[Event Recap] DLT Compass @ The Westin Singapore

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PAL Network

3 min readJun 7, 2019

DLT Compass featured many prominent figures other than our CEO Val Ji-Hsuan Yap.

An enterprise-focused conference organised by LongHash, our CEO Val Ji-Hsuan Yap spoke at the panel ‘DLT in Insurance’ at DLT Compass just this week at The Westin Singapore.

Topics that were covered included the way DLT (Distributed Ledger Technology), an umbrella term that includes blockchain, can step in and provide more security since fear derived from a lack of security for information, and smart contracts, which itemises risks. Progression of technology is much faster overseas with direct support from the government, inviting insurers to test out policies utilising QR codes and blockchain.

Value can also be found in blockchain, preventing fraud. Collaboration is identified as important, through information sharing to progress together and develop applications to streamline the claims process. Use of technologies like telematics is also acknowledged to be better to come up with policies, premiums and ease of claim settlements.

How disruption in insurance drives impact and lessons learned

As someone with a strong financial background, Val shared her understanding that education is key. To benefit the competition within the ecosystem, disruptors have to be viewed as more of an enabler. The edge smaller fintech companies and startups have is that they are faster in the sense of progression with technology. Val views her startup as a bridge to work with insurers to distribute policies in Singapore, altogether offering PAL Network’s blockchain technology solutions on a global scale.

Insurers’ choice of blockchain

Insurers seemed to gear towards a private permissioned blockchain, but education is needed for the involvement of consumers or testing various blockchains. Ultimately, it boils down to finding the right one for their needs, usually being privacy and interoperability of applications within the same blockchain.

Val then talked about our dual-layered blockchain forked from Ethereum, adding unique and useful features beyond our line of microinsurance products but also its insurers' dashboard that insurance partners can peruse as a B2B2C platform.

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.