The insurance industry is one of the largest and important industries in the global market. But it’s very rare that the insurance companies use modern technology. Most of the world largest companies still depend on the insurance brokers. This procedure involves high commission cost and less transparency. Vernam has addressed this loophole in the insurance industry.
Vernam is a Blockchain based decentralized platform which connects different stakeholders including customers, brokers and insurance companies in the insurance industry. This will transform the insurance industry into a less cost and more transparent industry. Varnam grants following benefits for its users.
- Zero commission service – This platform removes the agent involved in the insurance industry. That automatically removes the necessity to pay commissions.
- Improve the security and transparency – Blockchain technology is an excellent mechanism for transferring and securing funds. It also facilitates to complex multi-party agreements. As no intermediaries involved, participants can sure that their information is not manipulated or tempered.
- Lower insurance premium – Blockchain keep secured records on client’s insurance history, which can be used to optimize the risk assessment. This will reduce the insurance premium.
- Public-private section – The platform will have a public and private section, which provides insurance related information. Private section enables client to purchase insurance products through smart contracts.
Vernam uses Vernam tokens (VRN) backed by Ethereum network, as their official currency within the platform. VRN is the cryptocurrency that would be accepted and used by the clients, insurers, brokers and all the participants of the platform.
This currency not only facilitates the insurance trade but also facilitate for distribution of rewards and incentives.
Vernam expects to allocate the total of 1 Billion VRN tokens among the stakeholders as follows.
- 50% will be distributed through public token sales
- 20% will be reserved in the Cryptosafe insurance fund
- 15% will be allocated to founders and team
- 7% will be allocated among advisors and the ambassadors
- Remaining 3% will be distributed through the bounty programs
Vernam concept was born in 2017 and they have started the development from 2018 February. Currently, the team works to achieve following goals.
- March 2018 – Launching the token sale
- Quarter 3,2018 – Listing on a crypto exchange
- Quarter 4,2018 – Launching and testing the platform
- Quarter2,2019 – Entering into the first smart contract and launching a mobile app
- 2020 – Entering the European market
The team comprises with highly qualified and experienced professionals in legal, financial, technology, online communication, and insurance trading. Following is a small explanation on the Co-founders. Please visit their website or see the white paper for more details.
Roman Angelov – CEO
Roman is currently reading for his Ph.D. and expert in IT. He is the CEO of Dimiroma Group, a leading Bulgarian consulting company in IT and digitalization.
Ivan Georgiev – COO
Ivan is the founder of successful mobile app Development Company and acts as a director of one of the biggest holding in Bulgaria.
Dimitar Mitrev – CBDO
Dimitar possesses experiences in creating and managing different B2B IT projects. He is the CEO of Deafor.
For More Information About Vernam-Platform: Official Website
Read Vernam–Whitepaper: Click Here
Post by Anton De Mel ( BitcoinTalk Profile )