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