Vernam to Offer Blockchain-Powered Insurance Services

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by Julia Sakovich · 3 min read

Vernam is going to change the insurance industry offering the world’s first commission-free insurance service on blockchain.

The insurance sector has always been viewed as one of the most promising areas for implementation of blockchain. Blockchain technology is able to facilitate the whole process beginning from just purchasing a policy.

Moreover, thanks to exclusion of third-party participants, blockchain will significantly add more transparency to the sector.

Vernam is the first platform in the world that has made a decision to rely on blockchain technology with a view to enhance efficiency and transparency in the insurance industry.

Creating the world’s first zero-commission insurance on the blockchain, this decentralized peer-to-peer insurance platform is trying to eliminate all the problems that the insurance market has today.

Data-driven transparent solutions that would be provided by the platform won’t include any brokers and will potentially help customers save up to 30% on insurance premiums.

Vernam seeks to provide a direct connection between insurers and people who would like to be insured. Now the amounts that were previously paid to brokers would be returned back to clients in the form of Vernam Tokens (VRN) that can be used for making VRN denominated purchases or can be exchanged for fiat money.

Given its nature the Vernam platform provides another unique feature called “CryptoSafe”. It represents itself a smart contract. Namely thanks to it, users obtain a possibility to receive a guaranteed compensation in case of some predefined set of events take place.

Commenting their project, Roman Angelov, Vernam CEO and Co-Founder, noted: “We are convinced that our product offering will benefit both insurance players and the consumers. There are lots of opportunities that both can leverage”.

“We are moving towards an industry that is shifting from institution based policy pricing to one that is based on data. Blockchain technology will allow the players to offer insurance products and assessment on an individual capacity thereby minimizing risk and increasing efficiency,” he added.

The team also has an aim to set up an off chain marketplace. This market place could be used for extending the coverage of services that are offered by the Vernam Platform.

It is planned to set it up in different countries all over the globe with a view to allow the widest audience possible to buy insurance products via the platform using fiat money.

Vernam’s goal is to change the way how people view the insurance market and all the services offered. Cashback of up to 30% , “CryptoSafe” and optimized risk assessment – these are only the main ideas that are to be realized.

Moreover, Vernam team plans to create a mobile app for the platform, to offer crypto to crypto insurance and to obtain license to operate in over 8 markets in Europe.

In the private sale round, the project has raised over USD 2 Million. The pre-ICO starded on May 15, and it will run until June 5. Early investors will be able to take advantage of a bonus of up to 40 percent.

Blockchain News, News, Token Sales
Julia Sakovich
Editor-in-Chief Julia Sakovich

Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.