BUDDY Network, an insurtech start-up utilizing blockchain innovation to provide wise contract-based insurance coverage items, has actually signed 2 memorandum of understanding (MoU) contracts with Toyota Tsusho Corporation and Allianz Malaysia to establish proofs-of-concept (PoCs), the start-up stated on Wednesday.
The collaboration with Toyota Tsusho concentrates on utilizing PAL Network's blockchain innovations to establish a PoC to assist in underwriting and the production of brand-new insurance coverage items on clever agreements tailored for the group. These items will be targeted at the Southeast Asian area.
The collaboration with Allianz Malaysia looks for to utilize PAL Network's blockchain innovations and execute PoC on brand-new defense coverage with automated claims for the Malaysian market.
Singapore-based PAL Network has actually established a dual-layered procedure for monetary possessions with a specific concentrate on insurance coverage items. The start-up intends to use a blockchain-based community for insurance coverage underwriting, circulation and declares procedure, where partners and people can create and tailor brand-new monetary items powered by clever agreements. Through APIs, partners can quickly cross-sell appropriate insurance coverage items at the point-of-demand.
Toyota Tsusho and Allianz Malaysia, PAL Network has collaborations with insurance coverage business FWD and Ergo to check out usage cases of its decentralized procedure. The business has actually likewise developed partnerships with blockchain jobs NEM, Qtum, Sentinel Protocol, MediBloc, Digix and traceto.io to use CryptoProtect, a cybersecurity service to secure cryptocurrency possessions and PAL Network's very first line of product, and mainstream insurance coverage items for the jobs themselves in addition to their particular neighborhoods.
BUDDY Network raised 23,809 ETH (US$ 20 million) in a preliminary coin offering (ICO) in early 2018 and introduced its mainnet in December. The business is now preparing to introduce 3 brand-new microinsurance items along with B2B services to its partners and insurance coverage suppliers such as Insurer's Dashboard and Marketplace, enabling insurance companies to produce individualized insurance coverage items.
FRIEND Network was introduced in 2017 by the group behind PolicyPal Singapore, an associated entity. PolicyPal Singapore is a digital direct insurance coverage broker that supplies an insurance coverage application which utilizes artificial intelligence and expert system to digitize and streamline insurance coverage for end users. It serves over 50,000 people and was Singapore's very first graduate from the Monetary of Singapore's (MAS) fintech regulative sandbox.