Overview

PolicyPal Network is a platform built with a twofold vision of addressing key issues that overlap the fields of both insurance and cryptoassets in the world today.

Project stage

Only a whitepaper

Detailed description

Our existing business: PolicyPal Singapore is an Monetary of Singapore (MAS) Licensed Insurance Broker and Exempted Financial Advisor that enables individuals to buy, manage and optimise their insurance policies.

To date, PolicyPal Singapore has accumulated a user base of over 32,000 in Singapore alone since launch of product 12 months ago. We are also Singapore's first and only graduate from the MAS fintech regulatory sandbox.

Selected Achievements:

  • Orange Fab Asia Winner Tokyo 2017
  • NTT Data Special Award 2017
  • Gold Award - Asia Smart App Summit Hong Kong 2017
  • T Hero Guangzhou China - Singapore Winner 2017
  • Prudential Fintegrate Partnership program
  • Google Asia Pacific StartonAndroid program

We have observed a strong demand for cryptocurrency asset insurance due to the fear in consumers that their wallets and accounts on exchange could be hacked. With the prices of both Bitcoin and Ethereum surging to record highs, consumers who are using cryptocurrency wallets and trading on exchanges will increasingly look out for solutions and hedge their risk.

CryptoProtect will be distributed by PolicyPal Singapore and underwritten by “AA” rated global insurers and it will protect assets of blockchain startups in the initial launch. Future plans include insuring cryptowallets on a personal level, similar to mechanics of car insurance.

Current status: In talks with "AA" rated global insurers.

Problem

One of the largest issues concerning cryptocurrencies and its widespread adoption has always been its security during storage. These include the various online and offline wallets as well as a host of different coin exchanges where many people store their digital assets. Unfortunately, a series of hacks and incidents over the years across these platforms has left a negative impression on the wider public.

The most widely known event was the closure of the MtGox exchange in February 2014 that caused an estimated 850,000 bitcoins (US$450 million at the time) to go missing. This was followed by another hack on the Bitfinex coin exchange in 2016 where hackers stole approximately 120,000 bitcoins (US$72 million at the time). Even crypto wallets are not entirely fool-proof from cyber-attacks with the Parity Multisig Wallet successfully breached as recent as this year in July 2017, allowing hackers to steal 150,000 ETH ($30 million at the time) from multiple wallets.

There is a clear and growing demand for insurance products in the cryptocurrency sphere for both commercial entities like exchanges or wallets as well as consumers aimed at insuring them& against losses from cyber-attacks or logistical failures. A move towards greater insurance coverage in the cryptocurrency asset space would see increased adoption and further legitimiseit.

Solution

PolicyPal Singapore seeks to address a glaring issue faced by consumers in their attempt to interact with the insurance purchasing process from start to finish. With all their documents stored in an analog world of paper documentations and excel sheets, managing them can be complex especially during an emergency. 

Through the use of Optical Character Recognition (“OCR”), taxonomy and rule based algorithms, PolicyPal Singapore seeks to solve the problem by digitising all the policies and automating the analytical process. PolicyPal Singapore requires only 30 seconds for to digitise a single policy and the algorithms determine coverage gaps to provide a personalised recommendation on optimal changes. PolicyPal Singapore hope to collectively raise the benchmark for insurance knowledge and accessibility among the public throughitstargeted approach. 

The present challenges are reflected by a 30% attrition rate afflicting the insurance sector. According to the Singapore Business Review, 68% of Singaporeans perceived insurance as confusing resulting in longer purchase delays. 24% of them were unhappy and dissatisfied about the lack of transparency in insurance. 

With digital engagement and automation, PolicyPal has already accumulated a user base of about 30,000 in Singapore alone since its launch 12 months ago. With the inception of PolicyPal Network, we envisage further process refinement to the personalised insurance and streamlined insurance policy management offered by PolicyPal. 

Features

  • Giving a peace of mind to the cryptocurrency community with CryptoProtect.
  • Decentralised insurance protocol that optimise policy inceptions and claims.
  • Brings transparency, accessibility and cost savings to all stakeholders.
  • Mitigate elements of conflict in traditional, centralized insurance models.
Show details

Additional links

  • Token details

    • Token symbol ? Token symbol — a shorten token name. It is used during an ICO and after the coin listing at the cryptocurrency exchanges. : PAL
    • Fundrasing target ? Fundraising target — the maximum amount of funds to be raised during an ICO. When it is reached, the developers stop selling the tokens because they do not need to raise more money for the project development. : 6,000 ETH
    • Token type ? Token type — a platform for a startup launch that influences the stability of blockchain operation, the speed of transactions and the fees. :Ethereum (ERC20)
    • Soft cap ? Soft cap — the minimum amount of funds to be raised for the project development. Sometimes when the soft cap has not been reached, the money is returned to the participants. : NA
    • Role of token ? Role of Token — type of token depending on the opportunities it offers to its owner. Utility tokens give their owners a right to use the project services, security tokens are aimed at bringing profit, and currency tokens are a money substitute. :Utility token
    • Total supply ? Total supply — a total amount of tokens that will be released by the developers. :1,000,000,000 PAL
    • Escrow agent ? Escrow agent — a qualified agent who has the right of signature in a multisig wallet. An escrow agent participates in an ICO, monitors the financial operations of the developers and confirms their fairness. :No
    • Tokens for sale ? Tokens for sale — the number of tokens offered to the participants of an ICO. :500,000,000 PAL
    • Whitelist ? Whitelist — a list of participants, who get an opportunity to buy tokens. To be whitelisted, you need to register on time because the number of participants and the registration period are usually limited. :Whitelist Closed
    • Additional emission ? Additional emission — an additional release of tokens. It can be done once after the crowd sale or on an ongoing basis. In the projects with a limited emission there is no additional emission. :No
    • Exchange listing ? Exchange listing — an assumed date when the token will be listed at a cryptocurrency exchange. The developers usually indicate it in a roadmap and a white paper. :NA
    • Accepting currencies ? Accepting currencies — cryptocurrencies and fiat currencies that can be used for buying the project tokens. :ETH,
    • Can't participate ? Can't participate — the countries where it is prohibited to buy tokens. These can be countries where ICOs are prohibited altogether, or countries that have the requirements that a particular project does not meet. :China, USA,
    • Know Your Customer (KYC) ? Know Your Customer — a verification procedure for ICO participants, during which the developers can ask for personal data, a photo and a scanned copy of a passport of a potential investor. :Yes
    Get details
  • Token and Funds Distribution

    Token distribution date

    NA

    Unsold tokens

    NA
      • Token Distribution

        • Funds Distribution

      Sale schedule

      Round Token Price Bonus Min / Max Purchase Soft Cap Hard Cap
      Public sale — Ended
      03 Mar 00:00 UTC
      04 Mar 00:00 UTC
      0.0403 USD No Min 0.1 ETH Uncapped 20,200,000 USD
      • Team

        • Val Yap photo
          Val Yap
          CEO, Founder
        • David Hoong photo
          David Hoong
          Head of Broking
        • Radek Kania photo
          Radek Kania
          VP of Product
        • Michelle Lim photo
          Michelle Lim
          Operations Manager
        • Gigi Vu photo
          Gigi Vu
          Digital Marketing
        • KC Wong photo
          KC Wong
          Tech Lead
        • Yan Wye Huong photo
          Yan Wye Huong
          Software Engineer
        • Yong Jia Hao photo
          Yong Jia Hao
          Software Engineer
      • Advisors

        • Bo Shen
          Founding & Managing Partner Fenbushi Capital
        • Yiseul Cho
          MIT Grad, Ex-Facebooker Former HSBC’s Blockchain Team
        • David Lee
          Professor of Quantitative Finance SUSS
        • Scott Walchek
          CEO, Founder Trōv
        • Shuan Djie
          Co-Founder DigixGlobal
        • Vincent Loy
          Managing Director Accenture Asia

      Roadmap

      • Q1 2018
        • Launch of Website and WhitePaper
        • Announcement of Partnerships
        • Token Generation Event ("Token Generation Event")
      • Q2 2018
        • Proof of concept for CryptoProtect insurance with global insurer
        • Alpha Release: PolicyPal Network on Ethereum Testnet
        • Alpha Release: Testing of CryptoProtect insurance with Partner
        • Alpha Release: Testing of bonus in PolicyPal Network Tokens with selected community members
      • Q3 2018
        • Alpha Release: PolicyPal Network on Ethereum Testnet with partner in new country
        • Beta Release: PolicyPal Network on Ethereum Mainnet with partner in new country
        • Launch: Bonus in PolicyPal Network Tokens for members who purchase policies
      • Q4 2018
        • Alpha Release: PolicyPal Network Blockchain
        • Beta Release: PolicyPal Network Blockchain with Proof of Stake
        • Launch: PolicyPal Network Blockchain with exchange of ERC20 tokens onto PolicyPal Network Mainnet
        • Launch: P2P Mutual Aid Insurance – Personal and Life Insurance on PolicyPal Network Blockchain
      • Q1 2019
        • Launch: Cryptocurrency insurance with global insurer
        • Further expansion of PolicyPal Network into other Asian countries
        • Proof of concept for new insurance products with global insurer on blockchain
        • Launch: P2P Mutual Aid Insurance – Agriculture and Property Insurance on PolicyPal Network Blockchain
        • New product ideas and ongoing iteration

      Activity