PolicyPal Network is a platform built with a twofold vision of addressing key issues that overlap the fields of both insurance and cryptoassets in the world today.
Giving a peace of mind to the cryptocurrency community with CryptoProtect.
Providing the unbanked the access to protection with mutual aid insurance.
Brings transparency, accessibility and cost savings to all stakeholders.
Mitigate elements of conflict in traditional, centralized insurance models.
We envision a digital future where insurance and cryptoassets seamlessly overlap without any friction. We aim to achieve an end goal where cryptoassets holders are adequately covered by insurance from cyber network hacks and reducing the barriers of entry for insurance to the emerging markets through peer-to-peer mutual aid insurance implemented on the blockchain.
Total market cap for Cryptocurrency on 23rd December 2017:
CryptoProtect – Cyber security service in partnership with Insurers to protect cryptocurrency assets.
We have observed a strong demand for cryptocurrency asset insurance due to the fear in consumers that their wallets and accounts on exchange could be hacked. With the prices of both Bitcoin and Ethereum surging to record highs, consumers who are using cryptocurrency wallets and trading on exchanges will increasingly look out for solutions and hedge their risk.
CryptoProtect will be distributed by PolicyPal Singapore and underwritten by “AA” rated global insurers and it will protect assets of blockchain startups in the initial launch. Future plans include insuring cryptowallets on a personal level, similar to mechanics of car insurance.
Current status: In talks with "AA" rated global insurers.
A big portion of Asia’s 4.4 billion population is still heavily underinsured in relation to the west. A study by Swiss Re found that the mortality protection gap in the Asia Pacific was as large as US$58 trillion in 2014.
PolicyPal Network is targeted at lowering barriers of entry for the unbanked that traditionally do not have insurance protection due to costly premiums in relation to their income. With P2P mutual aid insurance, we want to build a inclusive community where members are able to obtain protection at a relatively low cost.
The smart contracts automates the underwriting of policies and claims handling powered by PolicyPal Network blockchain which reduces the cost of insurance premiums making insurance protection affordable for the unbanked.
At this juncture, this P2P mutual aid insurance initiative is in planning phase and the intention is to offer P2P mutual aid insurance only outside of Singapore. PolicyPal Network will be in consultation with legal advisers in the jurisdictions where such P2P mutual aid insurance is eventually to be offered to ensure compliance with all applicable laws and regulations.
Our existing business: PolicyPal Singapore is an Monetary of Singapore (MAS) Licensed Insurance Broker and Exempted Financial Advisor that enables individuals to buy, manage and optimise their insurance policies.
To date, PolicyPal Singapore has accumulated a user base of over 32,000 in Singapore alone since launch of product 12 months ago. We are also Singapore's first and only graduate from the MAS fintech regulatory sandbox.
Find out more about our current PolicyPal Singapore business here.
PolicyPal is invested by 500 Startups, Startupbootcamp Fintech and angel investors from private equity firms and family offices.
500 Startups is a global venture capital seed fund invested in Billion Dollar startups such as Twilio, SendGrid, Grab, Bukalapak, Revolution Precrafted.
Startupbootcamp FinTech is the leading global fintech accelerator. TenX, who recently raised US$80M through token sales, graduated from its pioneer Singapore batch.
PolicyPal is one of the three startups selected by PayPal for their nine-month incubation programme based in Singapore.
Fenbushi Capital is one of the first venture capital funds founded in 2015 that focuses on building world class blockchain-enabled companies.
BlockAsset - Digital Asset Management entity that invests in a portfolio of leading digital assets; service include: fundraising to M&A, asset management to market research in the digital asset space.
Global Brain has broad connections in Japan, APAC, and the US, helping their portfolio companies (Zilliqa, DigixGlobal, Ginco) to enter overseas markets by facilitating partnerships with major corporations in the region and provide hands-on support in every aspect of growing the business.