How can i start my own niche market of insurance product?

Question

I have an idea for a type of insurance that is currently not available... Can anyone give me a basic rundown of how to create, start selling a new product?

Answer 1

Well, first you figure out the claims costs.   You'll need actuaries for that - how many clients, how to rate the risks, and expected/projected losses.   You use that info to calculate rates.   Then, if you're planning on selling this yourself, for your own company, you have to get millions of dollars to pay future claims, and put them off to the side, before you can start selling.

Then, you can bring your financials, along with the sample policy form, and rates, to your state insurance commissioner.  First they'll review the financials, then look at the loss calculations from the actuaries, then they'll look at the sample policy forms for legal compliance.  At any of these steps they can shoot you down.

Most of the time, when people tell me they have a great product idea that's not currently available, it's actually not available because you can't charge enough to cover the risk.  Private unemployment coverage, loss of a job insurance that pays your mortgage, cosmetic surgery coverage, that kinda stuff.  Stuff people wish was out there, but don't realize, you can't make money off of it.

Answer 2

Congratulations for identifying your niche insurance product, you are already a step forward as compared to  those that still haven't identified a product or service.

I think a good, easy and more efficient way is to start a blog or website and then use it to launch your insurance product.

You can read more on how you can be able to do that here.http://1-800.your-inforcom.com/blogs/nic...