Vernam Concept: The future of insurance
Insurance is one of the biggest and most well-performing business being so way back dating back to ancient China and Babylon. The main principle behind insurance is being able to spread risk over a larger population so as to cushion the risks involved. With all those centuries of evolution, this platform has not changed at all especially in the use of brokers and agents to bring the product to the final consumer. The agents and brokers always end up the winners getting close to 20% of the insurance policy, with very little effort, this even with the ease of business brought about by technology.Vernam would like to approach the market in a different way, focusing on the decentralized ledgers to address all the fundamental inefficiencies in this sector. Mainly focusing on the lack of pricing transparency and also lack of pricing transparency. This is going to be achieved by implementation of blockchain technology.
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The main vision of doing this is to transform the insurance sector into a fair and honest environment. Part of this vision is to introduce blockchain based insurance services where it, would be able to do crypto to crypto(C2C) insurance as part of compensation being through VRN and other cryptocurrencies.
With the high commission levels, one could easily say that the main problem is this, but this is not the case the main problem is the lack of transparency of pricing policies and related decision- making processes with only 4% of insures understanding what happens. This has led to decrease in confidence levels of the insured. Vernam is seeking a way of solving this transparency issue by standardizing information and procedures, considering increased customer awareness due to technology making it possible for Vernam to digitalize the system. Doing this at the same time maintaining the current level of customer service.
The team is headed by three partners who are the co-founders namely; Roman Angelov CEO of a leading Bulgarian IT and digitalization company, who is also the CEO. The other two are Ivan Georgiev founder and manager of a successful mobile app development company and Dimitar
Mitrev a member of Bulgarian Association of Information Technologies. The rest of the team is mainly members who have prolific expertise in the fields of insurance, business development, legal counsel, advertising, finance, marketing and most importantly blockchain development and crypto knowledge. All of this team members have had a rich experience in their various fields in and outside of Bulgaria. This is the team behind Vernam concept.
Vernam’s roadmap started in 2017 where 2018 sees the company starting implementation processes towards its goal after concept validation. In February 2018, the company developed a platform for the preparation of token sales in March. Next is the listing of the company on an exchange followed by Vernam platform launch and testing which would come later in 2018.
At the beginning of 2019, the company wants Vernam brokers to start operations in several markets across the world. Later in 2019, the company hopes to launch the first signing of CryptoSafe contracts and launch of its mobile application. As 2019 ends, Verman seeks to develop additional smart contract insurance products.
By 2020 the company expects to have to have grown its market base to over 8 European countries. Expansion to these European countries will be done in a way that countries with the biggest markets in UK, Austria, Belgium, and Italy. This will be done in consideration of “crypto-friendly” markets, specifically Switzerland.
With a topnotch team and a well-defined roadmap, Vernam is a company to watch. The main challenge is that cryptocurrencies have an uncertain future. So its success is mainly
Posted from my blog with SteemPress : https://icoshrimp.com/vernam-concept-the-future-of-insurance/