Upcoming PolicyPal Network Launch: Blockchain-Powered Flight Delay Insurance
The insurance industry is characterised by routine and regulation, and while technology has changed the entire industry over the past decade, the multi-trillion-dollar global insurance industry is still stuck in the past in many ways. There is definitely room to grow, make changes, and disrupt old routines, hence, PolicyPal Network’s creation to transform the industry.
3 Reasons To Purchase Blockchain-Powered Insurance
Blockchain is sometimes spoken of as an all-powerful one-stop solution to everything and anything. This is why it is important to understand the key benefits of leveraging insurance on blockchain technology: Convenience, Confidence in the system, and Cheaper insurance.
1. Convenience — Automatic Claims
Delayed flight? Compensation payout in the pocket without submitting any claims? Sounds too good to be true?
Smart contracts facilitate automating claims processes and increase efficiency. Submitting a claim to an insurance company is currently a process marked by struggle, hassle, and difficulty. PolicyPal Network will completely reform the claims submission process so that all traces of inconvenience are eradicated! With blockchain technology, the claims submission process can be removed, as the smart contract can handle decision-making processes and payouts.
2. Confidence — 100% Transparency
A defining feature of blockchain technology is its transparency and immutability. What does this mean for insurance though?
Transparency and immutability contribute to an increase in security and validity pertaining to the information stored on the smart contract. Trust is established between the two parties as each can be sure that neither is guilty of deceit, misrepresentation, or fraudulent activity. We believe that policyholders should not be wrongfully doubted or hoaxed, and insurers should be protected against fraudulent activity. With blockchain technology and PolicyPal Network’s protocol, both the insured and the insurer will be protected!
3. Cheaper Insurance
On the blockchain, each new addition or change is recorded in permanence, meaning that fraudulent activity is remarkably reduced! Fraud causes insurance companies heaps and heaps of money and resources each year. A drastic reduction in fraudulent activity will therefore result in extravagant cutting of costs for insurers. With great reduction in costs incurred by the insurers, this can be translated to lower premiums charged to the insured individuals!
When Can I Purchase This Revolutionary Insurance Product?
PolicyPal Network will be unveiling a brand new blockchain-powered automatic Flight Delay Insurance underwritten by Ergo, available for purchase via the PolicyPal Singapore app (Android, iOS) from 3rd July 2018.
In today’s globalised world, there is a rising number of flights and — unfortunately — an increasing number of delayed flights. Last year, an astounding 20% of flights were delayed, which represents circa 15 thousand flight delays globally each day. Submitting a claim to the issuing insurer of your travel insurance can be a real bother with all the tedious documents required. PolicyPal Network’s blockchain technology is here to eliminate this inconvenience!
Flight delay insurance built on the blockchain allows for absolutely automated claims. The smart contract terms are triggered by flight departure and arrival data, so in the event your flight is delayed, payout will take place automatically. No hassle involved!
Flight delay insurance is just one of the many use-cases of insurance on the blockchain, and PolicyPal Network team is on a mission to create a wide range of innovative insurance products powered by blockchain technology. This is only the beginning of an extraordinary journey!
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