[Short general description]: PolicyPal is an insurance app employing the use of machine learning and artificial intelligence to simplify and digitise insurance for end users to seamlessly manage their existing policies. PolicyPal endeavours to harness the exponential growth of blockchain and create a decentralised platform to not only purchase insurance policies but to also serve as a secure validation engine for policy payouts.
[Main problems tackled]: PolicyPal Network is a platform built with a two-fold vision of addressing key issues that overlap the fields of both insurance and cryptocurrencies in the world today.
PolicyPal Network’s aim is to lower the barriers associated with traditional insurance coverage for millions of unbanked people that are without adequate access to insurance protection in developing countries around the world. PolicyPal Network plans to achieve this by leveraging partnerships.
Secondly, PolicyPal will try to tackle the overall security of cryptoassets. For this they will offer a range of robust protection plans for both commercial companies and individual investors against a loss of funds resulting from operational deficiencies like hacks.
[Main contribution proposal]: An offer of comprehensive protection plans that will completely alter the perception of risk in the cryptocurrency space when securing your cryptoassets.
[Innovation]: Through the use of Optical Character Recognition (“OCR”), taxonomy and rule based algorithms, PolicyPal attacks the problem by digitising all the policies and automating the analytical process.
It takes only 30 seconds for PolicyPal to digitise a single policy and the algorithms determine coverage gaps to provide a personalised recommendation on optimal changes.
New use-case: the secure, time-stamped storage of a policy holder’s relevant information. This eliminates cumbersome duplicate resubmissions that could potentially lead to data loss.
1) Automated policy claims
2) Reduction in Insurance Fraud
3) Crypto Protect - underwritten by “AA” rated global insurer and it will protect assets of blockchain startups in the initial launch.
4) PolicyPal Application - different technologies for both the Web and Mobile versions of the application
5) PolicyPal API
6) PolicyPal Network dApp - interface for PolicyPal Network members to check on the bonus token received when they purchase insurance policy from existing business
7) Survey participation mechanism - surveying process to allow the community to determine what product features and insurance product ideas they would like to see built and deployed on the network in the future.