Welcome to our InsurePal Review!
You will find InsurePal online. Its website Insurepal.io. It aims to offer distributed social proof insurance.
There has been some buzz about this company so we decided to investigate what it was all about…
Some say it’s a scam while others InsurePal ICO reviews are saying legit so what is it?
The good news is we are going to walk you through the company, products and compensation plan so you can make the right decision.
Let’s dig into this InsurePal review…
InsurePal Review
Best defined as a peer-to-peer insurance platform, InsurePal is based on social proof endorsements. The platform is built on the blockchain and its motive is to serve as a substitute for insurance.
InsurePal will present a totally novel type of insurance coverage for your business and life. This type of insurance is possible only with blockchain technology.
The platform circles around using IPL tokens. It will be sold via crowdsale beginning on 16 January 2018.
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How Does InsurePal Work?
You can get peer-to-peer insurance at InsurePal platform. You can get insurance from a peer rather than working with a centralized insurance company to get overpriced insurance. You will have that insurance secured via InsurePal platform. InsurePal is a novel type of mutual insurance. It is secured by social proof and blockchain technology .
Peer-to-peer insurance can be complicated. InsurePal uses social proof to minimize fraud and to ensure the other person will pay in the event of an accident.
For instance, you want car insurance. You’re good at driving and haven’t had an accident in years. The insurance price is $1,000 yearly. You might find an insurance offer for $600 yearly through InsurePal. You simply need to find one endorser to guarantee your good driving record. You invite your friend, and your friend verifies your driving record by using a credit card. Your friend gets $100 in IPL tokens.
As your friend enters his credit card data, he’s exposing himself to a potential payment of $550. It includes $400 from your savings, $100 from his cashback IPL token bonus, and $50 in penalties. The credit card of your friend will only be charged if there is an at-fault claim against your policy within the next year. you paid only $600 for your insurance if there’s no claim, and your friend received $100 of IPL tokens.
You can find more endorsers if you want to further reduce your insurance costs.
InsurePal allows you to increase the costs of insurance among a pool of people. It is similar to how mutual insurance works. The use of social proof to verify someone’s safe driving record or ability to pay for a claim is the main innovation with InsurePal. Everyone’s commitments are secured by the blockchain to the insurance pool.
The whitepaper of InsurePal also talks of a business transaction between 2 people residing on opposite ends of the planet. These two wish to complete a business arrangement but have trust issues. They can use the InsurePal blockchain business transactions module each time these people make a transaction to complete an upfront agreement, to exchange goods, including the agreement’s terms and conditions. A person’s social proof trust score grows as more transactions are completed.
The InsurePal platform serves as a global provider of a range of insurance modules. They are based on social proof mechanics. All interested 3rd parties can use the platform as separate providers with InsurePal, by paying a fixed fee, when utilized for B2B transactions. InsurePal aims to provide customer-centric experience for B2C transactions. Here, users can easily steer through the process of getting hold of the best insurance premium through an app that is mobile device decentralized.
The InsurePal ICO
The IPL token sale is for 21 days will start on 16 January 2018. The tokens are ERC20 tokens. It is found on the Ethereum blockchain.
300,000,000 IPL tokens out of the supply of 67% will be distributed during the token sale. The remaining will be dedicated to advisors and ambassadors (6%), founders and the team (24%), and user incentives (3%).
During the token sale, tokens are set at a price of $0.10. From the token sale (soft cap), the company wants to raise a minimum of $5 million, with an $18 million hard cap. If you would like to find out more about how an ICO works, you can see the review that we did about them here.
The InsurePal token permits the process of social proof between diverse entities to occur making use of the distributed ledger. The endorsements and insurance are conducted in IPL tokens. The customers can utilize IPL tokens to obtain a discount on their insurance premiums.
Who’s Behind InsurePal?
Matt Peterman, CEO & Co-Founder and Tom Volk Co-Founder leads InsurePal. Matt has worked in insurance and venture capital for fifteen years. At present, he is an executive and business developer for Salviol Ltd, an insurance detection company.
Volk founded Adacta Group. It is a company that develops a proprietary insurance core system extensively utilized by Russian and EU insurance companies. The company owns 25 million EUR of yearly revenue. It also has a network of 450 professionals in seven countries.
The initial step is to start its insurance platform in the UK at InsurePal. They have also filed a copyright for their social proof system in the US and worldwide.
InsurePal Review – Conclusion
By using blockchain technology and social proof guarantees, InsurePal aims to create the “insurance of tomorrow’. You can receive endorsements backed by financial obligations from your friends in this peer-to-peer insurance platform. The company plans to disturb the current insurance structure and enable a novel type of coverage for life and businesses.
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