PolicyPal Network
PolicyPal Network is a platform built with a vision of addressing key issues that overlap the fields of both insurance and cryptoassets in the world today. PolicyPalPolicyPal Network is a platform built with a twofold vision of addressing key issues that overlap the fields of both insurance and cryptoassets in the world today. One insurance product PolicyPal will launch is CryptoProtect, which is designed to protect cryptocurrency assets. “PolicyPal Network is a platform built with a two-fold vision of addressing key issues that overlap the fields of both insurance and cryptocurrencies in the world today,” Yap told e27. The funds will be used by the company to develop the PolicyPal Network, a blockchain-based insurance product ecosystem.
Regardless of price, PAL Network has fulfilled their promise by meeting their respective milestones and launching their products. Also, PolicyPal is an entity with an actual product that is serving 50,000 customers with its mobile app. PolicyPal ran their ICO in March 2018 and raised an equivalent amount of US$20 million in Ethereum.
The platform enables content producers and content distribution companies to link additional information to the video content. A user will not only be able to explore, learn and create a life of his/her choice in accordance with the real world rules but also earn tokens that can be used to buy real life goods and services in the real world. PolicyPal did not start out as a blockchain project, but rather an insurtech project. Hence, its whitepaper and website (for the blockchain project) were only launched in January 2018. In the first quarter of 2018, PolicyPal aims to release a proof of concept for its CryptoProtect insurance and release the alpha version of the PolicyPal Network on the Ethereum testnet.
Insurance technology startup PolicyPal, based in Singapore, raised 23,809 ethereum tokens last week through an initial coin offering. Participate in new insurance products survey forms and receive bonus tokens when such product is launched. In the first 2 years of PolicyPal Network blockchain, the gas fees collected in PAL tokens will go towards the incentive for PolicyPal Network Blockchain pool. From the third year onwards, the tokens collected will be burnt, which will limit the supply of tokens.
The project was one out of three startups selected by PayPal for their nine-month incubation program Singapore. One more their achievement is top 10 out of 400 startups selected by Startupbootcamp Fintech Singapore. The disadvantages are quite common for many ICO projects – unclear roadmap and the product which is not ready yet. Upcoming HUSSY HUSSY is concerned with the prevention of human trafficking and minimizing the spreading of sexually transmitted diseases (STDs). The value proposition is to create a platform and to provide incentives for sex workers around the globe for safe execution of their profession.
These products are distributed through PolicyPal’smobile insurance app. PolicyPal claims that it has about 32,000 users since the app’s launch in January 2017.
There is almost no other way to organize p2p insurance underwriting, especially for c2b model. Blockchain provide substantial cost benefits for this model and in fact could make insurance affordable for unbanked people and organizations in Asia. As a result, in best case project could become a market leader in this field.
In fact, it would be usual insurance product with crypto assets as a basis asset. Moreover, PolicyPal Network would be insurance broker on that market, as a result, there is no need for tokens at that segment.
The raised funds will be used in the establishment of the PolicyPal Network, a blockchain-based platform for insurance products. According to PolicyPal CEO and founder Val Jishuan Yap, the start-up is looking to expand to other markets such as Indonesia, Japan, Taiwan, and Thailand.
PolicyPal Network adds that Community Managers were key in maintaining interest in their project during the ICO period. Moonwhale Ventures is an STO Financial Advisory, offering companies strategic advice on STO process & structure, as well as token issuance incl. lifecycle management and secondary market on-boarding for their projects. 2018 was a terrible year for Cryptocurrencies and PAL Network has seen its US$20 million cut to more than 80%.
The mainnet signifies a huge milestone for the PAL Network team, as they have included it in their roadmap since their ICO phase. No doubt, PAL Network hasWith the launch of the protocol, users with PAL tokens are advised to swap their ERC-20 tokens with PAL’s native tokens. Its closer competition is online comparison sites like SingaporeSaver and GoBear, or from insurtechs launching their own brokerages or platforms. As PolicyPal Network will have its own blockchain that is a fork of Ethereum, PAL tokens will be used as gas price for the blockchain.
- As a result, in best case project could become a market leader in this field.
- There is almost no other way to organize p2p insurance underwriting, especially for c2b model.
The blockchain-based platform will allow the firm to develop more affordable insurance policies and reach into emerging markets. At the first stage of the launch, PolicyPal Network will be developed on the Ethereum Blockchain as a proof of concept. Following that, they will build and develop its own PolicyPal Network Blockchain based off a private fork of Ethereum codebase, which will be tailored for insurance products across multiple markets. It will include two side chains – Plasma for scaling and PPSecure for privacy and security. Being an insurance broker in Singapore, PolicyPal has partnerships with such global insurance companies as AIG, Allianz, Income, Etiqa, and many more and currently has 32,000 users in Singapore.
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In line with its two goals, PolicyPal is planning to launch a blockchain mutual aid insurance product and a cryptocurrency insurance product. PolicyPal, like many other blockchain projects, has opted to use the Ethereum network to develop its products. However, as stated in itswhitepaper, it eventually plans to move to its own blockchain due to the well-known scalability and speed issues with the Ethereum network.
History of PolicyPal and the Team behind It
PolicyPal Network is a platform built with a twofold vision of addressing key issues that overlap the fields of both insurance and cryptoassets in the world today. PolicyPal Network is a platform built with a twofold vision of addressing key issues that overlap the fields of both insurance and cryptocurrencies.
Also, insurance industry is conservative, as a result, we not expect expansion of huge top-tier companies on this segment of the market. At the same time, blockchain does not help first product line at all.
Hiding Cryptocurrency Assets – Just How Easy Is It?
The penetration rate for insurance is still very low for Southeast Asia compared to other regions. With PolicyPal Network’s offerings, the unbanked will have a much easier time signing up for insurance products and the potential is substantial.
PolicyPal Network (“PolicyPal Network”) is a platform built with a two-fold vision of addressing key issues that overlap the fields of both insurance and cryptocurrencies in the world today. Launched in April 2016, PolicyPal is an insurance app employing the use of machine learning and artificial intelligence to simplify and digitise insurance for end users to seamlessly manage their existing policies.
PolicyPal Network is a solution aiming to bring insurance into two new spheres – cryptocurrency assets and emerging Asian markets for those who couldn’t afford insurance ever before. In the second quarter of 2018, PolicyPal aims to release both its alpha and beta testnet versions in new countries and officially launch its CryptoProtect product. The PolicyPal blockchain itself is only targeted to be released in the third quarter, together with its P2P mutual aid insurance product. Finally, in the fourth quarter of 2018, PolicyPal plans to expand into other countries and develop other new products. To clarify, these products that PolicyPal has distributed to its customers have nothing to do with blockchain.
Amid a bearish market, investors have rightly become more cautious when approaching ICOs. What matters most is having a working product and to inform potential investors of your mission. For her, Telegram engagement is especially important as it provides a means of instant and direct communication with the community. She boasts that at one point in time, the PolicyPal Network Telegram channel had over 23,000 members actively participating in the discussion.
These funds will be dedicated to building PAL Network, a blockchain-based insurance ecosystem. The company also launched PalNetwork last year, a blockchain-based scheme to work with insurance companies to develop things like flight-delay and personal-accident products. After all, PolicyPal, a startup that launched in 2016, is trying to develop products such as flight-delay insurance – the kind of thing that ZhongAn pioneered in China. And its partner in Singapore, Grab, already has a giant customer base of drivers, riders and food merchants.