Peer-to-peer insurtech start-up InsurePal has launched an ICO with the aim to collect GBP 15 million to fund its UK motor offer in 2018. In the meantime, the company signed a letter of intent to collaborate with Mattereum, smart contracts start-up.
InsurePal is a Lichtenstein-based decentralized peer-to-peer insurance platform based on the Ethereum blockchain and uses an innovative social proof model. The ICO will close on the 18th of January, and the funds raised will be used to fuel the launch of the start-up’s automotive offer in the UK. If the operation is a success, the start-up projects to apply this scheme to other forms of insurance, such as life, property or casualty.
Co-founder and CEO Matt Peterman commented: “Insurance is a USD 7.3 trillion stubbornly old fashioned Goliath that could significantly reduce premium prices if its model could allow it to operate with lower risk clients.”
Also recently, InsurePal announced its partnership with smart contract start-up Mattereum. The combination of the two solutions will facilitate blockchain-based insurance; InsurePal will provide its social-proof insurance model that, together with Mattereum’s dispute resolution infrastructure, will form a complete insurance solution.By Jean Leguy, Research Coordinator at Holland FinTech]]>