VouchForMe Unlimited

A web based tool for deductibles sharing

VouchForMe is a web tool based on blockchain technology that enables users to ask friends and family to vouch for them.

By being vouched for in the form of financial guarantees, individuals effectively share insurance deductibles and can enjoy lower insurance premiums.

The first version of the VouchForMe product is out. We have named it VouchForMe Unlimited.  Try it out!

Register now and start sharing your deductibles

Check the video to see how it works

What is VouchForMe Unlimited

VouchForMe Unlimited is designed to support individuals to share existing insurance deductibles by inviting friends to vouch for them. It is an insurance carrier independent app that:

manages the process of inviting friends and family to vouch

creates agreements between the insurance client and individual guarantors

in case of a confirmed claim, facilitates the guarantee collection procedure

While insurance clients normally aren’t comfortable with a high deductibles, VouchForMe enables them to share a part of it with their social circle. By vouching, guarantors make a financial commitment to cover for a part of deductible in case of an at fault claim.

Features

Evaluate trust
Digitize your friends’ trust to lower your costs.

Share the risk
You divide the risk of paying the full amount of deductible yourself among friends. But they pay only in the event you claim.

Affect positive behavior change
By being recognized as a safe driver or someone who takes care of their health, you become a role model and influence your friends to try and act the same way themselves.

FAQ about VouchForMe Unlimited

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.

The promotional period is valid for three months, that is until March 15th.