Horacio Alberto Melo Torres
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Problem:Staying on top of insurance is too hard:a) Consumers are leaving money on the table on their insurance policies because its time-consuming to constantly look for best quote in the market.b) Consumers also find it challenging to keep track of renewal dates for all their insurance products so products often renew automatically.c) Consumers find it hard to navigate through the steps of switching insurers.Unique solution:A Mint.com for insurance - all your insurance products in one place along with the expiryrenewal dates for each product. Our web-app will disrupt the insurance industry by helping users effortlessly optimize their insurance portfolio and guide them on switching providers.Opportunity target market:Start in the UK market: $320m in affiliate commissions paid for online customer acquisition.Ultimately target the global market: ~$2.5bn in affiliate commissions paid for online customer acquisition.Competitive advantage:Our competitive advantage is data. Holding insurance policy data we can provide policy holders with quotes that meet their criteria (ex: John would switch for a policy with the same level of coverage but that costs at least less than what he currently pays).No data input will be required from the user after the initial sign up - we already hold their policy information as well as policy expiry date vehiclehouse characteristics and personal information. Quotes will be hassle free and highly targeted. This will turn the insurance shopping process on its head.Go to market strategy: Running leanLean startup approach.1) Tested our assumptions with consumers from our target market. They share the problem that were planning to solve.2) Defined MVP based on user learnings.3) Build MVP. (current stage)4) Build experiments measure learn. Iterate.During our continuous iteration process well work on automating the registration (importing policy data) smart quotes (partner with comparison websites) product suggestions intelligent email alerts as well as our knowledge database.