Venture Concept

Opportunity

• There is an opportunity that exists within the insurance market to modernize these archaic models of insurance. There also exists the opportunity to capitalize on recent trends in the industry, such as physical fitness becoming a more popular trend in modern society. Potential customers are insurance companies that are looking to increase their cost prediction effectiveness and also increase their profits.
• I believe this market is defined within America given the current structure of our healthcare system. Americans have a choice of insurance company, if not already provided by employers. The possible consumer base is very large, as most Americans are insured by healthcare providers. I believe the window of opportunity for this product will be long-term, given the structure of the American healthcare system, but there are threats to its longevity with some individuals calling for government-owned healthcare.

Innovation

• I believe my product is incrementally innovative, as it is just a mere improvement on existing insurance companies structures/policies. My business idea is to basically form a database, that can be tailored to the different requirements of different insurance companies, in order to record the physical activities of those that opt into this program, in order for them to more accurately predict costs associated with an individual and to give them higher deductibles if they are more physically active.

Venture Concept

• I believe that customers would switch to this product because insurance companies need to modernize and capitalize on recent trends in society in order to gain more traction. Additionally, I believe that insurance companies would enjoy this program mostly for improving how they can predict the costs associated with an individual in order to make more money,
• The competitors do not exist currently. No one offers a product like this.
• Customer support and distribution play the biggest role in my business. Being able to accommodate every business and tailor my invention to different database requirements is vital to my success.
• In order to support my business, I would have at least 10 employees to control customer support, marketing, salesforce, and computer developers. I believe salespeople would have the most vital role in the business, as they will be the source of our income.

My most important resource:

• I believe my most important resource will be the fact that this business idea has not been created yet. I have the opportunity to capture the market before it even exists.

What’s next for the venture?

• I think the next idea for the venture would be to partner with gyms to give discounted gym rates for being in an insurance-partnered program. My idea could be compared to a silver sneakers, but for younger people and not completely free.

What’s next for me?

• In five years  after I launch my idea, I want to still be managing my company and have great working relationships with insurance companies in order to take my product to new heights.