Insurance companies have
maintained a competitive edge by improving and optimizing their business
processes without compromising efficiency, quality, and response time. While many
industries have adopted Blockchain for
core processes, the insurance industry has been reluctant to implement
cryptocurrency platform in its core areas like underwriting and claims.
Vernam Platform is a shared ledger which not only increases
transparency but also minimizes transaction costs. Data manipulation by
unauthorized parties is prevented. VRN (Vernam) tokens (Ethereum based ERC20
token standard) are used to take complete advantage of this platform. Clients
can purchase conventional insurance through this marketplace. They will receive
rewards in the form of VRN tokens whose worth is same as that of broker’s
commission.
People licensed to sell insurance may hold several positions and compensation agreements that influence the amount of money they make.Insurance policy sales usually give the licensed representative compensation from a commission and sometimes salary if they are contracted employees. Many people who sell insurance work on contract so commission may be their primary source of income. But in Vernam Clients, purchasing conventional insurance through the Vernam platform will receive a cashback reward, equal to a typical broker’s commission (up to 30% of the premium price) in VRN tokens. Every client will be able to sign the “CryptoSafe” smart contract, free of commission, guaranteeing that when a defined set of events occur, the client will be compensated.
People with typical employer
insurance have little incentive to look for a good deal. Insurers negotiate
prices with providers. The uninsured, meanwhile, can face outlandish prices no
matter where they turn, and they have almost no leverage. This dysfunctional
system works fine for providers and insurers, but the disconnect between
consumers and providers creates a situation that is driving up health care
costs and insurance premiums at a rapid
and unsustainable pace. As that trend drives people to opt for plans with
higher out-of-pocket deductibles, or ones that give customers a fixed amount of
money and essentially wish them luck, the lack of transparent pricing will pose
an escalating problem. Greater transparency would help them. By skipping the
intermediaries and by making pricing information openly available, Vernam will
empower end-clients to make better decisions for themselves. This protects
end-clients not only from self-interested broker advice (to take advantage of
incentives from insurance companies, but also from inflated
transaction/commission fees.
It’s easy to get started on
Vernam. You can buy conventional insurance products with fiat currency directly
from big insurance companies you know. The fiat currency will be converted into
VRN and used to acquire your insurance policy. With Vernam tokens, you can both
buy insurance from big insurance companies
or purchase our custom CryptoSafe product an alternative to standard
insurance, grounded in digital Safe Contracts.
For more information please visit links :
Website : https://www.vernam.com/
Twitter : https://twitter.com/vernamofficial
Facebook : https://www.facebook.com/vernamofficial/
Author :
0x7bdf35C638AC00d1A21F9Df3A1e632B30Fa058aC
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