InsurTech Futures: Start-up InsurePal to launch UK motor offering in 2018
Peer-to-peer insurer aims to raise £15m in funding through an Initial Coin Offering.
Start-up InsurePal has launched an Initial Coin Offering (ICO) with the aim of raising $18m (£15m) to fund its UK motor launch in 2018.
The peer-to-peer insurer, which uses the Ethereum blockchain platform as a technology base for transactions, stated that it will offer lower premiums for those able to gain ‘social proof’ guarantees from friends and family.
Key advisers to the company include former Direct Line chief operating officer Damian Arnold and Lloyds of London veteran Tom Manson.
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