The world's first 0% commission insurance on the blockchain. Our goal is to revolutionize the insurance industry! We are probably 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!
Vernam utilizes blockchain technology to provide:
1. Competitive online marketplace for conventional insurance products by the biggest insurance companies
2. Generous compensation - up to 30% of the policy premium in Vernam tokens (VRN) is returned to clients
3. “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.
Our goal is nothing less, 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business model has not changed significantly over the last several centuries, while its technologies have long become outdated.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 marketplace will use the Vernam token (VRN), an Ethereum-based ERC20 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.
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.
We 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.
All ratings published on ICObench serve informational purposes only. ICObench does not provide investment forecast, recommendations or any consulting for that matter. Thus, neither ICObench, nor the experts can be hold responsible for the visitors’ investment decisions. Read more
Business strategy, investment deals, investor relations Rated on Apr 10, 2018
5
4
3
7%
There are a lot of centralized web services that have comprehensive information on the offers of all insurance companies available in a particular region. They do not need a blockchain - they make excellent money on advertising.
Ivan GeorgievICO team member replied on 6 May 2018
Thanks for your time reviewing our project Mr. Anikin. I completely agree with you that there are indeed a lot of great websites with detailed information, about insurance policies.
Vernam is here to ensure that the customer is getting something extra in return - which is to receive the insurance comission that a standard broker gets in tokens.
You are also missing a massive part of the product we are offering. We call it ''CryptoSafe''. Each user will be able to purchase it and be able to receive a certain amount of VRN tokens depending on the events that have occured.
The entire process is happening in Blockchain as well which is a huge perk as well.
I would kindly encourage you to take a look at our whitepaper and doublecheck our idea.
The team may need a stronger international Asia and US experienced team for growth. Technology product success is based on client acquisition and I want to be convinced this team can handle non-Russian speaking jurisdictions.
This is a really meaningful comment, David. We are working on a partnership network on all our key markets and we also think that it will be very important to make sure we can attract clients to the platform in order to grow it.
ICO Advisor | ICO Analyst | Blockchain Researcher Rated on May 12, 2018
4
4
4
7%
Beyond infrastructure projects, insurance is an example of a strong use case for the blockchain. I like their plan and approach and if they are able to execute this could be a successful project.
IT entrepreneur and investor Rated on May 11, 2018
4
3
3
6%
Good team but suspicious Advisory board.
Despite the obvious blockchain necessity insurance market is extremely traditional and very close to new players. I'm not sure Vernam could be the new one
Besides, Bujgaria sounds weird... (Thnx one coin for that..)
Ivan ManchevICO team member replied on 12 May 2018
Hey there, Dmitry. What do you mean by "Suspicious Advisory Board"?
Anyway, I respect your opinion, but this one about Bulgaria sounding weird...Did you know that Aeternity, 27th cryptocurrency on coinmarketcap is partly Bulgarian? Nexo, one of the most successful ICOs of 2018 is Bulgarian. AdEx is Bulgarian, Academy School of Blockchain has Bulgarians on the team... Shall I continue? Pointing a finger on Bulgaria for only one bad example, which actually was international scheme with a Bulgarian face... to me this is not serious. Anyway, respect your right to comment and thank you for the feedback.
ICO Expert & Advisor | Business Development Consultant | Marketing Strategist Rated on Apr 5, 2018
5
5
5
5%
The insurance industry looks to be the next big beneficiary of blockchain technology, and here we can see interesting project that want a bite from that sector in EU. We already witness major players like Generali, LiberyMutual, etc trying to keep up with the technology.
Vernam will serve as platform for the market, trying to cut the middleman – brokers. They go further with adopting some of the core ideas behind blockchain technology, creating very own product on top of that – CryptoSafe.
We see good team in their website, including top advisors from community. Lets see how it will go here...
Cyber Security Advisor for ICO startups Rated on Mar 21, 2018
4
4
2
5%
Yet another Whitepaper-only ICO - when the team has not worked and has not tested anything on the market yet as a product / idea and have no validation from potential customers on the customer/business side, it is a bad sign. I hope they recover from this lapse and start working on a product instead of focusing on marketing / whitepaper only.
Ivan ManchevICO team member replied on 21 Mar 2018
Hey there, Alexander! Thank you for your feedback. We are actually really working on the product. In few days we will show the first screens of our MVP to receive further feedback and continue with iterations. About the team - we have two former CEOs of major European insurance companies, so we surely have seen the user demand for such product.
The whitepaper and presentation need work. In any industry, using technology to cut out all middlemen is, of course, a great idea, which is why Vernam has so many direct competitors. I don't specifically see what makes this company stand out when compared to the rest. Commissions exists for a reason. Commissions inspire marketing. Also, consumers pay for help to understand a product. Replacing a human salesforce is easier said than done. On the other hand, the insurance industry is a perfect candidate for blockchain tech, so I wish this company the best of luck.
Senior Technology Executive, ICO Advisor, CryptoCurrency Enthusiast, Investor Rated on May 7, 2018
3
5
4
3%
Team:
Experienced Executive team from a general business perspective
Of note, CEO spent 3 years prior to blockchain on digitization of business process (good sign)
Facets to explore:
Team talent that has Insurance and Finance experience does not seem to be on full time or directly involved with the company.
Don’t see a CFO, which I would expect for a raise of this magnitude
Vision:
Exciting space to innovate in and a lot of room to disrupt a very large asset base market that is also inefficient (key target market)
Whitepaper went into a fair amount of diligence on the space
Product and Tokenomics:
Ease of use for consumers will be one big success criteria here
Facets to explore:
May be a very tough market to penetrate, so the raise on a token that will also perform the utility for this business may have a long speculative bridge to cross.
~$375M USD raise is reasonable for the market they are trying to tackle, but raising it in one lump sum is questionable, this tends to lead to distract execution would prefer to have seen phased smaller raises.
Notice: I do not provide investment advice. Please see my profile for important disclosures.
ICO Analyst|Content Writer|Trader| CFA Charterholder|Consultant Rated on Mar 21, 2018
4
3
3
1%
This rating's weight is reduced by 50% as there is no review added.
Ivan ManchevICO team member replied on 21 Mar 2018
Thank you for your assessment, Vakeesan! We are constantly trying to improve our campaign and our product, so I'd appreciate it if you take your time to give me more feedback - what you like and what you don't like and what can we improve. Thank you! :)
CEO Pecunio Blockchain Technologies Rated on Mar 22, 2018
3
3
3
1%
This rating's weight is reduced by 50% as there is no review added.
Ivan ManchevICO team member replied on 23 Mar 2018
Hey, Reinhard. Can you provide some feedback to your score? You are running an ICO at the moment too, so without any feedback I just assume that you are trying to lower competitors' scores on ICO Bench. Bad karma ;)
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