Insurance of tomorrow
InsurePal aims to become a first-of-a-kind blockchain-based decentralized insurance platform powered by social proof guarantee. InsurePal is a next generation of peer-to-peer insurance based on social proof endorsements, fully harnessing the power of blockchain innovation. It will serve as a replacement for insurances as we know and offer a completely new type of coverage for areas of life and business that began to emerge with the evolution of blockchain and transactions being carried out on the distributed ledger.
The science of social proof
Social proof is a natural, in-built mechanism within all of us, representing people`s moral compass. In other words, people reference the behavior of others to guide their own behavior. InsurePal embeds social proof in a form of financial commitment. The endorser who financially guarantees for someone has to use its own due diligence when providing the guarantee to at the risk of losing their money. Through such endorsements and guarantees, the network in whole becomes more risk aware, consequently inducing a change of people’s behavior.
This is the first time we have successfully reinvented the social proof for insurance industry. The innovative approach has been filed for patent protection in US and worldwide. Insurance play a vital role in society and its proper function is imperative. To prevent unfair competition, it is at large subjected to tight regulation and unified standards. For that, we make it our imperative that InsurePal abides with all the regulatory requirements. This way our policyholders can always rely they are safe and covered.