Technologically, Vernam is decentralized online platform, based on blockchain technology which creates the right conditions for clients and insurance providers to do business in an easy, safe and cost-efficient way. Besides the platform itself, a proprietary off-chain market place will use the Vernam token (VRN) — an Ethereum-based ERC 20 standard crypto token — to take full advantage of the platform’s functionality.
In other words, when a contract between a client and an insurance provider is signed on Vernam, it will be denominated in VRN. Since there is no broker mediation, the standard broker’s commission (15–25%) will be awarded to the client in the form of VRN. The Client can choose to exchange the VRN for fiat money or to keep it and later purchase a new insurance with a significant discount.
The system will offer special type of smart contracts, guaranteeing that when a defined set of events occurs, the client will automatically be compensated with a certain amount of VRN’s. This will make Vernam the game changer who dared to digitalize the insurance market! Vernam will also be the safest and the cheapest tool to purchase insurance.