The First Look: Three Microinsurance Products Launched by PAL Network

Published in

PAL Network

4 min readJan 14, 2019

PAL Network is offering a suite of affordable insurance products for the everyday man. The high-utility insurance products are not only simple and straightforward to buy and claim in just a few steps, but they are also personalised to offer single protection for coverage people really need. More importantly, PAL Network ensures fairness as premiums are pooled together and the payout is drawn from the pool upon a claim.

Introducing PAL Network’s first line-up of microinsurance: RidePAL, Flight Delay, and Flight Cancellation insurance!

RidePAL

Ride-hailing services have been growing exponentially as we witness users around the world swing into the adoption. The industry disruptors often have the upper hand in controlling the prices, looking at variables such as peak hours, trip type and of course weather.

Wet weather should not dampen your mood. Ride through the rain with RidePAL!

For just US$1 premium, you will receive full-fare coverage of up to US$5 payout when rain with a precipitation level of four millimetres per hour or more is detected at the pickup location during the time of your trip.

First 1,000 RidePAL purchases will receive up to US$10 payout instead of US$5. We got your back when you need to get to your destination on rainy days!

Check out our FAQs here.

Flight Delay

Jetting off to the next picture-perfect destination but experiencing a flight delay? Travel worry-free with PAL Network!

PAL Network’s Flight Delay offers single protection and covers expenses incurred by an international flight delay of three hours and more at selected airports.

For just US$1 premium, you will receive coverage of US$100 payout when your flight is delayed for three hours or more.

You can least anticipate a flight delay. We’ll even say with certainty that the most prestigious airlines are not spared from flight delays. Don’t let flight delays ruin your holidays! Protect yourself and check out our FAQs here.

Flight Cancellation

More than 1,000 global flights are cancelled daily. Nothing beats having an added security knowing that your time is compensated for during a cancelled flight.

PAL Network’s Flight Cancellation delivers straightforward coverage specific to cancelled flights at only a fraction of the price.

For just US$3.50 premium, you will receive coverage of US$200 payout when your flights are cancelled as a result of terrorism, natural disaster, war, riot, revolution or similar events.

Protect you and your precious time without breaking the bank with FlightCancellation. Read our FAQ here.

Source: FlightStats

Download PAL Wallet Now

There are two methods of payment PAL Network currently accepts:

Fiat currency (USD)
PAL native tokens (PAL)

Users get to enjoy 50% off the premium when you pay by PAL tokens. Download PAL Wallet today and be one of the first to get access to exclusive insurance perks and rewards! The PAL Wallet is also required to store your PAL tokens.

Wondering how to get started with your PAL wallet? Read this article as we guide you through step by step to download your PAL wallet on your mobile and desktop.

Android users can download PAL Wallet here.

Apple users can download PAL Wallet here.

About PAL Network

PAL Network is one of the fastest growing blockchain startup based in Singapore. The company built a dual-layered protocol for financial assets with the vision to build an ecosystem where individuals and partners can design and customise new financial products.

PAL Network designs insurance and finance solutions onto smart contracts within minutes. Through its APIs, PAL Network empowers its partners to cross-sell relevant insurance products at the point-of-demand, thereby bridging the gap between financial products and customer.

PAL Network is a member of Singapore Fintech Association and ACCESS. PAL Network’s affiliated entity, PolicyPal Singapore, has an active user base of 50,000 for its app, which helps users to manage, buy and optimise their insurance policies.

Currently, PAL Network has partnerships with insurance companies, FWD and Ergo, to explore potential use cases of our decentralised protocol together. Furthermore, we have also established collaborations with blockchain projects NEM, QTUM, Sentinel Protocol, MediBloc, Digix and traceto.io to offer CryptoProtect and mainstream insurance products for the projects themselves, along with their respective communities.