PolicyPal and FWD enter MOU to explore using blockchain technology and smart contracts to accelerate disruption of insurance sector

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Decentralised model set to solve insurance challenges and automate claims using artificial intelligence and data analytics

PolicyPal Singapore, a registered digital insurance broker, and its affiliate company PolicyPal Network, a blockchain platform have announced a partnership with leading insurer FWD, to bring to market a suite of insurance products backed by Insurtech and Blockchain technology. This partnership brings together innovative insurance technologies offered by PolicyPal Network, combined with FWD’s insurance industry and digital expertise.

FWD will also offer products on PolicyPal Network, an innovative blockchain solution that helps customers to buy and manage insurance easily through a one-stop digital insurance platform.

“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.” said Mr Abhishek Bhatia, FWD’s Group Chief Officer – New Business Models.

An area that PolicyPal Network is exploring is a peer-to-peer mutual aid insurance model built on blockchain technology. By applying risk assessment models on real-time data on a decentralized platform, customers can enjoy more affordable insurance premiums and higher aid limits. This solution also offers a cashback incentive on premiums for community members that do not make claims at the end of the insurance period, reducing liability for insurers and fraudulent claims.

“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.” said Ms Val Ji-hsuan Yap, Founder and Chief Executive Officer of PolicyPal Network.