Everything You Need to Know About Vernam, A Game Changing Blockchain-Based Insurance Product

Vernam is developing a decentralized, peer-to-peer, broker-free, cost-efficient, data-driven, and transparent marketplace for the insurance sector, in which consumers will be able to get up to 30 percent cash back on their insurance premiums. Here’s everything you need to know about the platform!

A New Way to Buy Insurance

Vernam is revolutionizing the way people access insurance by connecting insurers directly with the prospective clients — effectively removing unnecessary middlemen from the equation. By doing this, Vernam is able to return clients 30 percent of the amounts otherwise paid to brokers.

The cashback return comes in the form of Vernam Tokens (VRN), which are easily exchanged for fiat currencies or used for VRN denominated purchases.

Rewriting the Rules of the Insurance Sector

In addition to saving clients upwards of 30 percent, Vernam is also offering a one-of-a-kind product called CryptoSafe.

CryptoSafe is a smart contract which guarantees compensation to the insured in the event a predefined event occurs. Explained CEO and co-founder Roman Angelov:

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 intuition based policy pricing to one that is based on data. Blockchain technology will allow the players to offer insurance products and assessments on an individual capacity thereby minimizing risk and increasing efficiency.

The Benefits of Using Vernam

Vernam boasts many benefits for prospective clients, but there are three which are particularly noteworthy.

First and foremost, insurers are able to optimize risk assessment by creating a tamper-free, perpetual record of clients’ insurance history on the blockchain — thus ensuring transparency and fairness in all dealings.

Secondly — as mentioned previously — customers are able to reap the rewards of a 30 percent cash back for purchasing conventional insurance policies, as opposed to losing that money to pointless brokers and middlemen.

Finally, clients may rest easy in the knowledge that compensation is guaranteed should a predefined set of events occur through the application of CryptoSafe — a revolutionary smart contract.

40 Percent Bonus for Early Investors

Those interested in investing in Vernam may take advantage of the project’s initial coin offering (ICO).

The ICO pre-sale begins today, May 15, and will run until June 5. During this time, early investors will be able to take advantage of a bonus of up to 40 percent — but interested parties should probably hurry, as the ICO has already reached its soft cap target of 40 million VRN or 2.5 million USD.

To learn more, participate in the ICO, or read the project’s whitepaper, visit Vernam’s official website here. You can also join the official chat on Telegram.

What do you think of Vernam’s ability to cut out the middleman and save clients upwards of 30 percent? Do you feel safe trusting your funds to an insured smart contract? WIll you be investing in the ICO today? Be sure to let us know in the comments below!

Images courtesy of Vernam