InsurTech startup InsurePal is developing an insurance platform that aims to revolutionize the industry’s model for risk selection and fraud prevention by “social proofing” insurance products.

With a pilot for motor insurance due to be launched in the UK within the next six months, InsurePal’s blockchain-harnessed platform is designed to be used by insurers that want to sell “distributed social proof insurance,” which, in essence, relies on the friends and family of policyholders to help with assessing risk....