InsurePal Token

InsurePal Token Review

When investing in virtual currency, you need to do your research. We provide you with reviews of each world top cryptocurrency out there, so that you can find the best crypto coins to invest in for you. This review of InsurePal Token consists of three chapters: origin, technology and pros & cons.

Origin

Tom Volk and Matt Peterman founded InsurePal. Both Tom and Matt are co-founders and jointly CEO of the company. The first step InsurePal took was to launch an insurance platform of its own in the UK. The company has also filed for a permit to launch their social proof system in the USA and worldwide.

The aim of InsurePal is to become the first ever blockchain-based decentralized insurance platform that works on the “social proof guarantee”. In addition, the role of social proof determines the value of InsurePal. This encourages endorsers with attractive incentives and motivates the hardworking clients with better insurance discounts.

Technology

InsurePal provides a platform where one can get peer-to-peer insurance. It allows its clients to get insurance from a peer and makes it secure with the help of InsurePal platform. Hence, it provides a better option than working with a centralized insurance company and getting expensive insurance. Therefore, the social proofs and the blockchain technology secures InsurePal.

InsurePal is different from the rest of the insurance companies because it provides a complete switch in the paradigm. It forms a product that is highly customer-centric and is designed for the advantage of every diligent individual.

The InsurePal Platform uses various means of motivation and provides different incentives to the participants. This implies that the InsurePal will exchange a significant portion of each of the new premium into InsurePal tokens. It will be distributed among the policyholders and all of their endorsers. Furthermore, the network requires any third parties selling social proof insurance to use the InsurePal Token and trade those tokens on exchanges.

Pros

• The InsurePal platform provides upfront incentives. The platform incentivizes each of the new social proof guarantees with IPL tokens or the local fiat currency.
• Moreover, endorsers have the option of selling the IPL tokens immediately. They can also wait for a higher market value or save these to purchase an insurance policy in the future.
• The holders of IPL tokens can also buy services from these tokens but only in online shops accepting them.

Cons

• The insurance value consists solely of IPL tokens. The endorsers will receive incentives in IPL tokens, all of the fees coming from the side of insurance companies. The rest of the parties have to be paid in IPL tokens alone. This limits the functionality of the InsurePal platform.