PolicyPal Network, a decentralized insurance protocol ecosystem announced today the launch of their brand new blockchain enabled automated flight delay insurance, underwritten by ERGO and presented by PolicyPal Singapore.
The new product is now available for purchase from today, July 3rd, 2018, on the PolicyPal Singapore app. The insurance can be purchased with both fiat currency and PAL tokens. The flight delay insurance built on the blockchain allows for fully automated claims. The smart contract terms are triggered by flight departure and arrival data. Thus, in the case a flight is delayed, the payout will take place automatically.
Flight delay insurance with automated claims is just one of the many use-cases of insurance on the blockchain and the PolicyPal Network team says they are “on a mission to create a wide range of innovative insurance products powered by blockchain technology. This is only the beginning of an extraordinary journey!”
How to get it:
1. Download the PolicyPal Singapore app on Google Play Store or App Store.
2. Purchase the ERGO Annual travel plan* (Individual) using a credit card, or PAL tokens (coming soon)
3. Every time you travel, simply share flight details with PolicyPal on the PolicyPal app.
4. Once your details are approved, you’ll be added to a virtual P2P Pool on the PolicyPal Network blockchain.
Any flight delay will be automatically triggered by PolicyPal’s blockchain technology and user claim payouts will be credited directly into their bank account as per policy terms. *Only applicable for round-trip flights originating from Singapore.