InsurePal is a blockchain-based platform that aims to revolutionize the insurance industry by utilizing the power of social proof. It started as an initial coin offering (ICO) in early 2018 and it introduced its own cryptocurrency called IPL, or InsurePal token.
InsurePal's concept is built on the idea that users' social network connections can serve as a form of guarantee for insurance coverage. The platform allows individuals to purchase insurance policies and involve their trusted connections as guarantors. These guarantors vouch for the insurance applicant, providing a certain level of assurance to insurers and reducing the risk of fraudulent claims.
By leveraging the blockchain technology, InsurePal seeks to lower costs, increase trust, and enhance the overall efficiency of insurance processes. The use of smart contracts ensures transparent and automated claim settlements based on predefined criteria, reducing the need for manual intervention and potential disputes.
Users on the InsurePal platform can earn IPL tokens by participating as guarantors and providing proof of social proof. These tokens can then be used to purchase insurance or can be traded on various cryptocurrency exchanges.
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