Iliya Zaki

@iliyazaki

Personal Insurance: Is There A Better Way? Enter PolicyPal.

January 14th 2019

Disclaimer: The topics discussed in this article are solely based on my own experience with the app, knowledge of insurance, and knowledge of blockchain technology. This article is also not endorsed by PolicyPal and/or PAL Network. Please consult your own financial advisor on matters of insurance, investing and personal finance. Important Note: I am not a shareholder of the company. However, I do own some PAL tokens for purchasing plans on their app as discussed in the article.

Traditional Insurance Methods

The current insurance landscape is probably due for a facelift. When the word “insurance” is uttered, it is common to think of insurance sellers, papers, brochures and monetary details which can be daunting to an uneducated person. Despite the rapid technological advances experienced by the majority, the global insurance industry is still heavily relying on paperwork. Claims and payments are processed through paper contracts and often through a broker by phone or a ‘casual’ lunch meet-up.

Combine the intricacies of insurance with the lack of proper education from consumers, the risk of human error and fraud greatly increases.

Fraud can occur in two ways: cheating the insurance company or high premium charges for consumers. It is estimated that insurance companies lose $30 billion dollars per year due to fraud. This loss will affect honest paying consumers by companies increasing the cost of the premium in providing proper coverage.

Making a claim may take several months or years to be processed. Ideally, a consumer should keep their insurance policies in an easy-to-locate area. However, in an emergency situation, the focus tends to shift towards more pressing matters and it is an additional source of stress that can ultimately lead to an unsuccessful insurance claim.

A Better Insurance Experience

https://www.policypal.com/

PolicyPal is an InsurTech Startup that aims to help manage, track and understand insurance policies via a simple, user-friendly app. PolicyPal’s mobile app offers products from major insurance companies such as AVIVA, AXA, Manulife, MSIG, NTUC and many more on their platform.

“Think of us as your friendly insurance advisor that is always in your pocket.” Val Yap, CEO of PolicyPal

The PayPal supported startup currently has more than 50,000 active users. Should a user already be under a policy, he/she could upload the information onto the app. Apart from individual consumers, PolicyPal is rolling out coverage plans for businesses.

Buy and Manage Your Insurance With PolicyPal

Purchasing insurance policies on PolicyPal’s mobile app is designed to be straightforward and seamless.

Steps to buy Insurance #1
Steps to buy Insurance #2 — MSIG PROTECTION PLUS is used purely as an example.
Steps to buy Insurance #3

Despite the ease of purchasing the policy, it is important to note that understanding the policies can be a challenge without someone explaining what each clause mean. Having a second opinion on the different policies that are being offered is still highly recommended. Additionally, it is important to know your individual needs.

Now let’s get to the fun bits…

PolicyPal x Blockchain = PAL Network

Before we get to my favorite part (blockchain), let’s try to understand what Blockchain is and for that. Here’s a video:

Now that you have a rough idea on what Blockchain is, let’s see how insurance can be on the blockchain. If you would like to learn about it more in detail: here’s an amazing article on Hackernoon.

PAL Network

PolicyPal ran their ICO in March 2018 and raised an equivalent amount of US$20 million in Ethereum. These funds will be dedicated to building PAL Network, a blockchain-based insurance ecosystem.

2018 was a terrible year for Cryptocurrencies and PAL Network has seen its US$20 million cut to more than 80%. Regardless of price, PAL Network has fulfilled their promise by meeting their respective milestones and launching their products. Also, PolicyPal is an entity with an actual product that is serving 50,000 customers with its mobile app.

Common Misconceptions — Policypal and PAL Network

PAL Network 
https://www.pal.network/

is a Blockchain technology development company that focuses on bringing transparency and accessibility to the insurance market. Their technological advances will, no doubt, assist PolicyPal in providing a better user experience for insurance-related matters.

PolicyPal
https://www.policypal.com/

As discussed above is the affiliated company to PAL Network. Its focus is on the flagship app that digitizes and collate consumers’ insurance policies. A platform where consumers can easily purchase, store and make claims.

The two entities work hand in hand in facilitating a better experience in insurance.

Current products on the Blockchain

RidePal

Get your ride-hailing expenses covered on rainy days

With the rise of ride-sharing through Grab and Uber, PAL Network seeks to provide coverage should rain be detected at your pickup location.

Prices when booking a ride can increase by $5–7 per trip during rainy days. Insurees under this plan can use the payouts to cover the extra cost incurred during rainy times.

Protected cities include Bangkok, Ho Chi Minh, Jakarta, Kuala Lumpur, London, New York, Singapore, and Sydney.

The payout, however, is capped at US$5 per claim.

For more information on RidePAL, click HERE.

Flight Delay

Offering single protection for flight delays of 3 or more hours from all over the world

Globalization has opened up opportunities for everyone to travel to another country; for vacation or work. Flight delays occur more often than we may think.

This is where Pal’s next product, Flight Delay plan can come in handy. With a fixed payout of US$100, it can help cover any ‘emotional distress’ or consumable needs that arise from a delayed flight.

For more information on Flight Delay, click HERE.

Flight Cancellation

Offering single protection for flight cancellation from all over the world

According to FlightStats, almost 1,000 flights get cancelled every day with more than 5,000 flights getting delayed. PolicyPal seeks to address this issue with its third product.

Should your flight be cancelled due to terrorism, natural disaster, protests, you receive a payout of US$200.

For more information on Flight Delay, click HERE.

These products can only be purchased via PAL Network’s desktop wallet.

https://www.pal.network/technology

You can download it HERE.

More Products to come

PAL Network has hinted three more products to be released over the coming weeks.

  1. EarthQuake Protect
  2. Screencrack Insurance
  3. Cancer Insurance

Recent News Updates from PAL Network

PAL Network has proven themselves to be a friend of consumers by offering several options that help reduce the stresses faced in our daily lives. But they are also catering to the business level by signing a memorandum of understanding (MOU) agreement with Toyota Tsusho Corporation and Allianz Malaysia.

With Toyota Tsusho Corporation, PAL Network will develop new insurance products on smart contracts which are to be served in local markets within South East Asia.

Secondly, PAL Network will be tasked in implementing Proof-of-Concepts on new protection coverage with automated claims for the Malaysian market with the agreement with Allianz Malaysia.

PAL Network Mainnet Launch

PAL Network launched their blockchain protocol at the end of 2018. The mainnet signifies a huge milestone for the PAL Network team, as they have included it in their roadmap since their ICO phase. No doubt, PAL Network hasWith the launch of the protocol, users with PAL tokens are advised to swap their ERC-20 tokens with PAL’s native tokens.

Please be advised that failure to swap the tokens might result in the loss of your investment and or purchases.

PolicyPal & PAL Network: Making Insurance Easier

The emergence of PolicyPal and PAL Network have certainly given consumers hope that insurance is no longer something complex and expensive.

With blockchain technology and deep learning trained artificial intelligence, insurtech startups now have the potential to be game changers in one of the oldest financial business that has always favored those with deeper pockets and experience in the market.

The support from governing entities and larger insurance players is a refreshing sight as together, they sought to clear the bad reputation developed over the years.

As essential as our jobs, insurance can play a major role in providing a more fulfilling life. There is a much better way to deal with insurance. It is just a matter of time. :)

Hope you enjoy this article! Please leave your comments below if you have any.

About The Author

Iliya Zaki is the Head of Marketing and Business Development for Moonwhale Ventures.

Moonwhale Ventures is an STO Financial Advisory, offering companies strategic advice on STO process & structure, as well as token issuance incl. lifecycle management and secondary market on-boarding for their projects. Moonwhale is also building an End-to-End Security Token Offering (STO) Investment Platform that will cater to investors looking to invest in STO projects, and to companies looking to raise capital through STO to finance business expansion or new ventures.

For more information, visit: Moonwhale STO Solutions

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