PAL Network, an insurtech startup utilizing blockchain expertise to supply sensible contract-based insurance coverage merchandise, has signed two memorandum of understanding (MoU) agreements with Toyota Tsusho Corporation and Allianz Malaysia to develop proofs-of-concept (PoCs), the startup said on Wednesday.
The partnership with Toyota Tsusho focuses on utilizing PAL Network’s blockchain applied sciences to develop a PoC to facilitate underwriting and the creation of recent insurance coverage merchandise on sensible contracts custom-made for the group. These merchandise might be focused on the Southeast Asian area.
Similarly, the partnership with Allianz Malaysia seeks to make use of PAL Network’s blockchain applied sciences and implement PoC on new safety protection with automated claims for the Malaysian market.
Singapore-based PAL Network has developed a dual-layered protocol for monetary property with a selected deal with insurance coverage merchandise. The startup goals to supply a blockchain-based ecosystem for insurance coverage underwriting, distribution and claims course of, the place people and companions can design and customise new monetary merchandise powered by sensible contracts. Through APIs, companions can simply cross-sell related insurance coverage merchandise on the point-of-demand.
Besides Toyota Tsusho and Allianz Malaysia, PAL Network has partnerships with insurance coverage corporations FWD and Ergo to discover use instances of its decentralized protocol. The firm has additionally established collaborations with blockchain tasks NEM, Qtum, Sentinel Protocol, MediBloc, Digix and traceto.io to supply CryptoProtect, a cybersecurity service to guard cryptocurrency property and PAL Network’s first product line, and mainstream insurance coverage merchandise for the tasks themselves alongside with their respective communities.
PAL Network raised 23,809 ETH (US$20 million) in an preliminary coin providing (ICO) in early 2018 and launched its mainnet in December. The firm is now getting ready to launch three new microinsurance merchandise in addition to B2B options to its companions and insurance coverage suppliers corresponding to Insurer’s Dashboard and Marketplace, permitting insurers to create personalised insurance coverage merchandise.
PAL Network was launched in 2017 by the staff behind PolicyPal Singapore, an affiliated entity. PolicyPal Singapore is a digital direct insurance coverage dealer that gives an insurance coverage software which makes use of machine studying and synthetic intelligence to simplify and digitize insurance coverage for finish customers. It serves over 50,000 people and was Singapore’s first graduate from the Monetary of Singapore’s (MAS) fintech regulatory sandbox.