The PolicyPal network, which is a decentralized insurance protocol, has been recently launched by Flight Delay Insurance. This new app will be usable from today onward by using the PolicyPal Singapore app. The product can be bought using both cryptocurrency (PAL tokens) or fiat currency.
By being built on top of the blockchain technology, the flight delay insurance allows the automation of the insurance claims via smart contract technology. The smart contracts are triggered by data provided from the flight departure and arrival. This way, the payouts are done automatically whenever a flight is delayed.
How To Use PolicyPal?
To use the PolicyPal Singapore (the only version of the app currently online), you can download via Google Play Store or the App Store for Android and iOS, respectively. You have to purchase the service afterwards, which you can do via credit card or PAL tokens.
Every time that you travel, you can simply share the details of the flight with the app and once the details are approved, you will be added to the P2P Pool on the network. If the flight is delayed, you will be automatically paid with PAL tokens via smart contract.