【ICO Review】 Vernam – World’s First Commission fee by Block Chain 0% Reinsurance Project

Vernam is the world’s first 0% commission insurance project in the block chain.

It is the first company in the world to realize a high-end technical solution that dramatically reduces the cost of insurance services in a more efficient and friendly way for all parties, from end clients to major insurers

Overall overview of the project

As a new generation of insurance process, Vernam utilizes blockchain technology to provide the following functions.

Vernam uses block chain technology to provide the following services.

  1. Competitiveness in the online market of traditional insurance products by the largest insurance company

2. Generous compensation – We will return up to 30% of the premium premium of Vernam token (VRN) to the client.

3. 「CryptoSafe」 product – When the defined sequence of events occurs, the client guarantees that it will be compensated with a certain amount of Vernam token (VRN). This is the newest and most innovative block chain based insurance product Vernam introduces.

Vernam’s vision is ready to realize a high-end technical solution that dramatically reduces the cost of insurance services while making the business style more efficient and friendly for all parties, from end clients to major insurers It is.

It is a distributed platform based on block chain technology, connecting with various stakeholders (customers, brokers, insurance companies) in the insurance industry, using block chain technology to reduce the cost of the insurance process, is completely transparent and convenient.

The platform features are as follows.


Commission 0%

Customers who purchased traditional insurance through the Vernam platform will receive a cash back fee equivalent to a typical broker fee (up to 30% of the premium price) with VRN tokens.

CryptoSafe Smart Contract

All clients can sign 「CryptoSafe」 smart contracts without fee, guaranteeing that the client will be compensated when a defined set of events occurs.

VRN token

To maximize the platform, we introduce the Vernam token (VRN), an impossible utility token of the Ethereum based ERC 20 standard available in our crowd.

Constant balance of supply and demand

All insurance processes on the platform operate on VRN tokens, resulting in continuous demand and price increases for VRN tokens.

Safe and transparent

The use of a shared ledger prevents the possibility of data manipulation, increases transparency, and minimizes transaction costs.

Insurance industry challenges and solutions

The insurance industry is the world’s largest industry ($ 4.73 trillion in 2016), but its business model has not changed dramatically over the past century and its technology is outdated.

It is necessary to make the next evolution step and digitize the industry, personal device connectivity, АI, block chain and more new technologies are all incorporated into the game of insurance, growing by 3% per year You can also increase.

Dependence on brokers

As of today’s situation, major insurance companies rely on brokers to deliver products to end customers.

Continue, the broker receives generous compensation of up to 30% of the premium premium to perform relatively low value-added services. Vernam aims that the end client does not need to cover the broker’s fee and he can receive his reward instead.

Blockchain solution

Use of block chains as a company’s solution prevents the possibility of data manipulation, increases transparency and minimizes transaction costs.

In addition to the engine, in its own off-chain market, use Vernam token (VRN), the Ethereum-based ERC 20 standard cryptographic token, to maximize the platform capabilities.

As a result of the final solution,

  • Cost reduction
  • Automation and efficiency
  • Personalization
  • Better experience for insured

And so on are expected.

Vernam’s adoption technology


Block chain technology is an excellent mechanism for securing funds by relocating funds. You can also use smart contracts to support complex multi-party contracts between participants in the insurance industry value chain.

As data is stored in the redistributed ledger, the client is always validated and has no central authority. The client can be confident that the data will not be tampered with.

At the same time, you can safely manage your identity and transaction history, and the insurance industry can provide the information and transparency currently lacking. As revalidation is always done, you can not manipulate the data and no external 「manager」 or authority is required.

Smart contract and ERC 20 utility token

The Vernam platform is powered by VRN tokens, tokenizing the platform allows for unique identification of customers and assets and this information can be transferred as an immutable digital record to the insurer through the block chain .

Besides purchasing insurance products, platform users’ rewards and incentives are also given in Vernam tokens. It becomes an integral part of the ecosystem and is used for access to the distributed ledger.

Reliable data utilization approach

Insurance companies utilize this data to create more customized services, as individual devices gather our data and behavior every day.

Overall, this trend is moving away from human intuition and towards a highly reliable data backup approach.

Applications include the following:

  • Program to promote better / healthier behavior
  • Individually customized insurance products
  • Custom premium based on more sophisticated risk assessment

Artificial intelligence full automation

Artificial intelligence helps to shift from human operation to fully automated. In addition to requiring customers to digitize streamlined experiences, this is also an opportunity for insurers to replace slow pre-internet processes with more cost-effective and prospective solutions.


The development plan is as follows and exchanges listed and platform test releases are scheduled to be held this year.

  • 2017

The founder started to reform the insurance industry and began building the concept of Bernum.

  • January 2018

The concept was verified by experienced InsurTech executives and later joined the team.

  • February 2018

Investment of angel, start of platform development

  • March, 2018

Start preparation for token sale

  • Third quarter of 2018

Listed on the exchange

  • Q 4 2018

Launch and test Vernam platform MVP

  • Q 1 2019

Vernam broker starts business in several markets

  • Q 2 2019

The first CryptoSafe smart contract was signed. Release of Vernam mobile application

  • Q 3 2019

Development of additional smart contract insurance products

  • 2020

Business development in eight or more major European markets

It will be a long-term roadmap to the last.

About ICO

Token VRN

PreICO price 1 VRN = 0.051 USD

Price 1 VRN = 0.085 USD

Platform Ethereum

Accept ETH, BTC

Minimum investment amount 0.1 ETH

Soft cap 40 million VRN

Hard cap 500,000,000 VRN

Country Bulgaria

Whitelist / KYC KYC & Whitelist

Restricted area China, Singapore, USA

Token purchase from here

Market analysis

The market in this industry is huge.

According to a recent report by Switzerland, the global insurance market in 2016 is estimated at $ 4,733.2 billion.

Market sizes in Europe, North America and Asia are almost the same, total premiums are $ 1.470 trillion, $ 1.467 trillion and $ 1.493 trillion, respectively. The rest of the world is about $ 301 billion, or 6% of the world market.


The company’s business model is based on the turmoil of the distribution network of life insurance and Europe’s largest market is UK (181 billion euros in 2015), France (136 billion euros), Germany (91 billion euros), Switzerland (300 € 100 million), Sweden (€ 27 billion), Spain (26 billion euros).

Real estate insurance is a major category boasting a scale of EUR 92.6 billion in 2015.

Germany is the largest market with a real estate policy of 17.9 billion euros, with the UK market at 17.6 billion euros and France with roughly the same size as 16.8 billion euros. In the rest of the Western European countries, the typical industry size is EUR 2 – 300 million Eastern European countries annually € 100 – 200 billion (Greece € 447 billion, Hungary 518 billion EUR, Czech 731 billion Republic of the euro is relatively large according to local standards).

Competitive analysis

Generally, companies and insurance companies from individuals to Fortune 100 belong to the largest organization in each country (US Metlife, AIG, European AXA, Allianz, Generali etc.)

The business model relies on pooling financial resources from thousands of clients to offset potential risks.

Insurance number of reinsurers (such as Swiss reinsurance and Munich reinsurance) provides assurance that insurers themselves offset risk.

In addition to these groups, there are numerous intermediaries connecting customers and insurance companies. These are usually agents and brokers. In life insurance, in certain European countries, so-called bancassurance (relationship between bank and insurance company, bank staff and teller provides sales and customer support) is a general distribution model.

Among these intermediaries are companies such as Marsh & McLennan in the United States and Aon plc in the UK who are giants who earn over $ 10 billion a year in revenues.

There are also many reinsurance projects using block chains, of which iXLedger is the most famous one.


MVP exists, there is no new listing schedule, there are also strong partners such as Gen Re and FidentiaX.

It has a strategic alliance with the world’s leading reinsurer Genre (Berkshire · Hathaway), the aim of this partnership is to innovate among Gen Re’s life insurance and health insurance customers at our market place It is to provide an insurance solution. This project initially focuses on the UK and then aims to expand to Europe, Asia and the United States.

FidentiaX, one of the world’s largest insurance brokerage markets using blockchain technology, enables policyholders to increase the value of existing insurance contracts and to allow buyers to invest in asset classes that were not so far easier I will.

In addition, InsurePal is the next-generation peer-to-peer insurance based on social underpinning guarantee, and it fully utilizes the block chain innovation power.


This platform serves as a service for B2B partners who resell social insurance cards using InsurePal solution as dAPP for B2C customers.

InsurePal has completed procurement of 18 million dollars at ICO and it is possible to trade at HitBTC livecoin.


PolicyPal Network is the future of insurance for unbanked and cryptoassets. PolicyPal Network is a platform built with a dual vision that addresses key issues overlapping the fields of today’s world insurance and cryptography sets.

$ 20 million procurement has been completed.

fidentialX, fidentiaX is the world’s first market for insurance contracts that can be traded. Vision is to utilize block chain technology to create a repository of trading marketplaces and insurance contracts for the masses. The market utilizing this block chain will provide an unreliable, immutable auditable and transparent environment and will destroy the current situation.


fidentiaX Open Source Foundation (FOSF) will be established with the mission to promote the spread of block chain technology in the insurance industry.

ICO has completed $ 1.5 million in procurement. You can trade on Qryptos Etherdelta.

The company also has partnership with iXledger.

Aigang is an autonomous insurance network, a platform of insurance innovation built around fully automated insurance and data of IoT device.


They raised 4 million dollars.


As a merit on competition,

  • GDPR compliant
  • High third-party evaluation (iXledge, higher than insurepal)
  • High team power

The team consists of insurance, finance, block chains, encryption currency, ICO expert team, the core team is below.

  • Doctoral program, MBA,Rome Angeloff – co-founder

Bulgaria consulting, CEO of DIMIROMA GROUP heading IT and digitizing enterprises. Google rewards DNI innovation funds.

  • Ivan-COO, co-founder

Board member of Bulgaria’s largest shareholder. Founder and manager of a successful mobile application development company.

  • Diploma Engineer Dimitarumi Treff

-CBDO, co-founder

I am experienced in the creation and management of different B2B IT projects. CEO of DEAFOR. Bulgarian Information Technology Association (BAIT) member

The future price of the token and the merit of the holder

As for the price of the token itself, there is a bonus stage at the ICO stage, which has advantages for early investment.

When the softcap 40 million tokens are fulfilled, the integration of the platform core block chains and the first EU county broker license are done, and if the target inot reached, the funds will be refunded.

When 250 million tokens are satisfied
 It is largestly operated by eight European Union (EU) member countries, and the upgrading of the platform of each country is integrated.

And when 5 billion VRN tokens are met, will extend beyond Europe and develop additional features and products for the platform. I will buy a licensed broker on the net.

As a matter of course, because the progress of the development roadmap will change according to the degree of fund procurement, it also affects the token price.

When purchasing traditional insurance through the Vernam platform, the client will receive a reward with a VRN token equal to a typical broker’s fee (up to 30% of the premium price).

Tokens can be sold at exchanges or purchased for traditional and cryptographic insurance products.

In addition, the cryptographic product “CryptoSafe” is only available on the Vernam platform.

Each platform user can purchase this type of smart contract “CryptoSafe” and guarantee that when a defined set of events occurs, it is compensated with a certain amount of VRN.

Whitelist and Air Drop

The whitelist registration opened before the token sale from May.

On the dashboard, the more point you earn by the point system, the higher the bonus stage will be.

The procedure is as follows.

Register from the following.

Whitelist registration


Apply for a whitelist and claim the approximate amount you are about to invest (100 points)


Join the telegram channel (200 points)


Follow @vernamofficial on Twitter (100 points)


100 points to make a Facebook page like


Invite each user via introduction link (50 points)


Let’s create an introduction link.

In addition, you can earn 500 points by depositing 0.01 ETH.

This total amount is retained and returned in the VRN token at the time of sales start. Please be aware that your deposit is safe – we can not refund the deposit.

Investment judgment and risk analysis

As a general investment decision, the reinsurance project still requires a long-term plan, but it is considered a project that can be expected in this field as well.

As a risk, the token price may break down depending on cooperation at the exchange. Also, development of MVP is also in the middle of development,so development requires a long-term road.

Related links

Japanease article

official site







Source: BAB