What is Vernam?
The global insurance market is $4.73 trillion. That’s a lot of money, and a lot of that is going to brokers. You may already have some insurance for your vehicle or home, but as life goes on, you will sometimes need to change providers or obtain insurance for more items. Traditional insurance shopping can be a hassle when you have to deal with brokers and agencies who take a commission and add on to your premium costs.
Vernam plans to use smart contracts and automate the process of shopping for insurance. This will eliminate the need for a broker, making insurance prices more affordable and giving shoppers more options when it comes to who their provider is.
- CryptoSafe: Every client signs a smart contract, which Vernam calls the CryptoSafe. This contract guarantees payment based on defined terms. This means that you won’t have to go back and forth arguing with your insurance company and trying to get the money that you deserve.
- Cheaper Insurance: Since insurance companies won’t have to cover the cost of giving their brokers and agencies a 30% commission (the usual rate), they will be able to provide customers with more affordable insurance premiums.
- More Options: Vernam aims to create a comprehensive insurance marketplace that will give shoppers access to a wide range of providers. This means that you don’t have to be stuck with the same companies that you’ve been forced to use previously.
What Issue Does it Solve?
Vernam makes shopping for insurance easier and cheaper than ever before. With clearly-defined terms laid out in the CryptoSafe smart contract, clients won’t have to worry about their insurance companies trying to deny them coverage based off of obscure fine print. Since the insurance providers won’t have to pay their brokers a high commission, they will also be able to make their premiums more affordable. This, in turn, will result in more people having the insurance that they need.
Token Sale Information
- Website: https://www.vernam.com/
- Whitepaper: https://www.vernam.com/assets/uploads/Whitepaper_Beta_v015.pdf
- Token name: VRN
- Pre-ICO Token Sale: May 15th – May 22nd 2018
- Accepted payment: ETH, BTC
- 1 VRN = $0.085 USD
- Hardcap: 500,000,000 VRN
- Softcap: 40,000,000 VRN
- Banned countries: USA, China, Singapore
Disclaimer: All information on this post is made to educate our readers. Don’t invest in any ICO unless you’re confident about its capabilities and do so at your own risk.
- Vernam seeks to make purchasing insurance easier than ever
- Smart contracts guarantee insurance terms and provide a quick payout
- Premiums will be cheaper with the need for brokers eliminated
- No beta platform released yet
- Major insurance providers already have a strong online presence, so there is a question to how much Vernam will be able to compete
Vernam is trying their best to simplify the complicated insurance marketplace. Through connecting insurance providers with their customers, they can help to ensure that both parties have clearly defined terms set forth in smart contracts, and that premiums will be cheaper. Although they don’t have a working beta version out to judge the platform off of, they have a well-written whitepaper and a solid team who has the experience they need to make the project succeed.