Piyo: VERNAM – The World’s First 0% Commission Insurance On The Blockchain

Vernam

Vernam is the insurance with 0% comssion with blockchain technology. Vernam plan is to take advantage of decentralized ledgers and to address all fundamental inefficiencies in the insurance industry. By implementing blockchain technology, Vernam plan to tackle two main problems with the current flow of information between insurance providers and end customers – the lack of pricing transparency and the lack of adequate customer history.

Vernam vision for possible next steps include the introduction of additional blockchain based insurance services, with the main focus on the provision of crypto to crypto (C2C) insurance products, that do not fall under the scope of the applicable laws and regula-tions, where part of or the whole compensation will be in payable in VRN and/ or other crypto currencies.

Problem and Solution

The standardization of information and procedures and the general customer awareness mean that most of these insurances can easily be completed online. In any case, a very important issue is not about the average size of the brokers’ commission, but about the transparency of their pricing policies and the related decision-making process.

Insurance is one of the industries, where selling could be difficult, especially to smaller companies and individuals, and when a non-necessary and non-obligatory product (e.g. life insurance) is being discussed. With standardization of information and procedures and the general customer awareness mean that most of these insurances can easily be completed online. Vernamwill digitalize the insurance sector.

Plan

Vernam plan, is to provide an online solution which can optimize pricing and increase information transparency for end clients, while maintaining the current level of customer service. Vernam use blockchain technology to resolve the inefficiencies on the insurance market, resulting from the asymmetric information and lack of transparency between end customers, brokers, and insurance companies.

Why Use Blockchain?

Blockchain technology is used because its an excellent mechanism for transferring and securing funds. It can also support the complex multi-party agreements between participants in the insurance industry value chain, using smart contracts. Blockchain can be utilized to create a tamper-free, perpetual record of clients’ insurance history, which can be used by insurers to optimize risk assessment, whereas from customers’ perspective blockchain can be the key to lower their own insurance premiums.

Cryptosafe

The CryptoSafe (CS) will be a digital crypto product, only available through the Vernam platform. CryptoSafe will be developed jointly with the leading global claim management company Insuralis Germany, which will provide risk assessment methodology and will take care of the claims management process.

Architetucture

General interaction architecture of the whole system

Worldwide Smart Contracts Sub-System Architecture

Use of Procceds

30% of the token sale funds will be allocated to cover social platform and other marketing channels, including website and content development, the organization of events, etc. Legal and administrative fees will be substantial, given the platform’s target of registering brokers in two EU countries by Q2 2019 and covering 8 countries by the end of 2020. Therefore 25% of the token sale funds will be directed to cover such expenses..The remaining 20% will be used for network development.

Token

Start Of token crowdsale : April 2018
Overview
Token name : Vernam Token
Token symbol : VRN
Total VRN token amount : 1,000,000,000
VRN Hard Cap : 500,000,000 VRN
Conversion Rate : 1 VRN = 0.051 – 0.085 USD

Token Sale Even

The unsold token will be burned
Flowchart purchasing general insurance in fiat money through the Vernam platform.

Bonus Scale

The Team and Advisors

The vernam team consists of people who are experienced in the field of insurance and blockchain technology, and has the support of an advisor who will continue to provide input for the future development of Vernam.

Team