InsurePal is a next generation of peer-to-peer insurance based on social proof endorsements, fully harnessing the power of blockchain innovation. The platform will serve as a replacement for insurances as we know today and offer a completely new type of coverage for areas of life and business that began to emerge with the evolution of blockchain, starting with the insurance of blockchain business transactions. The innovative approach has been filed for patent protection in US and worldwide. Social proof is an in-built mechanism within all of us, representing people`s moral compass. InsurePal embeds social proof in form of financial commitment. The endorser who financially guarantees for someone has to use its own diligence when providing the guarantee to at the risk of losing their money. Through such endorsements, the network in whole becomes more risk aware. The platform will work as an dAPP for B2C customers and as a service for B2B partners that will resell social proof insurance by using InsurePal solution.
Founders identify the science of social proof as a solution and invest close to $500.000 to develop the social proof model and web app demo.
Calibrated mathematical algorithms confirm the model brings from 30% and up to 70% cost reduction.
2016 US & worldwide patent
Social proof insurance patent protection is filed in US and worldwide. Founders pitch the idea in Silicon Valley but refuse several million offer to be able to develop InsurePal on their own terms.
The methodology, viability assessment and a legal review of the project are developed. Blockchain is identified as the missing piece. Several meetings with crypto think-tanks occur. InsurePal core team is assembled.
2017 Core team & ICO preparation
InsurePal enters in partnership with Netis Group and expands the team with several blockchain and IT experts.
The architectural design of the InsurePal platform and its functionalities begins. Parallelly, the extensive preparations for ICO go about.
IPL token crowdsale
2018 Platform launch & extended blockchain features integration
The development of InsurePal platform core begins. First social proof modules are ready to be used. PR & Marketing campaign launches.
We obtain MGA insurance license for UK market and start with UK pilot project. Platform is further developed and new social proof modules are integrated, ready to be used by third-parties. Extensive legal and regulatory preparations to obtain the EU passport license begin.
2019 and on Global expansion & B2B partnerships growth
Additional functionalities are implemented. Partnerships with interested third-parties are further promoted. Implementation of claims community handling model begins. All InsurePal activities are promoted on a global scale.
InsurePal platform to become a “to-go” global social proof insurance.