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Matt Peterman: 20 year history in private equity fund management, 5 years in insurance fraud detection. Disrupting the global $7 trillion insurance market with a new blockchain based model based on social proof: * $45 billion lost annually just in the U.S & Europe because of fraud. * 10% of all claims are fraudulent. * 65% of all fraudulent claims go undetected. * Premium leakage (misrepresentation of real risk) is 15% or $29bn p.a. globally. * The top 1% of insured end up overpaying their pre
Tom is also a founder of Adacta Group, one of the leading IT companies in Central and Eastern Europe with 27 years of experiences in developing and implementing business IT solutions employing 450 professionals and €25 million annual revenues. With more than 200 insurance experts, InsurePal can draw on the largest insurance dedicated team in the CEE region. “Good, diligent and responsible people are paying (up to 80%) too much premium because of the bad ones”. The power of social proof.
InsurePal: A next generation of peer-to-peer insurance based on social proof guarantee, fully harnessing the power of blockchain innovation. A replacement for insurances as we know, based on self-regulation without the need of a central institution. Risk-prone individuals will be automatically excluded, and so InsurePal can offer significant cost reductions.
Studies confirm that highlighting positive norms works better than pointing out the restrictions. InsurePal’s model is a self-regulating hybrid of a classical insurance and peer-to-peer endorsements on blockchain, backed with social proof as a principle of a third party deductible. The fact that a person is prepared to give another an endorsement with an imposed financial obligation gives that person a much greater credibility. At the same time, it also motivates the insured to act more respon
Insurance based on social proof gets 30% less claims. InsurePal rewards good behaviour. Bad actors get eliminated as their behaviour gets instantly “punished” through loss of deductibles, loss of trust and higher future premiums. Apart from insurance experts, the InsurePal team is made up of dedicated blockchain experts with a track-record of successful crypto projects.
Early adopter of blockchain technology: Smart contracts used for premiums and claims adjustment. Huge cost savings versus traditional insurers where 30% of premium is used for (antiquated) backoffice, systems, marketing.
InsurePal’s Initial Token Offering & Crowd-Sale Jan. 16 2018: - Patented innovation brings relevant advantage - Peer to peer model enforces responsibility and self-regulation - Millennials are often obliged to pay tremendously high premiums in different lines of insurance. At the same time, their affinity for technology is reshaping the marketing space. The young and tech savvy are also most likely the generation that will succeed in fully deploying the blockchain and accept cryptocurrencies an
An ICO with Governance, brought by successful entrepreneurs Unique competitive advantage through worldwide patent: All third-parties wanting to adopt the social proof methodology in insurance will be obliged to use InsurePal’s platform solution.

Insurance and IT veterans to use ICO, blockchain, smart contracts and social proofing methodology to disrupt $7 trillion insurance market

Jan 08 2018 1 Comment
John McAfee said on Twitter that InsurePal is one of the most creative ideas he has seen in the social media token arena, and we agree that this ICO (Jan. 16 2018) which is offered not from a start-up but experienced team of insurance, PE and IT veterans, surely stands out due its filed social proof patent and disruptive potential.

InsurePal CEO Matt Peterman has a 20-year history in private equity fund management and has spent the last 5 years in insurance fraud detection. Co-Founder Tom Volk is also a founder of Adacta Group, one ...more

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Matthias Knab Posted On Jan 08 2018

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