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•Our goal is nothingless, but to revolutionize the insurance industry! We are the first company in the world ready to implement a high-end technological solution which will dramatically lower the cost of insurance services while making the business way more efficient and friendly for all parties – from End Clients to major Insurance Companies!
• For this purpose we developed Vernam! A decentralized platform, based on blockchain technology, connecting various stakeholders in the insurance industry – customers, brokers, and insurance companies, which will use blockchain technology to make the insurance process less costly, fully transparent and much more convenient!
• An unexpected reality? Insurance is one of the largest global industries ($ 4.73 trillion in 2016), but its business model has not changed significantly over the last several centuries, while its technologies have long become outdated. That is why our plan is to make the next evolutionary step and digitalize the industry!
• The status quo today: Big insurance companies depend on brokers to bring their products to end customers. In exchange, brokers receive generous compensation – up to 30% of the policy premium – for performing relatively low value-added services. Imagine if End Clients don’t need to cover the broker’s commission and instead they receive his reward straight into their pocket? Vernam is about to make this possible!
• Our Solution: The use of a shared ledger will prevent any possibility for data manipulation, increasing transparency and minimizing transaction costs. Besides the engine, a proprietary off-chain market place will use the Vernam token (VRN), an Ethereum-based ERC 20 standard crypto token to take full advantage of the platform functionality
• Here’s how: Clients, purchasing conventional insurance through the Vernam platform will receive a reward in VRN tokens, equal to a typical broker’s commission (up to 30% of the premium price). Tokens can be sold on an exchange or used for the purchase of conventional and crypto insurance products!