Business Showcase : Vernam

Describe the company – the elevator pitch …

Vernam is 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!

Vernam utilizes blockchain technology to provide:

• Competitive online marketplace for conventional insurance products by the biggest insurance companies
• Generous compensation – up to 30% of the policy premium in Vernam tokens (VRN) is returned to clients
• “CryptoSafe” – a smart contract, guaranteeing that when a defined set of events occur, the client will be compensated with a certain amount of Vernam Tokens (VRN). The newest and most innovative blockchain based insurance product that Vernam will introduce

How are you different?

We are obviously different from the traditional insurance brokers by trying to eliminate old-fashioned paperwork, leverage the use of technology for providing a better decision-making process for end users and get rid of unneeded commissions.

Although Insurance is one of the very well fitted industries for blockchain implementation, there aren’t many ICOs introducing new insurance models. Vernam is the first blockchain startup trying to reimagine the insurance policy purchasing model.

Why will you do well?

 We will do well because:

• We have an a-team of high-achievers in Business, Insurance, Blockchain, Marketing and Legal – all the important ingredients for a trully disruptive blockchain project.
• We have an idea that was validated by experienced executives from the Insurance industry, top experts in tech and a fast growing community of supporters (more than 500 followers on Twitter for 48 hours only)

Where are you based?

Our management is based in Eastern European’s tech hub Sofia. However we have experts on the team located in Germany who will grow the business in the German speaking countries. We are now negotiating brokers’ license for operation in Germany.

When was the company launched?

The company was launched in the beginning of 2018, but the team has been working on the model in stealth mode since mid 2017.

What have been your biggest wins to date?

First of all, our team is our biggest win to date. We are proud of everyone who believed in the idea and joined Vernam even before we announced the project.

A really important achievement was receiving our first angel investment from one of the biggest investors in Bulgaria. The investment made it possible for us to plan an ICO campaign and start developing the MVP product we will announce soon.

A great validation for us was attracting three ICO Bench Top 5 advisors to our advisory board. To involve some of the top names of the ICO industry in our project was an important milestone and verification of Vernam’s vision for the future.

Who are you trying to attract to your product?

We are trying to attract people and businesses willing to adopt new models in the insurance industry and save money. 60% of the millenials are already using online insurance and we believe that they will be a perfect fit for Vernam’s online platfrom.

 What tips would you give to others looking to build their business?

 Build rock solid foundation. From the moment you have your idea, try to challenge its potential everyday. Look for weak spots, try to criticize yourself all the time and look for validation from different people.

When you have a really solid concept, build a team. Remember to share the same values with the people who you’ll be building your business with. It’s important to have someone watching your back in the hard moments that are yet to come.

When you are ready to go and tell the world about your idea, do not forget to be honest. You won’t deceive anyone in the age we are living, so better be open, don’t hide your weaknesses and acknowledge the feedback you get from your community.

Tell us about your team?

Our team is comprised of 16 top players with different stories behind. All of our co-founders have already founded and managed successful companies in their portfolio. We have a former CEO of a large Insurance company, we have marketers with startup experience and we have probably the best blockchain developers in Bulgaria – so good that they are teaching blockchain technology in the largest Bulgarian software academy.

But there is something we all share and you won’t find on our LinkedIn profiles – passion.

What are your plans for the future?

We are now doing a pre-ICO campaign and we plan to launch our ICO soon. After we run the campaign we will develop our business depending on how much money we’ve raised.

Anyway, if we reach our soft cap, funds will be enough to run an insurance broker in at least one big European country and have a functional web and mobile platform at the start of 2019.

Anything above the soft cap means that we will expand and grow even faster.

Anything else you’d like to add/we should have asked?

Is there any airdrop?

Vernam is giving up to 200 VRN tokens in airdrop. To get them, you need to register on our investors’ dashboard on our platform and collect points to enter the whitelist leaderboard and be eligible to get free VRN tokens. Go to our website and find out more.

How do people get in touch with you?

 Our social media is really hot right now.

Say “Hi” on Telegram, our discussion moderators are really cool guys.

You can join the discussion on Bitcointalk

Follow us on Twitter

Hit “Like” on Facebook

Read our articles on Medium

Read our whitepaper

Or simply visit our website where you can learn everything about the project.

For media inquiries or contact with the team, hit Ivan on Twitter.

If you would like to have your company featured in the Irish Tech News Business Showcase, get in contact with us at Simon@IrishTechNews.ie or on Twitter: @SimonCocking