The Singapore-headquartered startup PAL Network that works in the insurtech sphere has begun 2019 by committing to collaborate with two major Asian partners - Toyota Tsusho and Allianz Malaysia. For this purpose, two memo of understanding (MoU) agreements have been signed.
We are happy to share that PAL Network has signed two successful MoU agreements with Toyota Tsusho and Allianz Malaysia, establishing a foothold in the Southeast Asian markets through its blockchain technology. $PAL https://t.co/fcj7ISzQuk— PAL Network (Not giving away ETH) (@PALNetwork_) January 9, 2019
The blockchain firm will create proof-of-concept (POC) for these heavyweights by using the open ledger technology with an intention to develop new insurance products working on smart contracts later on.
Expansion beyond Singapore
The freshly-signed agreements oblige PAL Network to provide the companies with tools to help them conduct underwriting, as well as develop new insurance tools based on smart contracts for Toyota Tsusho – a division of Toyota responsible for trading. The products PAL Network will create are to be used on the local Asian markets. The region’s South-East area, to be more precise.
The CEO of PAL Network, Val Yap, confessed in an interview that the startup is eager to roll out beyond Singapore and the partnership with Toyota is an excellent way to start an expansion. He is positive that the collaboration will benefit both parties in the long run.
As for the MoU contract with Allianz Malaysia, PAL Network will create some new blockchain-powered insurance products for the company’s customers in Malaysia, namely, protection coverage as well as automated claims.
PAL waves goodbye at Ethereum
On December 31, 2018, as reported by U.Today earlier, PAL Network conducted the launch of its own mainnet, thus leaving the Ethereum mother-blockchain. Three large crypto exchanges have announced they will be supporting the PAL token migration, KuCoin is one of them.
The company intends to offer new blockchain-based microinsurance products on its new protocol.
Insurance on blockchain
PAL Network is not the only startup that wishes to earn profits on blockchain-based insurance. Previously, U.Today reported that VeChain also attempted to get into the insurance industry – by partnering with China’s largest insurance company – Peoples Insurance Company of China (PICC). The Chinese insurance giant hopes to use blockchain for faster operations.
PAL market stance
Since the launch of mainnet the PAL token has declined from place #509 to position #526, as per Coinmarketcap.
The token is standing at $0.0057 after rising 6.64 percent over the last 24 hours. The overall market cap of the asset totals $2 667 516 at the time of writing.