decision making. These days, people rarely buy anything without checking to see what other people are saying or have said about the product. Because feedback from real life customers is readily available at users’ fingertips, the market has become mindful of the quality of its services and products. However, one market is yet to benefit from the impact of this powerful tool; the insurance industry.
The insurance industry is plagued by various problems, from false claims to identification, privacy invasion, poor segmentation, and opacity. However, these problems are soon to become a thing of the past with InsurePal.
Knowing You, Knowing Me
InsurePal is a decentralized and self-regulating insurance platform based on social proofing. The platform is the first to leverage blockchain technology and peer-to-peer assessments to create a rewarding and transparent platform for insurance policies. With InsurePal, users will be able to leverage information by their friends, families, neighbors, and peers to vouch for their eligibility and lower the cost of subscription through an innovative Trustscore rating system. Say for example, you want cheaper car insurance, you are a safe driver, and someone you know is on the platform can vouch for you. You automatically become eligible, while your endorser becomes financially responsible in case of any fault claim. But if you are as good as your reputation claims, both parties have nothing to worry about!
The Future is Decentralized
Unlike traditional providers, Insurepal has recognized the importance of the blockchain and is not only utilizing its immutability to provide a trustless and auditable system, InsurePal will also be securing blockchain business transactions, providing compensation unrealized deal to the injured party. They 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, they 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.
“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” says Matt Peterman, InsurePal’s CEO.
Future Prospects
Already, InsurePal has filed patent claim across the globe in order to position it as the “go to” platform for social-proof based insurance. The platform is also developing a UK pilot project for car insurance which will be unveiled soon.
To Find out more, visit: https://insurepal.io/
Or watch the explainer video
Read about how Insurepal will disrupt the industry https://insurepal.io/InsurePal_whitepaper.pdf
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