Video interview: Every second we sold for $75,000 tokens

After we sold-out all of the IPL tokens in 80 seconds, we gained plenty of interest in the media. Tom Volk, InsurePal co-founder, revealed the details and the company`s future plans in a short conversation for a daily TV news Dan.

Watch the full video interview (In Slovene with English subtitles):

You have set a new milestone for raising funds in crypto currencies here. Did you expect it to be sold-out in such a short time?

Tom: In entrepreneurship, there is always a risk. But, given the community response, the result was expected. We have already sold-out $12 million in the presale, whereas on the day of the crowdsale we sold another $6 million in 80 seconds. Every second we sold for $75,000 tokens. However, the work is just starting now.

What is the project about? Social proofing insurance platform based on blockchain technology sounds quite challenging.

Tom: If the internet enabled us to exchange information globally and decentralized; the blockchain technology today allows global and decentralized exchange of value. This means a great technological step.

InsurePal introduces social proofing methodology. What does that mean?

Tom: Today, insurance companies have a rather difficult task in assessing the risk of individuals, even though the price of an insured person`s premium directly correlates to it. Therefore, if the insurance company assesses the risk incorrectly, the insured person will overpay or underpay his/her premium.

Our solution targets the diligent and responsible policyholders who definitely overpay their premiums today. To make sure our clients are in fact responsible and diligent, we take their social proof as an evidence. If an insured person finds someone who will guarantee for him/her, InsurePal will provide them with a bigger premium discount. On the other hand, the guarantor is financially exposed for making a false statement about the insured person`s diligence. That means that in the worst case, he will lose a certain financial amount if the insured person files an at fault claim.

Who is your target audience and what solution do you bring them?

Tom: We mainly target millennials. Today, this is a segment of the market where some are overpaying their premiums because insurance companies do not yet know them. In the case of motor car insurance, we are addressing young drivers. The insurances classify them all as bad drivers until they prove otherwise. But in reality, they aren’t all bad drivers at all and there are many among them who are responsible and diligent. They are the ones who can get a fairer premium with InsurePal.

Is this insurance suitable for the elderly?

Tom: Of course. All who believe they are diligent and responsible are good candidates for InsurePal. They probably overpay their insurance today because their premium actually pays for the bad ones too.

Are you staying in Slovenia or moving abroad?

Tom: Our goal is to become a global company, which is why we also raised funds in a global crowdsale. As said in our whitepaper, the pilot project will start in UK where the segment of young people significantly overpay for their insurance premiums.