VouchForMe (formerly InsurePal), a next generation of peer-to-peer insurance based on social proof endorsements, harnessing the power of blockchain technology today announced the release of the first version of the product.
This version enables insurance clients to share their existing insurance deductibles with their friends and family members. By vouching for the insurance clients, friends and family members guarantee to cover for a part of the deductible that the client has included in his/her insurance policy. This means that they will pay for a part of the applied deductible in case of an at fault claim.
The app is available at https://pls.vouchforme.co.
Using VouchForMe, insurance clients effectively offload a part of their risk on the members of their social circle. Thanks to their support, the insurance clients lower their own exposure to high deductible costs in case they file a claim.
In practice, VouchForMe helps manage the process of inviting friends and family to vouch, creates agreements between the insurance client and individual guarantors, and, in case of a confirmed claim, facilitates the guarantee collection procedure.
The current version is insurance company independent, available worldwide and offered free of charge for the promotional period of three months.