We have been working hard to establish PolicyPal Singapore within the insurance space over the past year since the company was founded in April 2016. We are now proud to announce the next stage in our company’s journey — PAL Network.
PolicyPal was started with the goal of simplifying the management of insurance policies through digitisation and an overall intent of disrupting the insurance field. As we improved on our platform while continually researching on avenues for further innovation within the space, we gradually zeroed in on blockchain technology and the huge potential it offers in combination with insurance.
The traditional insurance landscape has not kept pace with the changing demands of customers created by the boom of new technologies across multiple industries. A host of external and internal barriers that revolve around inefficient record-keeping legacy systems and opaque policy reconciliation processes to name a few are still hampering the insurance industry’s progress in evolving further.
In response, we conceived the PAL Network. PAL 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.