FWD and PolicyPal to Accelerate Insurance Sector Disruption Using Blockchain
PolicyPal Singapore has signed a MoU with FWD Singapore for exploring the use of smart contracts and the Blockchain technology for accelerating the disruption of the country’s insurance sector.
The registered digital insurance broker and PolicyPal Network, its affiliate company, has announced a partnership with FWD, a leading insurer in Singapore. With the partnership, they aim to bring together PolicyPal Network’s innovative insurance technologies and the digital and insurance industry expertise that FWD has to offer.
Partnering with FWD, PolicyPal would be bringing a suite of insurance products to the market which would be backed by Blockchain technology and Insurtech.
The partnership would also allow FWD to offer its products on the PolicyPal Network which is an innovative blockchain solution helping customers buy and manage insurance easily and conveniently using a single digital insurance platform.
FWD’s Group Chief Officer – New Business Models, Abhishek Bhatia said:
“We are glad to partner with PolicyPal to explore how blockchain technology can bring about a quantum change to the insurance industry; and provide customers with a greater level of transparency. We believe that by leveraging blockchain technologies, we will be able to cater to a growing group of customers who demand accessibility, affordability and increased trust in the insurance process.”
Peer-to-peer mutual aid insurance models using the Blockchain technology are being explored by PolicyPal network. Working on decentralized platforms makes it easier to apply risk assessment models on real-time data. This can benefit customers by providing them higher aid limits and more affordable insurance premiums.
For community members not making claims when the insurance period ends, the solution offers them a cashback incentive. This reduces fraudulent claims and liability for insurers.
The Founder and Chief Executive Officer of PolicyPal Network said:
“We look forward to capitalising on FWD’s regional reach to bring our products to countries in Asia. Our aim is to bridge the gap between consumers and insurance providers, and provide unbanked masses in the region with essential insurance coverage.”