InsurePal Wants to Apply Social Proof to Insurance

Meet InsurePal:

Think: a blockchain-led P2P platform, in-the-making . The startup, established in 2017 by Matt Peterman and Tom Volk, is built on the idea that social proof leads to better drivers, leads to better premiums. And no, it doesn’t plan to stop at car insurance. “The application of InsurePal platform can and will extend to any insurance product.” Here’s how it works: John needs insurance. Before he purchases coverage, he asks his friend Mary to endorse him with her credit card. And so, she does. John receives an immediate bonus and pays less in premium. Mary will only pay in case John files an at-fault claim. Bottom Line: if you believe social proof reinforces self-regulation, this startup is for you.

Play.

I, for one, believe you can’t regulate that which you never intended to do, like getting into an accident. One more thing: the platform revolves around the use of IPL tokens, which will be sold through a crowdsale come January 16, 2018.