Topic: [ANN] [IPL] InsurePal | Distributed social proof insurance - page 76. (Read 12685 times)

Interesting reading


The dusk of incumbents is the dawn of InsurePal


The insurance industry sat back too long, not respecting and reacting to social and economic changes of young generations and disrupting evolution of new technologies. Insurance left the door open for disruption, which is happening right now. Their vanity has resulted in biggest challenges the insurance industry is facing today: poor risk management based on bad market segmentation which they are trying to overcome with the use of expensive privacy invading technological solutions and tracking methods. And their size prevents agile response to the needs of the evolving market, rising needs of modern consumers and their expectations.

Driving forces of business today have the potential to build tomorrow’s society based on trust and transparency. Technology as the key component of that future enables new approaches to social contracts and is disrupting all industries, from medicine to governmental services, from automotive industry to farming. InsurePal aims to be among the early adopters of blockchain technology in insurtech, to offer modern insurance at an affordable price by leveraging the habits and needs of the future generations and bringing personal data back from insurance company to users.

InsurePal Uses What is Good and Improves What Is Not

We believe that future society will be successful only if we share common values, such as responsibility and reciprocity. Through the concept of social proof insurance, we are able to impact not only insurance industry, but also other industries that strive to make our common future more healthy and prosperous.

Our idea is to offer a significantly lower premium to all insureds that get a proof of trust from one or more people. All actions generate a certain amount of information reflected in the Social Proof Trustscore, factor that tells if a person can be trusted or not and to what extent. Use of social proof will allow non-invasive information gathering to improve the current system, since information is held by you and only you have the key to pass it on.

Social proof hits the eye of existing insurance challenges — namely the fraudulent claims, which are causing huge costs to insurers as in some cases 1% of fraud claims makes for 10% of all claims costs. With diligent individuals who act responsibly to themselves, their trustees and the society as a whole. With responsible individuals who look after each other, the social proof psychology will improve the safety of our neighborhoods, streets and cities we live in.

Where is insurance today?

For the most part, it is where is has always been. In the hands of heavy centralized players, who dictate the terms of service, from package content to premiums. Insurtech today is trying to implement new technologies into existing pools of insurance packages, scratching only the surface of insurance industry. Underwriting of insurance consumers relies heavily on user data, sophisticated analytics and complex centralized systems.

Insurtech has been challenging the existing models for a few years now, and the incumbent market has started reacting just recently. This rigidness has caused emergence of insurtech companies, that are counted in thousands already and I am sure 2018 is going to be a breaking year for the industry.

Why do we need insurance of tomorrow?

InsurePal aims to change and improve the current conditions of insurance. On one hand, it gives the leverage to lower the prices to users and on the other hand, it also gives privacy back to users.

Why do we need insurance of tomorrow?

InsurePal aims to change and improve the current conditions of insurance. On one hand, it gives the leverage to lower the prices to users and on the other hand, it also gives privacy back to users.


The approach of InsurePal’s social proof mechanism delivers services one step beyond of merely insurance services. It impacts the individual responsibility and has the implications to improve human behavior within society. It empowers individuals to take on responsibility for their actions and rewards them for fair play.

The P2P (peer-to-peer) model which can best leverage blockchain revolution when it becomes widely adopted, enables our generation to experience new forms of insurance adjusted to the needs of today, our modern lifestyle and heavy use of new technology. It is also our non-invasive answer to the semi-digital transformation that the incumbents first adopted in forms of expensive, privacy invasive electronic ware (telematics, wearables, IoT) to improve segment information for improved risk assessment.

i think it's not just about the price

they will change insurance systems all over the world  and bring benefits and cheaper prices for US - buyers

That is the point of social proof insurance, so that you (or young drivers, or anybody for that matter) can get an endorser that guarantees that you are a good driver. This guarantee will also be financially responsible for your actions and thus influence your behavior in a positive light. https://insurepal.io/platform

The InsurePal platform will act as a global provider of various insurance module based on social proof mechanics. So basically any service that would use social proof mechanics, could implement our platform.
In 2018 we'll launch a car insurance pilot in UK. https://insurepal.io/roadmap

That's what I like on this project. They already have the patent even before the ICO. This just cemented its stability as a project and the validity that they can commit to their objectives. This kind of facet is good for investors. But what are your top categories of insurance that you will venture with?

I am wondering, will there be any limits for young drivers. For example, if somebody just got their driving license and of course their first car, and needs insurance for it? Which limitations will be in this situation, since we don't know how safe this driver is?

it's not all about ico token rising, its mmuch more about believing in project and breathe with it. I just checked a bit InsurePal and it looks very well. I like how i see lots of articles about it, good promotion! Great start of 2018 for crypto

I spend a good time to read the details of the project. I got much and found this project a very high potential project. I am promoting this project with whole heartedly and want to invest in this project as I know that after the end of ICO I will get a huge amount when the price increase in exchanges.

"InsurePal will be built on the Ethereum blockchain so that each time you are guaranteed it is recorded in a transparent public ledger (InsurePal “token”, IPL). Over time, these repeat records of you as a trustworthy person become a kind of “Social Proof TrustScore”, which could help you secure cheaper insurance and loans across a whole host of financial services. "

https://medium.com/insurepal-blog/can-social-proof-change-the-world-c916e4abb645

So InsurePal will also be helping with securing loans? If i read right for now only car insurance will be available?

Yes, the limit will be five endorsers.

Is limited how many endorsers can u have?

Reserve for Filipino translation.

We do understand that restaurant and insurance are very different, but this example was just for the purpose of providing one of many examples of social proof psychology that is present in our society. There was quite a lot of research behind the project. Patent was developed http://www.freepatentsonline.com/y2017/0243298.html, as well as the proof of concept https://github.com/InsurePal.

You are welcome to read the whitepaper https://insurepal.io/InsurePal_whitepaper.pdf, and join our Telegram discussion group https://t.me/InsurePal.

you should understand that the restaurant and insurance are a bit different and  it is worthwhile to conduct experiments and observations before using such knowledge.

One of the purposes of InsurePal platform is to lower premiums through social proof guarantee. You can read more about the platform here https://insurepal.io/platform.

Hey I have a question, under what circumstances can someone guarantee for the lower price in the future car insurance?

Few important things to remember when investing in presale:

1. Send only ETH! (don't send Bitcoin, Litecoin...)
2. Do not send ETH from exchanges, use your wallet!
3. Only use an ERC20 compatible wallet (e.g. MyEtherWallet)

We will have detailed instructions in a few days.

Absolutely. We see and use social proof psychology every day and all around us, in business, marketing, why not in insurance. Even for example, if you have a choice between a restaurant that is full or restaurant that is empty - which one do you choose?

We are sure of that, that's why we started with this idea and developing the project.
There's also a patent you can check http://www.freepatentsonline.com/y2017/0243298.html.

You say that social proof is an in-built mechanism within all of us but are you sure that people and their behavior can be counted in such matters?