Vernam
Vernam
Token: VRN


The Future Of Insurance

ICO dates
Start date:
End date: 2018-06-15

Registrated in: Bulgaria

Platform: Ethereum
Type: ERC20

PREMIUM ICO

HARA

Empowering billions by utilizing a global and transparent data exchange.
Ends in 265 days 7 hours
Goal: 17,000,000 USD
Price: 1 HART = 0.059 USD

Dominium

Dominium Blockchain – The one-stop-platform for everything to do with property anywhere in the world!
Ends in 234 days 7 hours
Goal: 17,500,000 USD
Price: 1 DOM = 0.25 EUR
Vernam categories
Business services Cryptocurrency Platform Smart Contract Software
Vernam whitepaper
Video
Vernam token sale
KYC passing required Yes | Whitelist Yes | Restriction for countries China, Singapore, USA
Soft cap 40,000,000 VRN
Hard cap 500,000,000 VRN
Tokens for sale 500,000,000
Token distribution in ICO
50%
50%
Price 1 VRN = 0.085 USD
Price in PreICO 1 VRN = 0.051 USD
Minimal investment 0.1 ETH
Acceppting ETH, BTC
Vernam news, social
Vernam search trends in Google
Random whitepaper excerpts

Executive Summary
3
The Vernam Project in less than 10 bullet points
Introduction
5
Why did we decide to implement blockchain in
insurance
Insurance Basics
8
Crash course in insurance – how
did it develop and which are the big segments
What problem are we solving?
17
Customers don’t really get the full
value of their money, when buying insurance
The Vernam Platform
24
Insurance Blockchain, Vernam tokens,
and CryptoSafe explained
Work
fl
ow and Insurance
32
Registries
More about the insurance subsystem
and smart contracts behind Vernam
32
VRN Token Sale
Everything about our
upcoming Token Sale Event
41
Next Steps
The Token Sale and future milestones
47
Team and Partners
Who are we, really?
50
Legal Information
The small print that you need to know
...


Our goal is nothing less, but to revolutionize the insurance industry!
We are
the first company in the world ready to
implement a high-end technological
solution which will dramatically lower the cost of insurance services
while
making the business way more efficient and friendly for all parties-from End
Clients to major Insurance Companies!

For this purpose we developed
Vernam!
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
convenient!

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!
Documents
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
valuable cargo,
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
2016
and growing at an annual rate of over 3% .
Yet,
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
broker network
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
i
ntroduction of
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
will
be in payable in VRN and/ or other crypto currencies.
02 Introduction
7
...

One of the most memorable events in commercial insurance history was the loss of
the
RMS Titanic in 1912. Underwritten by Lloyd’s Titanic and her sister ship Olympic
were
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
amount for
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
£7,500.
MARKET PLAYERS AND TYPES OF INSURANCE
The insurance industry comprises several types of players.
and our service takes
into account all of them.
While
clients
range from individuals to Fortune 100
corporations,
Insurance companies
, 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
market size
, 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.
31%
31%
32%
3%
1%
2%
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 -
th...

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
N/A
>3
1.0
0.8
1.1
0.6
0.1
1.0
0.1
1.1
1.1
3.4
0.2
0.5
1.2
0.3
0.2
3.4
1.2
0.1
1.0
0.5
0.7
0.2
0.1
0.3
0.6
0.1
0.2
0.1
0.2
Average non-life insurance premium (2015, EUR ths)
The following figure shows the penetration in Europe by major insurance type.
Motor
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...

Vernam Roadmap

1
2017
Founders joined efforts to change the insurance industry and started building the Vernam concept.
2
January, 2018
Concept was validated by experienced InsurTech executives, who later joined the team.
3
February, 2018
Angel investment received, start of platform development.
4
March, 2018
Start of the preparation for a token sale.
5
Q3, 2018
Listed on an exchange.
6
Q4, 2018
Vernam platform MVP launch and testing.

7
Q1, 2019
Vernam broker starting operation in several markets.
8
Q2, 2019
First CryptoSafe smart contracts signed. Vernam mobile app launch.

9
Q3, 2018
Development of additional smart contract insurance products.
10
2020
Operating on 8+ key European markets.
Roman Angelov
Roman Angelov CEO, Co-founder

Ivan  Georgiev
Ivan Georgiev COO, Co-founder

Dimitar Mitrev
Dimitar Mitrev CBDO, Co-founder

Borislav Stefanov
Borislav Stefanov Business Developer

Vesselin  Zahariev
Vesselin Zahariev Financial Expert

Boris  Cuchran
Boris Cuchran Insurance Expert

Zhelyo Hristozov
Zhelyo Hristozov Insurance Expert

René  Rosenberg
René Rosenberg German Operations

George  Matev
George Matev General Legal Counsel

Alexander  Shirletov
Alexander Shirletov Financial Expert

Ivan  Manchev
Ivan Manchev Marketing Expert

Venimir  Petkov
Venimir Petkov Blockchain & Crypto Expert and Developer

Sevgin  Mustafov
Sevgin Mustafov Blockchain & Crypto Expert and Developer

George  Spasov
George Spasov Blockchain & Crypto Expert and Developer

Nick  Todorov
Nick Todorov Blockchain & Crypto Expert

Nathan  Christian
Advisors Nathan Christian Advisor

Jason Hung
Advisors Jason Hung Advisor

Simon Cocking
Advisors Simon Cocking Advisor

Theodor  Tamvakidis
Advisors Theodor Tamvakidis Advisor

Jason Hung
Jason Hung
Advisor
Advisor, technology, Greater China scaling
EXTERNAL ADVISOR
Chairman & CSO
BLOCKCHAIN ADVISOR
MBAT Bank co-founder and Entrepreneur
ICO Advisor
Smart Contract Advisor
MBAT Bank Chairman & Co-founder
Blockchain Advisor
Advisor
Advisor
BLOCKCHAIN ADVISOR
Strategy Advisor
ICO Advisor
ADVISOR
Advisor-Business
Marketing & PR Advisor
Advisor, Taiwan, Republic of China
Advisor
GFOB cofounder, ICOBench Top Advisor
ICO Advisor & Founder Of Crypto Fund
Simon Cocking
Simon Cocking
Advisor
Senior Advisor Twitter
Chief Marketing Advisor
Editor in Chief at Cryptocoin.News, Advisor. Experience: Mentor & Advisor in 20+ Successful ICOs.
Advisor
Advisor and Board Member
EDITOR-IN-CHIEF, CRYPTOCOIN.NEWS
Advisor
Writer, editor, ITO advisor, business mentor
Blockchain Influencer, Irish Tech News
Media & Global Partnerships Advisor
Editor at CryptoCoinNews, Irish Tech News, Top 1 member of the ICO Bench Experts. Business mentor.
Advisor
Senior Editor at Irish Tech News, Editor in Chief at CryptoCoinNews
Advisor
Business mentor and advisor
Editor in Chief at CryptoCoinNews
Adviser to the Board of Quasa
Marketing Advisor
Digital Marketing Advisor
Digital Marketing
BLOCKCHAIN ADVISOR
Advisor
Marketing Advisor
Strategic Advisor
Cryptocurrency Advisor
Senior Editor at Irish Tech News, Editor in Chief at CryptoCoinNews
EDITOR IN CHIEF, ADVISOR, STRATEGIST
Chief Strategy & Public Relations
Chief ICO Advisor
International Blockchain Community Advisor
PR advisor
Board Advisor
Advisor
World’s #1 Blockchain influencer
Advisor
Editor in Chief Irish Tech News | CryptocoinNews 1 ranked advisor on ICObench for three months
#2 Crypto Expert on ICObench
Marketing Advisor
Digital Marketing Advisor
Media relations
Cryptocurrency & Blockchain Advisor
Advisor
Crypto media: Irish Tech News Ireland
PR Advisor
Chief Editor at Irish Tech News, CryptoCoinNews and InvestInIT
Senior Advisor