The dusk of incumbents is the dawn of InsurePal

The insurance industry sat back too long, not respecting and reacting to social and economic changes of young generations and disrupting evolution of new technologies. Insurance left the door open for disruption, which is happening right now. Their vanity has resulted in biggest challenges the insurance industry is facing today: poor risk management based on bad market segmentation which they are trying to overcome with the use of expensive privacy invading technological solutions and tracking methods. And their size prevents agile response to the needs of the evolving market, rising needs of modern consumers and their expectations.

Driving forces of business today have the potential to build tomorrow’s society based on trust and transparency. Technology as the key component of that future enables new approaches to social contracts and is disrupting all industries, from medicine to governmental services, from automotive industry to farming. InsurePal aims to be among the early adopters of blockchain technology in insurtech, to offer modern insurance at an affordable price by leveraging the habits and needs of the future generations and bringing personal data back from insurance company to users.

InsurePal Uses What is Good and Improves What Is Not

We believe that future society will be successful only if we share common values, such as responsibility and reciprocity. Through the concept of social proof insurance, we are able to impact not only insurance industry, but also other industries that strive to make our common future more healthy and prosperous.

Our idea is to offer a significantly lower premium to all insureds that get a proof of trust from one or more people. All actions generate a certain amount of information reflected in the Social Proof Trustscore, factor that tells if a person can be trusted or not and to what extent. Use of social proof will allow non-invasive information gathering to improve the current system, since information is held by you and only you have the key to pass it on.

Social proof hits the eye of existing insurance challenges — namely the fraudulent claims, which are causing huge costs to insurers as in some cases 1% of fraud claims makes for 10% of all claims costs. With diligent individuals who act responsibly to themselves, their trustees and the society as a whole. With responsible individuals who look after each other, the social proof psychology will improve the safety of our neighborhoods, streets and cities we live in.

Where is insurance today?

For the most part, it is where is has always been. In the hands of heavy centralized players, who dictate the terms of service, from package content to premiums. Insurtech today is trying to implement new technologies into existing pools of insurance packages, scratching only the surface of insurance industry. Underwriting of insurance consumers relies heavily on user data, sophisticated analytics and complex centralized systems.

Insurtech has been challenging the existing models for a few years now, and the incumbent market has started reacting just recently. This rigidness has caused emergence of insurtech companies, that are counted in thousands already and I am sure 2018 is going to be a breaking year for the industry.

Why do we need insurance of tomorrow?

InsurePal aims to change and improve the current conditions of insurance. On one hand, it gives the leverage to lower the prices to users and on the other hand, it also gives privacy back to users.

The approach of InsurePal’s social proof mechanism delivers services one step beyond of merely insurance services. It impacts the individual responsibility and has the implications to improve human behavior within society. It empowers individuals to take on responsibility for their actions and rewards them for fair play.

The P2P (peer-to-peer) model which can best leverage blockchain revolution when it becomes widely adopted, enables our generation to experience new forms of insurance adjusted to the needs of today, our modern lifestyle and heavy use of new technology. It is also our non-invasive answer to the semi-digital transformation that the incumbents first adopted in forms of expensive, privacy invasive electronic ware (telematics, wearables, IoT) to improve segment information for improved risk assessment.

I would love to hear your response. Join our vibrant InsurePal community at our Telegram channel and get it touch.

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