PolicyPal

Most new users of Steemit might not know that I once started a Interview series called SQUEEZE last year. I only had 2 interviews (1 with the CEO of @copytrack and the second with @pharesim). Couple of weeks back I decided to re-start the series and we are fortunate that Val Yap the CEO of www.policypal.com (Forbes under 30) agreed to an interview

Val Yap

#1 What is your personal background? Where are you from and what are you doing for a living?

I am from a city country called Singapore, currently the CEO and Founder at PolicyPal. Prior to PolicyPal, I was the Assistant Vice President at OCBC Bank which saw my responsible for launching a wide range of digital initiatives and campaigns key to rejuvenating the OCBC brand. These included the OCBC OneTouch campaign, which garnered 3 medals at the MOB-EX Awards 2016. I spent some time in London both for studies and work. I was previously serving as a Risk Assurance Associate at the London Office for PwC, working with UK Financial Institutions to develop implementation plans caused by new regulations of the USA Foreign Account Tax Compliance Act (FATCA). Prior to my postgraduate studies at Imperial College London, I was part of the Allianz motor broking team where I handled risk assessments and motor quotations.

#2 Who inspired you the most in your life?

My mother inspired me the most, she endured hardships with my late father when he had to fold his business and changed to a corporate job due to economic crisis. She survived cancer, downgraded our family’s apartment so that all her children can go to the best universities. Many Asian parents would prefer their children to climb the corporate ladder after the hefty tuition fees, she was different and encouraged me to build PolicyPal. I remember when I first launched PolicyPal and I needed users’ feedback so I went to the streets to speak with strangers, my mother supported me by going to the street with me. She gives her best in everything she does – that’s truly inspirational!

#3 Are you a risktaker in business, or are you risk averse?

I’m definitely a risktaker in business. I left my banking career to start PolicyPal even before the product was built. I believe it’s important to put in 110% in business without any fall back plan.

#4 Why did you start your company PolicyPal, what does the company do?

Several years ago, my mum was diagnosed with cancer and had her insurance claim unexpectedly rejected because of several lapses my family was unaware of. Despite the medical crisis, my siblings and I had to scour through stacks of insurance documentation to check and understand the extent of my Mum’s coverage. This painful experience made me realised the importance of having a well-organised folder of my insurance policies and documents. I thought, if this could happen to me, it could happen to anyone. Why not create a digital folder for my friends to consolidate their insurance policies? Without a doubt, it was hard for me to give up a career on the leadership management track in the banking sector. However, I soon realised that my conviction to help make a difference to the lives around me was simply over empowering.

PolicyPal helps consumers to manage, optimise insurance policies through the OCR technology and AI chatbot, offering personalised recommendations using social media and existing policies data. We are the first fintech startup to enter MAS Fintech Regulatory Sandbox and today, PolicyPal is a registered insurance broker in Singapore, working with global insurance companies, Allianz, Aviva, AXA, NTUC Income, Etiqa, Manulife, Sompo, Liberty, Ergo, MSIG, Singapore Life, Tokio Marine and Chubb.

#5 Where did the funding for your company come from?

I spent some time in the financial sector and saved up the initial capital before starting PolicyPal. Thankfully, we received grants from Singapore government, Startupbootcamp Fintech UK and investment from 500 startups thereafter to scale the business.

#6 You have been named in the Forbes 30 under 30 List, how did Forbes find you?

I was lucky to be nominated by our investors!

#7 Please tell us about your biggest mistake in your career as CEO.

Talent, or lack there’s of is a huge problem. We need super smart, highly motivated team to create a great startup. Unfortunately, these are hard to come by unless you are willing to pay top market rate. Hiring mistake can cost the company more than anything. I made a mistake hiring quickly as the team needed support but in the end it was the wrong hire. I also learnt that I need to be a better leader by standing back to look at the bigger picture to make a better judgement call.

#8 Do you think that your business can expand beyond Singapore, Asia? Or is your company already in Europe or the US?

We have plans to scale outside of Singapore in 2018. Currently, we have been fortunately to be connected with some of the key financial regulators (FSC, FCA, FSA, BNM, OJK) which would be helpful when we scale to those countries. Currently, we are the first and only technology startup that is able to scan and analyse the insurance policy’s jargons to help consumers understand their insurance coverage and protection gap.

#9 Would you advice people to put their saving into Startups, given that the banks are not paying any interests?

I would recommend people to look into diversifying their investments and be part of the exciting journey of the startups! Nevertheless, it is important for people to look into the business model, team and key opportunities such as market sentiments on the industry.

#10 Do you think that blockchain can change the insurance business in the future? What's your opinion on Crypto Currencies?

In the context of the insurance ecosystem, the blockchain provides wide-ranging improvements that can drastically improve and upgrade both the user experience and its interactions with consumers.

A fundamental but important use-case involves the secure, time-stamped storage of a policy holder’s relevant information. This eliminates potentially cumbersome duplicate resubmissions normally associated with a loss of data. In the US, there is a staggering $7.4 billion in unclaimed life insurance money from beneficiaries unable to reconcile the policies of their next-of-kin who have passed on. A secure and public registry on the blockchain recording the relevant data during the onset of the policy would have avoided such a conflict.

Val Yap shared an interesting picture with us, is there a PolicyPal ICO on the Horizon??? We might have to add Policypal ICO to our Google Alerts !!!??

Thank you very much @policypal for our interview!

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