Singapore-based insurtech startup PAL Network has signed two memorandum of understanding (MOU) agreements 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 within South-east Asia.
"PAL Network looks forward to deepening its influence beyond Singapore, starting with Toyota Tsusho employees in South-east Asia. We are certain that this is the beginning of a mutually-beneficial, long-term collaboration with Toyota Tsusho," said PAL Network CEO and founder Val Yap in a media release on Wednesday (Jan 9).
Its other MOU agreement with insurer Allianz Malaysia will see PAL Network implementing POC on new protection coverage with automated claims for the Malaysian market.
Separately, PAL Network has launched its own blockchain protocol at the end of 2018. The blockchain protocol will have personalised, pay-as-you-go microinsurance products. It will also launch a b2b insurer's dashboard for insurers on Jan 14 of this year.