“Success is never the result of one person’s hard work alone. A great leader must also be a great storyteller, as effective communication is the cornerstone of any thriving organization. Discover how Val Yap emphasizes communication as a key element of her company’s culture.”

Val Ji-hsuan Yap (Singapore Entrepreneur)

Val Yap is the Founder and CEO of PolicyPal, a fintech startup simplifying insurance for over 100,000 users across Asia. Founded in 2016, PolicyPal was acquired by a NYSE-listed firm in 2020, and Val led its 2021 acquisition of ValueChampion. She has been recognized with Forbes’ ’30 Under 30′ and Fortune’s ’40 Under 40′ awards. Val also founded PAL Network, which raised $20 million in its ICO. She holds an MSc from Imperial College London and a BA from the University of the Arts London, and is a frequent speaker, mentor, and advocate for accessible insurance.

Education and Career

Val Yap graduated with first-class honors in Media Communications (Digital Media) from the University of the Arts London and earned a Masters in Business Management from Imperial College London. She gained experience at Allianz Group and PwC before joining OCBC Bank in 2014, where she helped launch the OCBC OneTouch campaign. In 2016, Val founded PolicyPal. Once a shy student, she has since become a successful entrepreneur and author, reshaping the insurance industry in Asia and beyond.

The Beginning of PolicyPal: Val Yap’s Entrepreneurial Leap into Insurance Tech

Val Yap founded PolicyPal after experiencing significant difficulties managing her parents’ insurance policies. Her mother’s cancer claim was denied due to a brief lapse in coverage, and following her father’s unexpected death, Val had to search manually for his insurance information. This personal challenge underscored the need for a more efficient system to manage insurance policies.

Despite lacking prior tech or startup experience, Val joined the Founder’s Institute to acquire entrepreneurial skills. In June 2016, she launched PolicyPal with co-founders Rick Wong and Ng Jun Wei, who were also the startup’s initial programmers. By March 2017, PolicyPal started testing its app with NTUC Income and Etiqa Insurance, providing users with a user-friendly dashboard to manage their insurance coverage, payments, and renewal dates.

Val Yap: Leading with Vision, Authenticity, and Bold Decision-Making

• Guides the team with sincerity, enthusiasm, and a willingness to take risks in decision-making.
• Inspires and motivates, knowing that inspiration is contagious.
• Leads the team in exploring solutions to achieve desired outcomes.
• Prioritizes clear communication and maintains an active presence.
• Plans proactively, avoiding a reactive approach to challenges.
• Embraces openness and vulnerability in leadership.

Growth & recognition

PolicyPal, a digital insurance broker based in Singapore, has teamed up with online insurer FWD to integrate blockchain technology into the insurance sector. This partnership aims to leverage blockchain to enhance transparency, efficiency, and affordability in insurance services.

Since 2016, the insurance industry has been exploring the potential applications of blockchain technology. Organizations like EY, CB Insights, Blockchain Council, and IBM have highlighted how blockchain can transform insurance by improving areas such as underwriting, claim settlement, and fraud detection. PwC estimates that blockchain could save insurers between $5-10 billion in costs.

Blockchain’s decentralized nature offers a transparent view of data for both customers and insurers, facilitating quicker access to information and reducing delays in underwriting and claims processing. By integrating blockchain, insurers can accurately assess risks from various data sources, thereby lowering operational costs.

PolicyPal’s approach differs from traditional methods. Rather than merely integrating blockchain into existing systems, the company is reimagining insurance offerings through its digital platform, which allows users to purchase and manage insurance via a mobile app. The PolicyPal Network introduces a peer-to-peer mutual aid insurance model, enabling coverage for the unbanked population without requiring a bank as an intermediary.

By utilizing real-time data for risk assessment, PolicyPal’s blockchain-powered platform offers more transparent and accurate risk evaluations, leading to more affordable premiums and higher aid limits. In this partnership, FWD will develop and offer products specifically tailored for the blockchain marketplace.

Val Ji-Hsuan Yap, Founder and CEO of PolicyPal Network, expressed enthusiasm for the collaboration: “We look forward to leveraging FWD’s regional presence to expand our products across Asia. Our goal is to bridge the gap between consumers and insurance providers, providing essential coverage to the unbanked populations in the region.”

PolicyPal Network also incentivizes customers with cashback on premiums for community members who do not make claims during the insurance period, reducing insurer liability and minimizing fraudulent claims.

Other industry players are taking varied approaches to blockchain integration. For instance, IBM has developed a blockchain platform to enhance existing systems, collaborating with AIG and Standard Chartered on a “smart” insurance policy to streamline international coverage. Similarly, China Construction Bank (Asia) in Hong Kong employs blockchain for bancassurance operations, improving policy data visibility and reducing delays.

Additionally, the Blockchain Insurance Industry Initiative (B3i), founded in October 2016, represents a collective effort by 15 industry players to improve transaction efficiency and customer experience through blockchain. Initially a collaborative project, B3i has evolved into an independent entity, developing common standards and insurance solutions ready for widespread market implementation.

The growing adoption of blockchain in insurance indicates a promising future where blockchain becomes integral to enhancing customer experiences and operational efficiency in the industry.