InsurePal, a next-generation peer-to-peer insurance protocol based on social proof endorsements, fully harnessing the dynamism of blockchain is set to launch a token generation event in January 2018. The company aims to reinvent the social proof methodology for the insurance industry. The approach has been filed for patent protection in the US and worldwide. With insurance being a $7 trillion global market, InsurePal believes that by becoming an early adopter of blockchain technology, it can gain an important advantage.
The InsurePal platform will act as a global provider of various insurance modules based on social proof mechanics. For the end-user, the InsurePal decentralized app will serve as an entry point to its insurance ecosystem, whereas to the third-business parties the solution will allow white label partnerships to re-sell social proof insurance.
The InsurePal (IPL) token
The IPL token will be the fuel of the InsurePal platform, used by clients and 3rd-parties worldwide. The platform will use different means to incentivize participants and make the tokens available to a broad audience.
InsurePal business segments
- B2C – InsurePal will provide a customer-centric experience, allowing the end-users to easily navigate through the process and obtain the most favorable premium via their mobile dAPP.
- B2B – InsurePal will act as a global platform, providing various social proof insurance modules. Interested third-parties will be able to use it stand-alone providers with a predetermined fee.
The tokenizing of a property will allow InsurePal to uniquely identify insurance assets and transform the information into other types of businesses via a digital record.
- As insurance of blockchain business transactions – The insurance and endorsements will be conducted in IPL tokens solely.
- As an insurance premium discount – InsurePal will calculate the discount based on the clients` previous insurance policy.
- As an upfront incentive – The endorser will receive an incentive for each social proof endorsement made.
- As credit score and social proof score – Social proof will consist of relevant information on the insurance holder and will serve as their credit report.
- As social proof identity – Clients holding IPL will be able to identify themselves with the community and exchange their social proof guarantee.
- For claims adjustment – InsurePal may appoint some members of their InsurePal community to process and report on the claims.
- Matt Peterman – Co-founder & InsurePal CEO – Matt’s been working the insurance business and venture capital for over 15 years, investing and helping private equity companies grow. Currently, he is an executive and business developer for insurance detection company Salviol Ltd.
- Tom Volk – Co-founder – Tom is a founder of Adacta Group, a company developing a proprietary insurance core system widely used by EU and Russian insurances. The company bootstrapped €25 million annual revenue and grown a network of 450 professionals in 7 different countries.
All IPL tokens will be available for purchase with ETH. The base token price will be set to $0,10. The exchange rate will be locked based on the January 16th market exchange rate and will be valid for the entire time of the token crowdsale. Prior the token crowdsale whitelisting is available by invitation. A maximum of 70% of all the IPL tokens can be sold during this period.
|Token supply:||300.000.000 IPL|
|Distributed in the crowdsale:||201.000.000 IPL (67 %)|
|Start date:||January 16|
|End date:||February 5 with an intention to close it earlier|
|Token distribution date:||Immediately after the crowdsale|
|Bonus allocation:||10% for those who contribute in the first 96 hours as well as for those who contribute over 50 ETH.|
Token sale milestones
Phase 1 – $5 million InsurePal platform:
– Platform core blockchain integration (Ethereum)
– Social proof endorsement scheme
– Modules 1&2: social-proof for blockchain business transactions and for motor car insurance
– Light insurance core integration usage
– Worldwide patent filing completion and worldwide patent protection
Phase 2 – $10 million InsurePal platform:
– Additional modules: property, casualty, life, and health
– Full insurance core integration and usage within the system
– Integration of other, third parties Payment/Fee structure
Phase 3 – $18 million UK motor car insurance pilot & development
– MGA insurance license
– Outsourced claims
– PR & Marketing Campaign
– Legal & Compliances
– Celebrity Endorsement
– Team cost
-EU motor car passport
-ERP system implementation and integration
-PR & Marketing Campaign(s)
-Legal & Compliance