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The Vernam Project in less than 10 bullet points
Why did we decide to implement blockchain in
Crash course in insurance – how
did it develop and which are the big segments
What problem are we solving?
Customers don’t really get the full
value of their money, when buying insurance
The Vernam Platform
Insurance Blockchain, Vernam tokens,
and CryptoSafe explained
ow and Insurance
More about the insurance subsystem
and smart contracts behind Vernam
VRN Token Sale
Everything about our
upcoming Token Sale Event
The Token Sale and future milestones
Team and Partners
Who are we, really?
The small print that you need to know
Our goal is nothing less, but to revolutionize the insurance industry!
the first company in the world ready to
implement a high-end technological
solution which will dramatically lower the cost of insurance services
making the business way more efficient and friendly for all parties-from End
Clients to major Insurance Companies!
For this purpose we developed
A decentralized platform, based on
blockchain technology, connecting various stakeholders in the insurance industry –
customers, brokers, and insurance companies, which will
use blockchain technology
to make the insurance process less costly, fully transparent and much more
An unexpected reality? Insurance is one of the largest global industries ($ 4.73 trillion
in 2016), but its business model has not changed significantly over the last several
centuries, while its technologies have long become outdated. That is why our plan i...
Insurance is one of the oldest and biggest industries across the world.
And it hasn’t
changed significantly since its very creation. We believe the time has come!
dating from ancient China and Babylon prove that merchants have pooled resources
and have allocated small amounts of money to protect themselves from losing their
while transporting it. As the industry developed, more advanced
products like fire insur
-ance and life insurance appeared – while statistical methods
became utilized to predict
the risk profile of a customer and the likelihood of an event
occurring. Nowadays, insur
-ance is a global industry estimated at
$4.73 trillion in
and growing at an annual rate of over 3% .
insurance has not changed much over the last few centuries.
Insurers are large
companies, overseeing billions of dollars and euro, whose main job is to calculate risk
and to spread a large amount of money ove...
Besides platform development, our growth plan foresees the
establishment of a
in several countries to be operated by the offchain marketplace.
Clients will be able to purchase insurance policies in VRN or fiat currency, taking
advantage of the pricing and terms transparency, thus starting to create their own
insurance customer history data as well.
In return against the use of the / OUR marketplace, customers will
receive a reward in VRN tokens, equal the average broker
commission for the given market (typically, around 20%).
Our vision for possible next steps include the
additional blockchain based insurance
services, with the main focus on the provision
of crypto to crypto (C2C) insurance products, that do not fall under the scope of
the applicable laws and regula-tions, where part of or the whole compensation
be in payable in VRN and/ or other crypto currencies.
One of the most memorable events in commercial insurance history was the loss of
RMS Titanic in 1912. Underwritten by Lloyd’s Titanic and her sister ship Olympic
considered a “prestigious” risk and numerous Lloyd’s syndicates put their
names on the slip with amounts ranging from £10,000 to £75,000. The total insured
the hull of each ship alone was £1m (about £95m in today’s money).
White Star Lane
negotiated a premium for the proudly “unsinkable” vessel of only
MARKET PLAYERS AND TYPES OF INSURANCE
The insurance industry comprises several types of players.
and our service takes
into account all of them.
range from individuals to Fortune 100
, are typically among
the largest organizations
in each country (e.g. Metlife and AIG in the United States,
or AXA, Allianz and
Generali in Europe) –
This is hardly...
MARKET OVERVIEW AND RECENT TRENDS
According to a recent Swiss Re report, the insurance market worldwide in 2016 was
estimated at $4.732 trillion.
Europe, North America and Asia have almost equal
, with total premiums of $1.470 trillion, $1.467 trillion, and $1.493 trillion
respectively. The remaining regions of the world account for about $301 billion, or 6%
of the global market.
Figure 1: Regional share of 2016 insurance premiums revenues
Since Vernam will initially target Europe, our white paper will be focused on the EU
market. The following figure shows its development by the major insurance
categories. The total size of the insurance premiums in Europe has been stable
around € 1 – 1.2 trillion, regardless of the overall economic situation on the
continent. Of this amount, approximately 60% is attributed to life insurance.
The various types of non-life insurance contribute €471bn in 2015 -
Figure 2: European insurance industry by major categories
Vernam’s business model is based on the disruption of non-life insurance distribution
chains, therefore our analysis does not take into account life insurance , where the largest
European markets are UK (€181bn of life insurance premiums in 2015), France (€136bn),
Italy (€115bn), Germany (€93bn), Switzerland (€30bn), Sweden (€27bn), and Spain (€26bn).
In non-life insurance, several countries have market size of €70-100 bn, which
translates in “density” (i.e. premiums per insured person) of about €1000 / year.
The average “density” in non-life insurance for Europe has been €760 for 2015.
The following figure shows the average non-life insurance premium (“density”) per
person in all EU countries. The countries with highest density are Liechtenstein
(€22,946), Netherlands (€3,414), Switzerland (€2,949), Luxembourg (€1,529), Austria
(€1,245), and Denmark (€1,245). Most large EU countries have an average den...
0.5 1 2 3
Average non-life insurance premium (2015, EUR ths)
The following figure shows the penetration in Europe by major insurance type.
vehicle insurance is the predominant type in most countries, especially in Central
and Eastern Europe, where it forms over 50% of all policies.
For example, in Bulgaria
Motor insurance is 68% of the non-life market, in Romania it is 72%, in Estonia 60%, and in
Greece 58%. From the large countries, Italy has a relatively high motor insurance penetra-
tion at 52% of all non-life policies, while for most other countries of this size, the average
rate is around 25-30%.
In absolute terms, the total European motor insurance indus...
Founders joined efforts to change the insurance industry and started building the Vernam concept.
Concept was validated by experienced InsurTech executives, who later joined the team.
Angel investment received, start of platform development.
Start of the preparation for a token sale.
Listed on an exchange.
Vernam platform MVP launch and testing.
Vernam broker starting operation in several markets.
First CryptoSafe smart contracts signed. Vernam mobile app launch.
Development of additional smart contract insurance products.
Operating on 8+ key European markets.