VERNAM - better insurance experience
One of the biggest industries in the world is Insurance. In 2016, it was valued at a colossal $4.73 trillion. It is now growing at CAGR of 3%. The market size of insurance in Europe, North America and Asia is same with little difference. The premiums amount to $1.47 trillion, $1.46 trillion and $1.49 trillion respectively. Despite the entry of personal device connectivity, technology, AI and blockchain, the industry is yet to witness any radical transformations in its operating business model. Of course, there have been positive outcomes such as cost savings, better insurer experience, enhanced expectations, automation, and personalization etc. That said, the business and operational landscape hasn’t changed in aspects such as democracy, transparency and efficiency. Vernam project is an honest attempt in revolutionizing and digitizing the insurance industry by implementing a high end technological solution so as to minimize the costs associated with insurance services. For all intents and purposes, Vernam initially targets Europe.
More often than not, insurance entails risk management. Risk management is all about carefully assessing, diligently managing and smartly transferring risks. Despite the emergence of various types of insurance such as fire insurance, property insurance, life insurance, accident insurance, vehicle insurance, health insurance etc., the underlying operating model for all insurance companies has been an element called ‘premium’. For your information, the most predominant insurance in Central and Eastern Europe is motor insurance. Ever since 2015, the word InsurTech became the buzzword. It is a mashup of two words- Insurance and Technology. In US, UK and German markets, the investments in InsurTech companies are on a rise.
InsurTech companies are banking on big data to create customized insurance services and products. The companies are leveraging AI to shift from human-operated actions to fully-automated routines. Thanks to smart contracts and blockchain, efficiency and privacy are guaranteed. All this is fine, but a significant chunk of insurance value chain is attributed to distribution. The key stakeholders in distribution are agents, brokers, underwriters, and insurers etc. As a consequence, the whole process of insuring becomes increasingly slow and tedious. And yes, a lot of money will go as margins thereby leaving little money for claims payout. Vernam project is on an ambitious mission to change the insurance system by eliminating intermediaries.
Vernam’s marketplace solves the problem. The marketplace is associated with a shared ledger which not only increases transparency but also minimizes transaction costs. Data manipulation by unauthorized parties is prevented. VRN (Vernam) tokens (Ethereum based ERC20 token standard) are used to take complete advantage of this platform. Clients can purchase conventional insurance through this marketplace. They will receive rewards in the form of VRN tokens whose worth is same as that of broker’s commission.
There is another endearing product called CryptoSafe which is available only on this platform. Its functionality is that of a smart contract which safeguards VRN tokens, and carries out end to end digitization process, transparent process along with coverage policies, and its associated set of events.
As a part of its project, Vernam team is keen on creating 1 billion VRN tokens.
For More Details Visit
Website : https://www.vernam.com/
author: langit atas
eth: 0xcfaDeD6afA3F119883Cbe73fdc466e4b2A875E80
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