Singapore's PAL Network, a blockchain-backed insurance technology firm, announced it has inked two agreements with major industry players Toyota Tsusho Corporation and Allianz Malaysia to jointly buil
Singapore's PAL Network, a blockchain-backed insurance technology firm, announced it has inked two agreements with major industry players Toyota Tsusho Corporation and Allianz Malaysia to jointly build experimental platforms.
The Toyota Tsusho collaboration will leverage PAL's blockchain infrastructure to create a trial system geared toward streamlining the insurance underwriting process and building tailored smart contract insurance solutions aimed at companies operating throughout Southeast Asia.
Working with Allianz Malaysia, the blockchain firm plans to test an automated claims mechanism tied to a new category of insurance protection suited to the Malaysian business environment.
PAL Network operates from Singapore and has designed a two-tier blockchain framework targeting financial services, with particular emphasis on insurance products. The platform creates a decentralized marketplace where institutions and businesses can construct, test, and launch insurance instruments underpinned by smart contracts. Using application programming interfaces, participating firms gain the ability to market complementary insurance products at the moment of customer interaction.
Beyond its two newly announced partnerships, PAL maintains working relationships with insurers FWD and Ergo, investigating potential implementations of the system's distributed framework. The company has also formed alliances with several cryptocurrency networks—NEM, Qtum, Sentinel Protocol, MediBloc, Digix, and traceto.io—to roll out CryptoProtect, its initial commercial offering that combines cybersecurity safeguards for digital assets with traditional coverage options for both the blockchain ventures themselves and their respective user bases.
The startup brought in approximately 23,809 ETH—equivalent to US$20 million—via token sale during the first half of 2018. After deploying its primary blockchain network in the final month of 2018, PAL is now positioning itself to unveil a suite of three small-scale insurance products alongside enterprise-level tools called the Insurer's Dashboard and Marketplace, which enable insurance providers to build and distribute custom-made coverage options.
Originating in 2017, PAL Network grew out of PolicyPal Singapore, its sister company. PolicyPal Singapore operates a fintech-powered insurance broker, deploying artificial intelligence and machine learning algorithms to make insurance purchasing more straightforward and automated. The broker maintains a user base exceeding 50,000 clients and holds the distinction of being the initial firm to complete Singapore's monetary authority's fintech sandbox program.
