VouchForMe Features

vfm-symbol
01.

Establishing
the trust chain

  • VouchForMe is an online platform that enables lower insurance premiums by building trust between friends and family members. The online system is easy to use and excels with smooth user experience.
  • The workflow is simple: the policyholder asks friends or family to vouch for him/her as a trustworthy individual with a financial commitment. In return, he/she benefits from a lower insurance premium.
  • VouchForMe provides the framework for vouching and handles the legal and financial aspects of the process.
02.

Legal notary
service

  • By using VouchForMe the guarantor and policy holder enter a legally binding agreement that is automatically generated by the platform and available for download.
  • The vouching agreement clearly references the insurance policy of its holder as the object of the guarantee and defines when the financial guarantee can become an actual obligation for the guarantor towards the holder of the policy. In practice, this is the moment when the guarantor is legally binded to pay his/her share of the deductible. The case is binding if the policy holder presents adequate documentation issued by the insurance company that states the following:
  1. That a claim has been filed in relation to the insurance policy that was referenced in the vouching agreement.
  2. That the claim was processed and confirmed as valid by the insurance company.
  3. The exact statement of the deductible amount that was applied in a particular claim.
03.

Cash transfers
in VouchForMe

  • Guarantees are set amounts that guarantors vouch for. All financial commitments are guaranteed for payout by using a credit/debit card that is used during registration. The card will only be charged in case of a claim.
  • No charges or reservation of funds on the credit/debit card arise if no claim is made. Credit/debit card details are never exposed and are handled through an encrypted credit card processing service.
04.

Payout

All payment transactions for VouchForMe customers are made
with a credit/debit card. VouchForMe includes the following
types of financial transfers:

  1. Payment of the Activation Fee
  2. Payment of the Collection Fee
  3. Payment of the Guarantee (the amount vouched for)
05.

Stored on blockchain

VouchForMe uses standard contracts and fiat currencies, but can also function as a blockchain solution with all legal documents and transactions stored on a distributed ledger.

  • Distributed ledger technology enables immutable data and traceability, even in case of an IT failure. Data that is stored on the blockchain is permanent, secure, transparent, and signed by the user.
  • Also, all financial transactions can also be carried out by using IPL, the native token of VouchForMe.
  • The possible financial transactions using the IPL token are:
  1. Covering the service fee for the platform
  2. Rewards for guarantors issued in IPL tokens
  3. Payment for additional services that will be added to the VouchForMe platform

FAQ about VouchForMe

vfm-symbol
If it’s your first time signing in you start by clicking the Register button on the VouchForMe home page. You need to provide your Name, Surname, and email address. One can also register by clicking the register link under the sign-in form which is more convenient for a friend you invite to vouch.
The key step is to invite friends who trust you to vouch for you. You do so after entering your insurance policy information in the “Invite friends to vouch” tab. After that, you click the invite button and enter friend’s contact information. The invitation is sent via e-mail for which you can also enter a personal message to help convince your friend. The more friends you invite the better the chances of getting guarantees that cover your deductible.
After you decide you are satisfied with the amount of guarantees from your friends you need to activate them on the same page, located under “invite friends to vouch”, where you sent out your invitations. This part is important as it marks the period from which the guarantees become (next day) eligible for collection. After that new invitations are not possible anymore and the shares are finalized, meaning guaranteed shares don’t change later on, so everyone can expect what their part will be in case of a damage claim. If there was no activation the process would be more complicated as different people would cover damages starting at different time points.
Under the “activated guarantees” tab. Anything listed there is activated until the policy expires. Expired guarantees are grayed out.
You file a claim on your insurance company, however you collect the guarantees on the VFM platform after you can prove the total damage cost with a receipt from the insurance company. You start the collection from the “activated guarantees” page.
If you experience any issues when using the product write to [email protected] and we will get back to you as soon as possible to solve the problem.
Yes, there is. When a guarantor vouches for the policy holder using the VFM platform, the two parties enter a binding bilateral vouching agreement. The vouching agreement references the insurance policy as the object of the guarantor’s guarantee and defines the exact circumstances under which a financial obligation can arise on the side of the guarantor towards the policy holder.

In practice this means that the guarantor is obliged to pay his/her share of the applied deductible in case the policy holder presents adequate documentation issued by the insurance company stating the following:

1. that a claim has been filed in relation to the policy referenced in the vouching agreement,
2. that the claim was processed and confirmed as valid by the insurance company,
3. the exact statement how much of the total deductible was applied in this claim.

The guarantor’s initial liability, i.e. the vouched amount, is defined by the guarantor himself/herself during the process of vouching on the platform.

The exact guarantee amount due arising from a claim is defined by the part of the total deductible that has been applied, i.e. redeemed by the insurance company. For example, if the costs exceed the total deductible, the whole guarantee needs to be collected; otherwise, only a part of the guarantee is collected – proportionate to the deductible applied – while the rest of the guarantee is still valid for potential future claims.

With each guarantee collection, the vouching agreement is amended with information about the claim, the amount of guarantee that has been collected and the guarantee amount remaining for future collections.
Yes. When your friends receive your e-mail invitations sent through the platform a link is included, guiding them to the login page from which they can register if they don’t own a VFM account yet.
At the moment we support vouching with credit card only. Later, alternative payments methods will be added.
You can invite anyone as long as you know their e-mail address. However, inviting people you don’t know is not recommended as they will likely not guarantee for you.
Currently no, but this is on our likely to-do list. However, inviting more people at once means you reward them equally and you are not able to personalize the invitation message.