InsurePal –
https://www.insurepal.io/ What – P2P insurance platform
When – Crowdsale starts January 16th
Target – $18M (raised $12M during pre-sale)
Investment – 👍Above average
Team
InsurePal founders are Matt Peterman and Tom Volk. Matt Peterman has more than 15 years of experience in insurance business and venture capitals. Currently he is the executive and business developer at Salviol Ltd. Tom Volk is the founder of Adacta Group. Aside from the two co-founders, the project also lists 8 managers and a group of 9 advisors. The latter serve as the primary source of blockchain experience for the project.
Idea & Token Functions
Although the effects of blockchain on the financial field have been noted repeatedly, and the potential is on the way to realization through various projects, the field of insurance by contrast has been somewhat less explored. This is precisely the direction of InsurePal’s work. Not only does the project promise to bring changes into traditional insurance business, but also to support the insurance in new fields emerging with the growing popularity of cryptocurrencies and blockchain. It’s easy to see the potential of creating a more transparent system that also loses the need for expensive middlemen.
The platform’s ERC-20 token, titled IPL, is a utility-token used for identification and tokenization of insurance assets, as well as digitizing associated records on a distributed ledger. The token supports a number of functions, including:
Insurance of blockchain business transactions;
Premium insurance discounts;
Social proof identity;
Claims adjustment.
Summary
In general the community seems to have a great interest in InsurePal. This is evident based on the project’s very successful presale. We expect InsurePal will be able to raise the rest of the required funds during crowdsale with relative ease. InsurePal have also patented the application of social proof to insurance, although one has to remember that this model has not yet fully demonstrated itself in action. We do like the fact that potentially more affordable insurance and the implementation of modern technologies may attract clients who until now have not been likely to insure.
We are keeping an eye on the project and awaiting further developments!
