Published On: Tue, May 15th, 2018

Everything You Need to Know About Vernam, A Game Changing Blockchain-Based Insurance Product

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Vernam is developing a decentralized, peer-to-peer, broker-free, cost-efficient, data-driven, and transparent marketplace for the insurance sector, in which consumers will be able to get up to 30 percent cash back on their insurance premiums. Here’s everything you need to know about the platform!
A New Way to Buy Insurance
Vernam is revolutionizing the way people access insurance by connecting insurers directly with the prospective clients — effectively removing unnecessary middlemen from the equation. By doing this, Vernam is able to return clients 30 percent of the amounts otherwise paid to brokers.
The cashback return comes in the form of Vernam Tokens (VRN), which are easily exchanged for fiat currencies or used for VRN denominated purchases.
Rewriting the Rules of the Insurance Sector
In addition to saving clients upwards of 30 percent, Vernam is also offering a one-of-a-kind product called CryptoSafe.
CryptoSafe is a smart contract which guarantees compensation to the insured in the event a predefined event occurs. Explained CEO and co-founder Roman Angelov:
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 …

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