Blockchain Powered Flight Delay Insurance Launched by PolicyPal
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Blockchain Powered Flight Delay Insurance Launched by PolicyPal

PolicyPal Network has launched their brand new blockchain based automated flight delay insurance today which is underwritten by ERGO and presented by PolicyPal Singapore. The said insurance will be available for purchase from today itself i.e. 3rd July 2018. The purchase can be made on the PolicyPal Singapore app.

PolicyPal network is a decentralized insurance protocol ecosystem. It is a network built with a twofold vision of addressing key issues that overlap the fields of both cryptoassets and insurance in the world today. It is a Singapore-registered insurance broker and exempted financial advisor.

PolicyPal confirmed the news through their Twitter handle.

PolicyPal also explains the working to get the insurance.
How to get it:
1. Download PolicyPal Singapore app on Google Play Store or App Store.
2. Purchase the ERGO Annual travel plan* (Individual) using your credit card, or PAL tokens (coming soon)
3. Every time you travel, simply share your flight details with PolicyPal on the PolicyPal app.
4. Once your details are approved, you’ll be added to a virtual P2P Pool on the PolicyPal Network blockchain.

The PolicyPal mobile app allows the users to track all their insurance policies on a single platform. It uses Artificial Intelligence (AI) to store and digitize the policies.

The flight delay insurance allows for automated claims. The smart contract terms are triggered by flight departure and arrival data. The payout will take place automatically in case of a flight delay.

In June this year, NEM (XEM) helped PolicyPal network to underwrite CryptoProtect insurance for the huge list of projects built using the NEM Blockchain. All insurance purchases are stored on the smart contracts by the PolicyPal Network.

PolicyPal had also raised a massive amount of US$ 20 million in the month of March this year in a token sale to develop blockchain-based insurance products. It already has many major insurance providers like Aviva, AIG, Etiqa, AXA and NTUC Income on its platform. It also raised an undisclosed SEED Funding last year.

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Aayushi Dhawan
Aayushi Dhawan is an avid reader, researcher, crypto writer and a passionate student. While pursuing her graduation in commerce at SRCC, she realized that writing and Finance give her immense pleasure. She is currently pursuing her post graduation in Commerce (Finance) from Department of Commerce, Delhi School of Economics and keeps on exploring the intricacies of research, her biggest strength.