- Existing Market
- The insurance market in America is extremely present and has the potential to experience a lot of growth if there were ways to make it cheaper for customers to obtain. I think there could be insurance programs in the works that are being created to capitalize on newer market trends, but they have not been accomplished yet.
- After speaking to three people about what is next for my company, they said that the next step is definitely working with gyms to create programs that cross-check enrollment in these types of insurance programs and to offer those individuals enrolled in these programs in special activities or get special rates on their gym membership.
- I believe it makes the most sense for my company to take the initiative to create this type of business idea in order to capitalize on the market while I can patent my product and before others enter the market. I would need to begin developing my product and figure out how to build a database that can be shared with other individuals. I would also need to work with developers to figure out how we would be able to tailor this product to be uniquely built for every customer we track. After we have successfully exploited this idea, we can work on creating business relationships with gyms and building programs that offer unique benefits for individuals enrolled in this program with their insurance companies.
New Market- I think a very different idea I could implement would be to create my own insurance company that offers benefits like lower costs if our customers exercise in our company gyms, which would basically implement gyms and healthcare all into one.
- I think this could create value for people in the market because it would put more of their health-related activities under one umbrella of products. My company could build gyms with offices inside of it and hire doctors and personal trainers to work with in order to create an all-inclusive treatment.
- The two people I interviewed about this product thought that this would be a good idea, but it would be extremely cost-intensive and may turn away those who do not feel comfortable having their insurance companies so invested in their lives, since they are privatized and profit based.
- I think this business venture is less attractive because it requires so much cost and so much time to develop. Additionally, it would require so many people to blindly follow my business in order for it to even stay afloat or accomplish what it needs to. I definitely think that this idea, in theory, is very attractive, but it seems like it would be too invasive of a business venture for it to be successful.
Friday, April 5, 2019
What's next?
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Hey Meghan, I think the cross-check enrollment is a great idea and a mutually beneficial partnership between gyms and insurance companies. I think the best thing for your business idea is to build a giant network of insurance companies and gyms, because as you said it would be too expensive and competitive to build your own insurance company from the ground up.
ReplyDeleteHi Meghan, I would look at speaking with Blue Cross and Blue Shield after you get your patent. They used to have a website for current insurance clients (like I was) where you could follow a health plan of working out, etc. and gain points. But they never offered discounts- your opportunity edge and differentiation. Your plan would make more people use BCBS for insurance! Plus, gym members would love to know about the idea like you said, they are already healthy or getting there and could save. BCBS or which ever insurance company you choose would gain more overall profit in the long run and sustainable retention rates!
ReplyDeleteHi Meghan, I think your views on whats next and the feedback you received on whats next will be very helpful in the later stages of your business. I think your idea of starting your own insurance company is extremely ambitious in the early stages of your current product. Maybe later on into the life of your product, you will have more capital and expertise to start your own insurance company.
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