InsurePal is a next generation of peer-to-peer insurance based on social proof endorsements, fully harnessing the power of blockchain innovation. The platform will serve as a replacement for insurances as we know today and offer a completely new type of coverage for areas of life and business that began to emerge with the evolution of blockchain, starting with the insurance of blockchain business transactions. The innovative approach has been filed for patent protection in US and worldwide.
Social proof is an in-built mechanism within all of us, representing people`s moral compass. InsurePal embeds social proof in form of financial commitment. The endorser who financially guarantees for someone has to use its own diligence when providing the guarantee to at the risk of losing their money. Through such endorsements, the network in whole becomes more risk aware. The platform will work as an dAPP for B2C customers and as a service for B2B partners that will resell social proof insurance by using InsurePal solution.