InsurTech startup InsurePal (now known as VouchForMe) is developing an insurance platform that aims to revolutionize the industry’s model for risk selection and fraud prevention by “social proofing” insurance products.
(Editor’s Note: When this feature was originally published in February 2018, the insurance platform described in this article was known as InsurePal. In August, InsurePal changed its name to VouchForMe, in recognition of the idea that the social proof concept could extend beyond insurance.) 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 workâpotentially revolutionizing peer-to-peer insurance and combatting costly fraud problems.