To the average layman, the world of insurance and claims can be extremely daunting!
Although the world has progressed immensely in terms of the kinds of technologies and services available to all, there is still an overall lack of appropriate knowledge and education when it comes to complicated paperwork and conniving brokers.
Coupled with the fact that insurance companies find ways to deceive unsuspecting customers with high hidden charges and premiums makes the conventional method of buying insurance tedious and unreliable. That is where applications like PolicyPal come in!
What is PolicyPal?
PolicyPal is an insurance app that helps users manage, understand and opt for an insurance plan of their choice. It is funded and supported by 500 startups and PayPal and it promises to provide all these services through it’s mobile app that has an extremely user friendly interface.
You can even get your furry companions insured!
Enter Block Chain!
In early 2018, PolicyPal ran its ICO and successfully raised approximately an amount of US$20 million in Ethereum. The funds were allocated to the building of the Pal Network which is a “Blockchain technology development company” that aims to provide services that ensure transparency and increased accessibility to all matters related to the insurance market.
Although 2018 saw all cryptocurrencies bearing the brunt of terrible price fluctuations and market falls, PolicyPal stuck to it’s promise of providing sustainable and reliable insurance options to it’s 50,000 users.
The company incurred a massive loss in it’s previous US$20 million net worth but did not disappoint as it successfully reached it’s milestones and also launched their multiple products such as Endowment, Retirement and Travel to name a few. The innovations don’t stop there with news of more products in the pipeline.
The company is set to launch products and services that will cater to insurance related coverage in case of an earthquake, the onset of cancer or even to protect your screen from breaking.