InsurePal AMA JULY 2018 Recap
Previous month we started our brand new series of Ask Me Anything (AMA), which we are hosting every first Friday of the month on our Reddit channel. So if you missed it, don’t worry — we will be hosting another one in the beginning of August.
As in our previous AMA, we received a lot of insightful questions. So for those who were unable to join the discussion this weekend, we have prepared a recap of questions and answers to keep you updated.
Q: What new features can we expect on the new website?
A: The new company website is designed to reflect InsurePal’s transition from the ICO phase to the stage where the company is focusing on product roll-out and partnerships within the insurance industry. The website will be launched soon, with subpages: homepage, token, product, team, blog and media, explaining the complete InsurePal story in an informative and engaging manner.
Please note that as implementations in individual target markets follow, additional links such as “Sign Up” and “Log In” will be added to let users access the actual social proof tool online. Inside it, endorsements will be requested and granted, and reward token distribution will take place.
Q: When I endorse a friend to Insure pal, then they endorse another friend, so on and so forth. Will that group of people be held accountable through peer to peer if someone in that group has a car crash? ie will they all have to pay a premium for one person’s crash?
A: No, a sort of a chain effect that you are describing is not foreseen. Your endorsement, and the exposure to risk that comes with it, is limited to the persons you endorse. If they file an insurance claim, your guarantee is exposed. If they endorsed someone else and that person files a claim, your guarantee is unconnected and therefore safe.
Q: Explain how IPL tokens integrate the social proof concept and how/if the tokens integrate for use on additional social proof platforms/products.
A: IPL tokens are used as fuel for the social proof business ecosystem. They are sent to endorsers as reward for their endorsements. As more and more people endorse, more and more tokens need to be awarded, which is expected to create scarcity and boost IPL price. Apart from selling them, endorsers will be able to redeem tokens for services such as insurance with InsurePal’s partner companies. In this scenario, IPL tokens function a bit like loyalty points which aren’t yet common in the insurance industry. Which services exactly will be available in exchange for tokens, is something that will be defined individually with each partner we onboard.
Q: Will the first pilot be in end Q3/beginning Q4 with the first insurance company which has already signed up? If so which metrics/data are we hoping to achieve, and are we looking to have any concurrent pilot schemes occurring during this time or fully focused on the one?
A: Every cooperation with insurance companies or other companies (social proof concept is designed to be used wider) will be officially announced, once all involved parties will agree on this step. Every such announcement will be followed with marketing campaign to get to desired targeted group. Once rolled out we’ll start to collect data connected to social proof dynamics with a goal to optimize our model. And of course we are not focused only to one cooperation — there are many, but they are at the different stages. However these cooperations will not be in the same markets in this phase.
Even though we started off on a more serious note, this last question brought some well deserved laughter in our office:
Q: Is InsurePal proving that I am in fact a religious person? The reason I am asking this it’s because I thought I was not a religious person and I had no Gods. But it turns out that I am regularly investing money in InsurePal because I really believe in the project, even though there are no proofs and evidences of that. It seems that you are doing a lot of things under the limelight, but there are no real facts — I have to believe in it, as people do in a God. Are you Jesus Christ?
A: We consider your good faith in the project smart rather than blind. To call ourselves gods or prophets would be a bit out line, we are however thankful for your support and can honestly confirm that work on the project is taking place. On earth, that is.
