The Future Of Insurance


Start: 2018-08-20 | End: 2018-09-22

Vernam, one of the world’s first no-commission insurance service on the blockchain. The very basic objective of this blockchain is to bring a revolution to the insurance industry. Vernam is probably the first company in the world that is about to implement a high-end technological solution. Their solution will effectively lower the expenses of insurance services, whilst making it efficient and easy for the interested parties to use. Vernam is a decentralized platform, based on the blockchain technology. The purpose of this platform is to connect different stakeholders of the insurance industry, such as customers, brokers and insurance companies, who will use this blockchain technology to make all the insurance processes less expensive, more transparent and convenient. Vernam uses blockchain technology to provide: 1. A competitive digital marketplace for different conventional insurance products from various companies 2. A substantial compensation, up to -30 % of the policy premium. This amount is returned to the client as a Vernam token (VRN). 3. “CryptoSafe”, an exclusive contract guaranteeing that when a predefined group of events happen, the customer will be compensated with certain number of Vernam Tokens (VRN). Vernam uses the Ethereum platform and its Token (VRN), which is ERC-20 based. The most well defined and most innovative blockchain-based insurance product will be introduced by Vernam.


Milen Radkov

Blockchain Developer

PhD, Prof. Angel Doraliyski

Strategic Planning

Branimir Minkov


George Spasov

Blockchain & Crypto Expert and Developer

Sevgin Mustafov

Blockchain & Crypto Expert and Developer

Venimir Petkov

Blockchain & Crypto Expert and Developer

Nadya Kaloyanova


George Matev

General Legal Counsel

Zhelyo Hristozov

Insurance Director

PhD, Prof. Zhelyo Hristozov

Insurance Director

Vesselin Zahariev

Financial Expert

HBS MBA, Borislav Stefanov

Business Developer

PhD Student, Dipl. Eng Dimitar Mitrev


Ivan Georgiev


PhD Student, MBA Roman Angelov

CEO, Co-founder

Borislav Iliev


Theodor Tamvakidis


Simon Cocking


Jason Hung


Nathan Christian


Nick Todorov

Blockchain & Crypto Expert - Advisor

Ivan Manchev

Marketing Advisor

Alexander Shirletov

Financial Expert - Advisor

Boris Cuchran

Insurance Expert - Advisor


David Malan

Vernam is a brilliant concept of bringing a revolution in the insurance industry. The idea of using blockchain for the insurance industry is very good, however we are uncertain whether they can execute it properly or not. Since it’s a marketplace platform for big insurance companies, it is only useful for them. Additionally, they are compensating their customers by giving them 30% of the policy premium in shape of Tokens and just like every other blockchain user they use the smart contract system. Vernam should focus more on their business strategies to get ahead of their competitors. They should identify their core abilities and market their product based on that. Also, they should work on their mobile app by bringing constant innovations in its features and functions. It is unsure whether their decision to creating a new token will be beneficial for their future. Moreover, the minimum transaction amount should also be decreased so that more markets can be targeted. They have strong and competitive team, they should be able to execute what they want to, but they may need a stronger international Asia and US experienced team for growth.

Rated on 2018-09-04

ICO Milestones


Founders joined efforts to change the insurance industry and started building the Vernam concept.

January, 2018

Concept was validated by experienced InsurTech executives, who later joined the team.

February, 2018

Angel investment received, start of platform development.

March, 2018

Start of the preparation for a token sale.

Q3, 2018

Listed on an exchange.

Q4, 2018

Vernam platform MVP launch and testing.

Q1, 2019

Vernam broker starting operation in several markets.

Q2, 2019

First CryptoSafe smart contracts signed. Vernam mobile app launch.

Q3, 2018

Development of additional smart contract insurance products


Operating on 8+ key European markets.