Abstract
In April 2016, PolicyPal Pte. Ltd (Singapore Company Registration Number : 201610784K) (“PolicyPal Tech”), an affiliate of the Token Issuer, launched an insurance application known as “PolicyPal” which employed the use of machine learning and artificial intelligence to simplify and digitise insurance for end users to seamlessly manage their existing policies.
With the advent and exponential growth of blockchain technology, the Token Issuer is endeavouring to harness this technology and create a decentralised platform to not only facilitate the purchase of insurance policies but to also serve as a secure validation engine for policy payouts.
The Token Issuer will be building a platform (“PolicyPal Network”) with a two-fold vision of addressing key issues that overlap the fields of both insurance and cryptocurrencies in the world today.
The first issue is that millions of unbanked people are without adequate access to insurance protection in developing countries around the world. Through our platform, we aim to lower the barriers associated with traditional insurance coverage for these groups of people. Ultimately, our main mission is to harness the advancements in the field of blockchain technology to bridge the gap between consumers in developing countries and insurance providers by providing a new level of accessibility to the insurance ecosystem.
PolicyPal Network plans to achieve this by leveraging partnerships in these emerging markets to serve the millions currently without access to protection due to complex buying processes and high insurance premiums.
The second problem deals with the overall security of cryptoassets. The increasing occurrence of major hacks on both cryptocurrency exchanges and wallets over the past few years resulting in significant losses of funds has left many with a desire for some form of insurance on their digital assets. We seek to offer a range of robust protection plans for both commercial companies and individual investors against a loss of funds resulting from operational deficiencies like hacks.
PolicyPal Singapore – an affiliate of the Token Issuer and which is regulated under the Insurance Act and Financial Advisers Act – presently has a diverse list of insurers already partnered with it for conventional insurance products. Together with PolicyPal Singapore’s network of global insurance partners, the Token Issuer will be working to create offerings that address this urgent issue in the cryptocurrency space.