PolicyPal ICO Review – Insurance for the Unbanked and Cryptoassets - Crush Crypto

PolicyPal ICO Review – Insurance for the Unbanked and Cryptoassets


  • Project name: PolicyPal Network
  • Token symbol: PAL
  • Website: https://www.policypal.network/
  • White paper: https://www.policypal.network/whitepaper/PolicyPal_WhitePaper.pdf
  • Hard cap: 23,809 ETH for 50% of total token supply (6,000 ETH for Crowdsale)
  • Conversion rate: 1 ETH = 21,000 PAL
  • Maximum market cap at ICO on a fully diluted basis: $44 million assuming current ether price of $925
  • Bonus structure: 0-20% for presale contributors with no lock-up period
  • Presale or white list: Presale and whitelist closed
  • ERC-20 Token: Yes
  • Countries excluded: U.S.A, and China
  • Timeline: Main sale in March, details TBA (Please refer to PolicyPal’s website for the most up to date information)
  • Token distribution date: 2 weeks after end of crowdsale
Video summary (video is 8:25 long):

Project Overview

What does the company/project do?

PolicyPal Network is a non-regulated platform built with the vision of granting the unbanked access to insurance protection by lowering the barriers associated with traditional insurance coverage.

With the use of blockchain technology, PolicyPal Network hopes to increase universal access to insurance, while providing faster, more varied service that is secure and transparent.

While PolicyPal operates within Singapore, PolicyPal Network will operate outside of Singapore, targeting emerging markets. It has a couple of general product lines that they plan on launching:

  1. CryptoProtect: Cyber security service in partnership with Insurers to protect cryptocurrency assets. CryptoProtect service will be underwritten by “AA” rated global insurers and it will protect assets of blockchain startups in the initial launch.
  2. P2P Mutual Aid: PolicyPal Network plans on providing a low barrier to entry, and proportional insurance coverage for communities that don’t otherwise have access to coverage. Products include agriculture, property, life insurance, as well as personal accident plan.

The diagram below shows how PolicyPal Network works in a nutshell:

Policypal network diagram

With the use of blockchain technology, the advantages of PolicyPal Network include 24/7 availability, real-time transactions, transparency of information, automated validation, audit trail and full transaction history, and improved efficiency.

Furthermore, PolicyPal Network plans on reducing insurance fraud, and automating claims with the use of smart contracts, and reliable third party data.

How advanced is the project?

PolicyPal is a registered insurance broker in Singapore, working with global insurance companies: Allianz, AIG, Aviva, AXA, Income, Etiqa, Manulife, Sompo, Liberty, Ergo, MSIG, Singapore Life, Tokio Marine and Chubb. PolicyPal has been established for 12 months with 32,000 users in Singapore.

In April 2016, PolicyPal was selected by Startupbootcamp Fintech Singapore to be the top 10 startups to be accelerated out of 400 startups that applied across Asia Pacific. In July 2017, PolicyPal was selected as one of the three startups selected by PayPal for their nine-month incubation program based in Singapore.

For PolicyPal Network, its roadmap is as follows:

Q2 2018

  • Alpha release of PolicyPal Network on Ethereum Testnet
  • Alpha release of CryptoProtect insurance
  • Alpha release of PolicyPal Network ecosystem

Q3 2018

  • Beta release of PolicyPal Network on Ethereum Mainnet

Q4 2018

  • Alpha Release: PolicyPal Network Blockchain
  • Beta Release: PolicyPal Network Blockchain with Proof of Stake
  • Exchange of PAL ERC-20 tokens to PolicyPal Network Mainnet tokens
  • Launch of P2P Mutual Aid Insurance

Q1 2019

  • Launch of Cryptocurrency insurance with global insurer
  • Further expansion into other Asian countries

At the first stage of the launch, PolicyPal Network will be developed on the Ethereum Blockchain as a proof of concept. Following that, they will build and develop its own PolicyPal Network Blockchain based off a private fork of Ethereum codebase, which will be tailored for insurance products across multiple markets. It will include two side chains – Plasma for scaling and PPSecure for privacy and security.

What are the tokens used for and how can token value appreciate?

As PolicyPal Network will have its own blockchain that is a fork of Ethereum, PAL tokens will be used as gas price for the blockchain.

In the first 2 years of PolicyPal Network blockchain, the gas fees collected in PAL tokens will go towards the incentive for PolicyPal Network Blockchain pool. From the third year onwards, the tokens collected will be burnt, which will limit the supply of tokens.

The PolicyPal Network blockchain will utilize Proof-of-Stake as the consensus mechanism. PAL token holders will need to complete crowdsourcing tasks to ensure their active contribution on the PolicyPal Network.

There are a few ways to earn PAL tokens on the PolicyPal Network platform:

  • Receive 2% bonus rewards when purchasing insurance policies on the PolicyPal platform.
  • Participate in surveys regarding the development of new features for PolicyPal Network.
  • Participate in new insurance products survey forms and receive bonus tokens when such product is launched.
  • Participate in marketing referral program to form the community for the insurance pool.

As PAL tokens will be used as gas for the PolicyPal blockchain, the more usage the platform (hence the blockchain) has, the more valuable the tokens should become.

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PolicyPal Network is based in Singapore with a team of 14. The biographies of key team members are listed below:

Val Yap, CEO – Recipient of Forbes’ 30 under 30 award, with her most recent experience being assistant VP of OCBC Bank, where she launched several campaigns, one of which received 3 medals at MOB-EX awards.

Lucas Chua, CSO – Over 8 years' experience in marketing and strategy with his most recent experience being the APAC Leader for IBM Global Entrepreneur Program at IBM Asia Pacific where he worked with more than 2000 startups in Asia, and mentoring at the Singapore Management University and various top Fintech accelerators in Asia.

David Hoong, Head of Broking – Over 20 years’ experience in insurance broking including being a founder at Anda Insurance broking, and general manager of Anthola Insurance Broking.

KC Wong, Tech Lead – 2 years’ experience with Nestia as a developer, and another 2 years’ experience at PolicyPal as a software engineer. Experience in a broad array of programming languages.

The team also have advisors including Scott Walchek, CEO of Trov, Wynthia Goh, former Aviva Chief Digital Officer, Vincent Loy, Managing Director of Accenture, Shaun Djie, Cofounder of DigixGlobal, Prof. David Lee Kuo Chuen, professor of Quantitative Finance, Yiseul Cho, founder of blockchain consulting firm Zen9, and Bo Shen, founding partner of Fenbushi Capital.


  • Having founded PolicyPal, the team has great connections in the Asian insurance industry and has proven their capability and innovation in the space. With a highly relevant track record under their belt, it is much easier to grow PolicyPal Network into a success.
  • Security is a huge concern for both individual and institutions in the cryptocurrency space. CryptoProtect is an insurance product targeting this problem and should have quick adoption because its target users are those already familiar with cryptocurrency.
  • The penetration rate for insurance is still very low for Southeast Asia compared to other regions. With PolicyPal Network’s offerings, the unbanked will have a much easier time signing up for insurance products and the potential is substantial.
  • The team has been very active in promoting the awareness of their project. They have recently completed a speaking tour in Asia.


  • As with any project developing their own blockchain, the development timeline is uncertain with delays being common. The release of the PolicyPal blockchain on the Ethereum mainnet is scheduled for in Q3 2018 but it could be delayed.
  • Although PolicyPal is a running company, PolicyPal Network itself does not yet have an alpha or prototype.


Overall, we like both the short- and long-term potential of this ICO. Our thoughts of the tokens for short term and long term are as follows:

For ​short-term holding

Good. The idea, team, progress, token metrics, and market awareness are all above average. With only 6,000 ether being sold in the crowdsale, we believe there will be unmet demand for the tokens.

For long-term holding

Good. The team has a successful track record in the Asian insurance industry and is looking to replicate their success with PolicyPal Network. They already have the connections and network to expand beyond Singapore and we believe they have a good shot to be successful.

The Asian insurance industry is rapidly growing and the upside potential is substantial.

For more information about the ICO, please visit the following links:

* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.

This article is contributed by Victor Lai with the help of our intern John Coburn.

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