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.
Executive Summary"If your friends trust you, we trust you." That's the concept underlying a new insurance platform that InsurePal is devising for auto insurance and for guaranteeing blockchain transactions. Co-founders Matt Peterman and Tom Volk provided examples of how the blockchain-harnessed platform would work—potentially revolutionizing peer-to-peer insurance and combatting costly fraud problems.
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.
InsurePal co-founders Matt Peterman and Tom Volk believe existing industry models for doing business need to be challenged and are ripe for disruption. They are convinced that their innovative peer-to-peer insurance model will create a better way for insurers to assess risk while at the same time providing more affordable premiums for customers.
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