The crypto is expanding from digital trading to something that will soon become a vibrant parallel economy. InsurePal is making important strategic partnerships already today to build the three basic pillars of future business represented by blockchain ID, arbitrage and insurance. They will help grow confidence among all the stakeholders and massively speed up the business operations on the blockchain.
InsurePal platform use different incentives InsurePal platform will use different means to motivate participants. Discount conversion to tokens will be incentivized, therefore InsurePal will have to convert significant percentage of each new premium into IPL tokens and give them back to the policyholders and their endorsers. All third-parties selling their social proof insurance will also be obliged to use IPL tokens and trade them on exchanges.
IPL tokens will be used
FOR INSURANCE OF BLOCKCHAIN BUSINESS TRANSACTIONS
This type of insurance will be conducted in IPL tokens solely. The incentives for the endorsers will be paid in IPL tokens as well, whereas their guarantee can be done with other means as well. All fees coming from the side of possible participating insurance companies and other third-parties will have to be paid with IPL tokens too.
AS AN INSURANCE PREMIUM BONUS
To obtain new insurance, the insured will have to upload a photo of their existing insurance policy so that InsurePal can calculate a discount. Doing so, every client will receive a specific number of IPL token (20% less for a cash discount), growing proportionally with the number of endorsements received.
AS AN UPFRONT INCENTIVE
For each new social proof guarantee, the endorser will receive an incentive in local fiat currency or in IPL tokens. The endorser will be able to sell the IPL tokens immediately, speculate and wait for an even higher market value or save them to buy/renew their insurance policy in the future or to pay some services at shops where they will accept IPL.
AS CREDIT SCORE AND SOCIAL PROOF SCORE
Social proof endorsers will be able to make the guarantee with the credit card or via a smart contract. Their social proof guarantee will consist of relevant information on the client (the insurance holder) and will serve to them as a credit report. If several endorsers will guarantee for the same person, their credit score will proportionally increase in value. In parallel to token transactions, these information will be stored in the general ledger being partially encrypted and partially public. The encrypted part will only be disclosed publically if its holder approves.
AS A SOCIAL PROOF IDENTITY
The clients holding IPL will be able to identify themselves within the InsurePal Community. In the long run, they will be able to sell their own social proof guarantee without revealing their identity to institutions or reinsurers in order to get the guarantee and a proportionate share of their insurance premium.
AS CLAIMS ADJUSTMENT
In the future, the InsurePal may appoint some members of their InsurePal community to process and report on the claims, a service that will have a financial incentive. Claims which will go beyond an agreed threshold (exact amount to be decided) will be decided by professional claims adjusters who will report their recommendations to InsurePal before informing the client. In essence, there will be no need for an insurance company involvement as everything will be settled by the community on the bases of blockchain and smart contracts.
GREAT WORLDWIDE USAGE of IPL token!
Here is whitelist
https://insurepal.io/whitelist
