• Insurance
  • Platform

Vernam - 0% commission insurance on blockchain

Vernam utilizes blockchain technology to provide: Competitive online marketplace for conventional insurance products by the biggest insurance companies Generous compensation - up to 30% of the policy premium in Vernam tokens (VRN) is returned to clients “CryptoSafe” - a smart contract, guaranteeing that when a defined set of events occur, the client will be compensated with a certain amount of Vernam Tokens (VRN). The newest and most innovative blockchain based insurance product that Vernam will introduce The goal is nothing less, but torevolutionize the insurance industry! Weare the first company in the world ready to implement a high-end technological solution which will...

Token sale starts in:

TBD
4.3
Hype4.0
Security4.0
Team5.0
Vision4.0
  • Token: VRN
  • Price: 1 VRN = 0.085 USD
  • PreICO start: 15 May 2018
  • PreICO end: 4 Jun 2018
  • Country: Bulgaria
Report Changes

Vernam utilizes blockchain technology to provide:

  • Competitive online marketplace for conventional insurance products by the biggest insurance companies
  • Generous compensation – up to 30% of the policy premium in Vernam tokens (VRN) is returned to clients
  • “CryptoSafe” – a smart contract, guaranteeing that when a defined set of events occur, the client will be compensated with a certain amount of Vernam Tokens (VRN). The newest and most innovative blockchain based insurance product that Vernam will introduce

The goal is nothing less, but torevolutionize the insurance industry! Weare 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business model has not changed significantly over the last several centuries, while its technologies have long become outdated.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!

The 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 ofthe 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!

And there is even more! “CryptoSafe”,a crypto product, only available through the Vernam platform. Each platform user will be able to purchase the “CryptoSafe”, which is a type of a smart contract, guaranteeing that when a defined set of events occurs, the client will be compensated with a certain amount of VRN. An intelligent way to create even safer environment!

Would you like to participate in the future of insurance NOW? In total 1 billion Vernam tokens will be created and 50% will be sold at the token sale event. The proceeds will be used to develop the blockchain platform and to implement the platform on key
markets, depending on size of the funds raised.

They unite the best of both worlds.Vernam platform users will be able to make conventional insurance through our own network of brokers, including Vernam company itself, and/or to purchase “CryptoSafe”, the newest and most innovative blockchain based insurance product that Vernam will introduce.

Team

Roman Angelov

CEO, Co-founder

Dimitar Mitrev

Co-founder

Ivan Georgiev

Co-founder

Zhelyo Hristozov

Insurance Director

Borislav Stefanov

Business Developer

Vesselin Zahariev

Financial Expert

George Matev

General Legal Counsel

René Rosenberg

Business Developer

Angel Doraliyski

Strategic Planning

Ivan Manchev

Marketing Expert

Nadya Kaloyanova

Marketing Director

Venimir Petkov

Blockchain & Crypto Expert and Developer

Alexander Mihov

Blockchain developer

Sevgin Mustafov

Blockchain & Crypto Expert and Developer

George Spasov

Blockchain & Crypto Expert and Developer

Milen Radkov

Blockchain developer

Milestones

  • 2017
    Founders joined efforts to change the insurance industry and started building the Vernam concept.
  • January 2018
    Concept was validated by experienced InsurTech executives, who later joined the team.
  • February 2018
    Angel investment received, start of platform development
  • March 2018
    Start of the preparation for a token sale
  • Q3 2018
    Listed on an exchange
  • Q4 2018
    Vernam platform MVP launch and testing
  • Q1 2019
    Vernam broker starting operation in several markets
  • Q2 2019
    First CryptoSafe smart contracts signed. Vernam mobile app launch
  • Q3 2019
    Development of additional smart contract insurance products
  • 2020
    Operating on 8+ key European markets

Token

  • Platform: Ethereum
  • Price: 1 VRN = 0.085 USD
  • Accepting: ETH, BTC, USD
  • Token distribution: 50% - Crowdsale 20% - CryptoSafe insurance fund 15% - Founders and team 7% - Advisors and ambassadors 5% - Liquidity pool 3% - Bounty and airdrop
  • Soft cap: 40,000,000 VRN
  • Hard cap: 500,000,000 VRN

Proof Points
4/5

Legal entity

Registered Address: Sofia, Bulgaria

https://portal.kyckr.com/home.aspx

Prehistory of project

Prehistory of company was not found before 2017

Product or its MVP

There is a link for alpha of Vernam but no real information were found. According to the roadmap,  platform launch is planned for Q4 2018

Blockchain experience

Sevgin Mustafov – CEO of Global Academy Place, CTO & Solidity Developer at Global Invest Place

 

Venimir Petkov – CBDO at Global Academy Place, CEO of Global Invest Place

 

George Spasov – Blockchain Architect and CDO at LimeChain

 

Advisor Nick Todorov – CEO of LimeChain

 

Advisor Simon Cocking has a lot of experience in blockchain, all projects are listed in his profile

 

Advisor Nathan Christian has a lot of experience in blockchain, all projects are listed in his profile

 

Advisor Jason Hung – Advisor at Water to the WorldBeeSocialsGIZA Device and BitRewards

 

Advisor Yagub Rahimov has a lot of experience in blockchain, all projects are listed in his profile

Escrow

No escrow information were found

Comments

Update: 09.05.2018

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