Singapore: InsurTech start-up signs MoUs for insurance solutions
Source: Asia Insurance Review | Feb 2019
InsurTech start-up PAL Network has signed memoranda of understanding (MOU) with Toyota Tsusho Corporation (Toyota Tsusho) and Allianz Malaysia to develop proof-of-concept (POC) using its blockchain technology for new smart contract-based insurance products.
Under one MOU, PAL Network will help facilitate underwriting and creation of new insurance products on smart contracts for Toyota Tsusho, the trading arm of the Toyota group. These products will serve local markets in Southeast Asia.
The other MOU with insurer Allianz Malaysia sees PAL Network implementing POC on new protection coverage with automated claims for the Malaysian market.
PAL Network, which was established in 2017, launched its own blockchain protocol at the end of 2018. The blockchain protocol will offer personalised, pay-as-you-go microinsurance products. A