The incredible InsurePal decision is defying the global insurance market that is worth $7 trillion today by involving a platform that will involve the power of block chain. This is a way to introduce a completely new type of risk selection, one that is entirely guided by the science of irrefutable social proof. In simpler terms, your network uses endorsements with peer-to-peer methods that improve segmentation and this is meant to reduce the costs of materials while providing as many incentives as possible.
Insurance has usually been away from the blockchain discussion. One of the reasons is because of the many regulations that make this process so difficult, and there is a large number of hurdles that seemed to be impossible to jump over, but InsurePal has done it and this is a huge milestone for cryptocurrency.
The organizational structure plays a major role structure. Given that this industry is controlled by large corporations, the possibility of breaking in with new ideas and new concepts is definitely not one that encourages the process. This is one of the reasons why so many people are seeing this a huge event that is going to change the way that insurance is implemented in the world.
Social proof is a very powerful way to apply social pressure and this motivates beneficiaries and changes the situation, which is definitely what allows these changes to take place and to being to be implemented in the world. A great and very unique thing about InsurePal is definitely the insurance of Blockchain transactions.
Experts are seeing how this kind of insurance might generate a lack of confidence among all some of those who are involved, but there is nothing more important than being able to have this kind of clarity in the upcoming changes. Certainly, the platform also promises a lot very valuable features to encourage that those who uses cryptocurrency will jump in on the insurance possibilities that are going to be opened up with these changes.
The InsurePal team is 30 members strong at this point and everyone in it is an insurance professional that is experienced and renowned in the process of IT and communications with a proven and very public track record of very successful projects. Now that everything has changed and that we are seeing so many doors opening up, we need to be able to see the importance of the process of insurance companies adapting to the modern world and to the changing economy. We are headed to be important times that will change things completely.
Now all we need to see is if other insurance companies are also going to be jumping in on this opportunity and that is going to mean that things are moving in a direction that is beneficial to the revolution of cryptocurrencies, but definitely not one that many investors will be happy to hear. We are yet to see what is going to happen with this step that seems to be headed in the right direction.