Digitalizing trust between friends
VouchForMe harnesses the power of social connections among friends to reduce the costs of insurance services.
How it works
Based on a personal risk assessment, a guarantor vouches for a trusted friend by means of a financial guarantee.
The collected amount enables individuals to obtain a higher discount for insurance services, while the guarantor commits to cover for the guaranteed amount in case of a claim.
Vouching creates a positive incentive for the policyholder to act responsibly also in the future.
Through vouching, the entire network becomes more risk aware, encouraging a positive change in behavior.
Want to know more? Watch a short video.
Benefits
Individuals
leverage the power of friendships to lower insurance costs
Businesses
gain alternative risk assessment tool with higher accuracy and significantly lower costs
Society
becomes more risk aware, encouraging a positive change in behavior
VouchForMe Use Cases
Insurance
Motor and health insurance
– B2B2C –
Rental
Motor and property rental
– B2B2C –
Business Transactions
Risk assessment tool
– B2B2C –
Unlimited
Stand-alone, insurance carrier independent version
– B2C –
Features
Blockchain
VouchForMe uses Ethereum blockchain for writing and tracking all transactions. It enables individuals to be the owners of their own data and to share their social proof only with business and individuals they choose themselves. At the same time blockchain guarantees privacy and security.
Social Proof
The evaluation of trust in the form of a financial guarantee is what we call a social proof. As such social proof is an alternative risk assessment method.
IPL Token
IPL is an application specific token, built on top of existing Ethereum blockchain. Tokenizing property allows VouchForMe to uniquely identify insurance assets and transform the social proof information to other types of businesses via a digital record.