Can Blockchain Change the Insurance Industry?

Vernam is on its way to change the insurance industry offering the world’s first commission-free insurance service powered on the blockchain.

Vernam is revolutionizing the way people insurance by connecting insurers directly with the clients – which removes the middlemen brokers from the equation. With this mechanism in place, Vernam is able to return clients 30 percent of the amounts otherwise paid to brokers.

The cashback that is returned back to Vernam users comes in the form of Vernam Token (VRN), which are easily exchanged for fiat currencies or used for VRN denominated purchases.

In addition to the cashback savings, Vernam also offers a one-of-a-kind product called CryptoSafe.

CryptoSafe is a smart contract which guarantees compensation to the insured individual in case a predefined event occurs. Roman Angelov the CEO and co-founder of Vernam, explained;

“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.”

Benefits Of Using Vernam

Vernam conatins many benefits for prospective clients, but there are three aspects which are truly noteworthy.

The first aspect is that insurers will now be able to optimize risk assessment by creating a tamper-free, perpetual record their clients’ insurance history on the blockchain – thus ensuring transparency and fairness in all the deals.

The second aspect, as mentioned previously, customers are able to receive the rewards of 30 percent cash back for purchasing conventional insurance policies, as opposed to losing that 30 percentnt amount for brokers fees.

The final aspect, clients may rest easy in the knowledge that compensation’s will be guaranteed should a predefined set of events occur with the use of CryptoSafe – a revolutionary smart contract.

ICO Pre-Sale is Live

For those who are interested in investing in Vernam may take advantage by participating in the ICO pre-sale, with 6 days left.

The ICO pre-sale started two weeks ago, May 15, and will run until June 5. The interested parties should not wait for too long, 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.