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InsurePal (IPL) ICO Review – ICO Token News

InsurePal (IPL) ICO Review – ICO Token News


InsurePal brings the next generation of peer-to-peer insurance, completely based on social proof endorsements to harness the power of blockchain innovation. The company has many years of experience in the arena of insurance, an advanced IT system, and a solution that allows them to design a product which will revolutionize today’s insurance industry. By using blockchain technology, they are building the insurance company of tomorrow, that provides the essence of trust in a smart digital way.


All about InsurePal Platform

InsurePal is a self-regulating social proof insurance platform which is developed on the foundation of social proofing and decentralization. By including social proof, InsurePal offers trust in a smart digital way, minimizes the risk selection process and improvises segmentation. The platform has a great ability to provide an attractive end-to-end product at a comparatively lower price with a solution that will attract only hardworking and responsible users to the business model.

The idea behind InsurePal

Insurance is an old, traditional method which was originated as an arrangement between small communities who knew each other very well, especially merchants. They collected and paid to insure their goods being shipped together. In the case of loss, participants actively supported and tried to avoid letting each other be pushed down. Untrustworthy participants were excluded from the group because trust is very important between the participants. This principle of collected premiums was completed forgotten with the invention of new specialized insurance varieties. But, InsurePal have adapted this unique idea and merged it with a blockchain invention to accomplish the required of today’s modern society.


The company is moving ahead with the aim of becoming the first blockchain-based decentralized insurance platform supported by a social proof guarantee. This platform is ideal for blockchain implementation because it is based on a self-regulation model. The platform is not only designed for addressing the current challenges of the insurance sector but also in order to focus on the segments which don’t yet exist but which will be crucial in upcoming years.

What is InsurePal token?

The token is abbreviated to IPL. It will work as fuel for the InsurePal platform which will be used by clients and third-party business partners all around the world. It is an application specific token developed on top of the existing Ethereum blockchain that allows returning users the value of the InsurePal insurance network. There are many other tokens, such as the LH Token, WePower, MedTokens, Fabric Token, Joinwell, NAGA, ILCOIN which are also based on Ethereum. The IPL token will be utilized for every new insurance premium conducted through the platform. The tokenizing property will enable the platform to uniquely identify the insurance assets and transform the information into different types of businesses by digital records and information containing one’s social proof. The platform will include different methods to reward the participants so that they will use it. The token will be listed on different exchanges to make the trading process simple and enhance its availability to broad audiences.


With the growing value of IPL social proof insurance, the market value of IPL tokens will also increase. The adaptation of InsurePal policies will reflect on the circulation and utilization of the IPL tokens. The company believes that other divisions of the fiat economy linked with insurance sector will also start accepting IPL tokens as a currency which will ultimately boost the IPL utility token economy. 

Use of IPL token  

The IPL tokens can be used for various purposes that are listed below: 

Insurance of blockchain business transactions 

1 – Clients who engage in the insurance of blockchain business transaction with social proof will have to buy the premium with IPL tokens.

2 – For every endorser, they will receive an incentive in the form of IPL tokens whereas their guarantee can be done through IPL lock-in or any other different way (by using a credit note, credit card, etc.).

3 – Additionally, all fees coming from the side of possible contributing insurance companies and other third parties will have to be paid with tokens.

4 – This type of insurance transaction will contribute to growing the IPL liquidity pool and also help in building the trust and flow of blockchain business transactions.

 Insurance premium discount 

1 – To receive new insurance, clients need to upload a photo of their existing insurance policy.

2 – It is required to calculate a discount which will provide to each client.

3 – In this way, every client will receive a specific number of tokens which will show the accurate amount of their estimated discount as per the current market value.

4 – In the first phase, clients can choose a cash discount in the form of a lower premium price that will be around 20% less than the estimated value of the token discount.

Upfront incentives 

1 – The endorsers will receive a guarantee premium/ incentive in the form of local fiat currency or IPL token for each of their new social proof guarantees.

2 – The endorser is allowed to sell their IPL tokens immediately or speculate them. They can also wait for the market price value to increase or save to buy an insurance policy in the future. 

Credit score and social proof score 

1 – Social proof endorsers can give guarantees by using smart contract or credit card.

2 – The social proof guarantees will contain all relevant information related to the client and will serve as a credit report.

3 – If numerous endorsers provide a guarantee for the same person then their credit score will rise in value.

4 – Token transactions information will be stored in a general ledger which is partially encrypted and public. If the holder approves, then only the encrypted part will be disclosed publicly.

Social proof identity

1 – IPL token holders can identify themselves within the InsurePal community.

2 – In the long run, they will be able to sell their own social proof guarantee without disclosing their identity to receive the guarantee and a proportionate share of their insurance premium.

Claims adjustment 

1 – In the future, InsurePal may hire some members from their InsurePal community to process and report on the claims.

2 – This is a service which will have a financial incentive.

3 – The claim adjusters will decide which claims go beyond the agreed threshold and report their recommendation to InsurePal before updating the client.

4 – In this whole process, no insurance company will be involved because everything is settled by the community on the bases of smart contracts and blockchain. 

What makes InsurePal social proof platform different from others?

The basic features of the InsurePal social proof platform that will slowly become the “internet of insurance” are tokenization and decentralization.  According to this, all the underwriting of insurance policies, social proof, payment system, and claim handling are allocated with the help of the smart contracts’ application which runs on the Ethereum public blockchain. The main features that make it different from others are: 

Grow trust and transparency: The blockchain application in insurance can reflect the major impact on the forecasting risk and liability for future payment benefits, ascertain premium rates, cash reserves, claim determination impact support processes, cash reserves, and real-time data flows. In this way, it offers faster insights for reserve calculations. It also benefits by reducing loss, transferring the risk to higher limits and settling the revenues by diversification.

Self-regulation: When it comes to the majority of individuals, there is nothing which can work better than P2P social proof scheme in current existing standard insurances. The IPL platform is self-regulated because it eliminates the individuals with riskier behavior with their social contacts.

Real time peer-to-peer data: When InsurePal trusted social network provide guarantees, it will widen the person sensibility on different objective perspective. With continuous evaluation by oneself and others, the client and their social proof contacts will strengthen the self-regulation as well as reduce the risk of claims of insured portfolio.

Cost reduction: The distributed model is highly beneficial, providing attractive discounts and especially tempting to a generation with a significantly lower income. With the element of virality and social endorsements, InsurePal helps in addressing the prime needs of millennials that communicate through social media. Additionally, by regarding data privacy, they also react to their growing reluctance to share their data.

Patented innovation with no or little competition 

InsurePal has entered a market which, so far, has been rigorously regulated. That’s why it is a challenge for the company to address both the knowledge of innovative technology and industry without losing a significant amount of time. They are introducing a highly scalable and innovative solution by addressing both the markets of B2C and B2B. 

InsurePal dAPP for business to customer (B2C) 

To enhancing the end-user experience, InsurePal allows them to easily navigate the process and opportunity to obtain the most favorable insurance premium by using their mobile devices. This will work as an entry point for users to the ecosystem and allow the creation of their blockchain identity.

The dAPP contains different functionalities such as:

  • Identity creation.
  • Token wallet creation.
  • Insurance policy administration.
  • Social Proof identification.
  • Give social endorsements.
  • Make payments.
  • Find social endorsers.
  • Claims filing and management.
  • Communicate with the supporters and community of InsurePal.
  • Take a photo and claim damage, etc.

InsurePal for business to business (B2B) 

The platform will act as a global provider for different insurance modules built on social proof mechanics. In this manner, all the third-parties will be able to utilize the platform as stand-alone providers according to their country level.  They just need to pay a predetermined fee and expand their business by reselling the social insurance proof. 

What is the IPL liquidity pool? 

The platform utilizes various incentives and means to motivate the participants. As discount conversion to tokens will be incentivized, InsurePal will have to convert the percent of every new premium into IPL tokens and return token to the clients of InsurePal and their social proof endorsers. All third party business such as telecoms, retailers, etc. selling their social proof through the platform will be obliged to utilize IPL tokens and trade with them on exchanges.

Token details 

  • Token supply : 300.000.000 IPL
  • Distributed in the crowdsale : 201.000.000 IPL (67%)
  • Symbol/Ticker : IPL
  • Decimals : 18
  • Initial value : USD0.10
  • Token standard : ERC20

Insurepal_platformToken crowd sale details

  • Start date : January 16
  • End date : February 5 with an intention to close it earlier
  • Token distribution date : Immediately after the crowd sale
  • Accepted currencies : ETH
  • Soft cap : USD5,000,0000
  • Hard cap : USD18,000,000

The exchange rate will be locked on the basis of the market exchange rate on 16 January 2018 and will be applicable for the entire time of the token crowd sale. The token crowd sale will be open for 21 days.

The IPL tokens issuance will be controlled by Smart contract deployed on the Ethereum network. The minimum target set for the crowd sale is to the Ether equivalent of USD5 million while the hard cap will be set at USD18 million in total.

Unlike Insurepal there are many other companies also launching their ICO like XWIN CryptoBet, CRYCASH, Perkscoin, THETA, Lendoit and many more.

Crowd sale IPL distribution 

  • Insurepal_crowdsale_distribution
  • 67% for crowd sale.
  • 24% for founders and team.
  • 6% for advisors and ambassadors.
  • 3% for platform incentives. 

Company roadmap 

2015: Social proof first round of funding 

Founders find the science behind the social proof as a solution and invest close to USD500,000 in order to build the social proof model and web app demo.

2016: US and worldwide patent

The social proof insurance patent protection is filed in the US and all over the world. The project methodology, viability assessment, and legal review are developed and blockchain is recognized as the missing piece. After holding several meetings with crypto thing tanks, InsurePal core team is assembled.

2017: Core team and ICO preparation

InsurePal enters into partnership with Netis Group and grows the team with several blockchains and IT experts. Also, the extensive preparations for the ICO continue.

2018: Platform launch and extended blockchain features’ integration

16 January: IPL token crowd sale. The development of the platform core has begun and the first modules of social proof are ready to be utilized.

Insurepal_roadmap2019 and future:  Global expansion and B2B partnership growth 

  • Additional functionalities will be implemented.
  • Partnerships with interested third parties are further promoted.
  • Promotion of all InsurePal activities on a global scale.
  • Implementation of claims’ community handling model begins


The Insurepal team has a very strong technical background and the best industry knowledge, which helps them in delivering a new product to make insurance processes simpler, fair and better. They are very passionate towards their work and strive hard to bring the best for their users.

  • Matt Peterman, Co-founder and CEO of InsurePal
  • Tom Volk, Co-founder


InsurePal is peer-to-peer insurance which is built on social proof endorsements, to harness the power of blockchain innovation. It is designed with the aim of becoming the world’s first insurance service offering trust to crypto community members for managing their products and services.

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