The opportunity I’ve seen for my business is the ability to help people with an unsought need, but one that is actually needed. For example, people with families and finances used to support others, can benefit from life insurance to keep supporting others if anything life threatening were to happen to them. I classify this as an unsought need because people do not wake up and go out and look for life insurance. It is a need one must make aware to them. In my dealings with potential customers, I’ve come to the realization that once they are made aware of the potential benefits life insurance will offer them, it practically turns into a necessity.
I’ve also identified my potential customers as a wide age range. Life insurance does not cover just those in good financial position who have something to lose in a life-threatening situation. It covers everyone just because the premise of this idea is that “everyone is in denial of their mortality’. That expression so clearly identifies the target audience, because at any point in your life, something can happen that renders you incapable of taking care of yourself. If you are a young teen who has recently become independent with a job and an income, the last thing you want to do is have to become dependent on your parents for the remainder of your life. Without a proper compensation plan to be careful about the future, how can you be prepared. However, this opportunity also becomes equally important to those who have an income and have dependents upon that income. Examples of this include husbands, children, wives, parents, and just relatively anyone that depends on you. Those that depend on you cannot afford for anything to happen to you, which is where life insurance plays a role. Basically means, expect the unexpected.
This market is opened for life. The window of opportunity will never close because no matter what people will need to be insured for the rest of their lives. Unless there is an alternative to insurance in which people can protect themselves from these unexpected accidents, I believe life insurance will be here to stay. As for the geographical context, I plan to stay in America. Expanding to international areas brings too many problems and changes I believe I’m not ready for, until my business has reached the maturity stage of its process. America is the biggest economy in the world, so to be able to market and sell my product in an economy of this scale, I believe my profit margins are going to be well over enough.
Figuring all this out has given me an amazing opportunity that most don’t understand. People try to find opportunity in things that consumers seek out on a daily basis. My idea has formed by thinking just a little bit outside the box.
After discovering my opportunity, I have been able to be innovative with the product. The biggest problem in finding customers is the fact that life insurance policies become to unexpected. Most consumers have the mindset of not wanting to pay for something they don’t directly reap rewards from. Car insurance is a necessity if you want to drive a car, but sometimes most don’t even offer to pay for that. Consider the fact that this is a legal requirement to even drive a car. To bypass this barrier, I have formed a plan create customizable insurance plans that become affordable to every age range. The purpose of this is the idea that it appeals to every age range and that not everyone wants to have the same life insurance coverage. But why would a younger person pay the same price as an older person who is well into his/her career and is already financially stable? This is where my company truly elevates the game to the next level.
Creating these customizable plans will lower my commissions deeply. The plan is having cheaper commissions but bigger quantities of customers. Kind of taking a Walmart style approach by appealing to a larger clientele is another form of innovation. Walmart was a pioneer in the field of grocery and wholesale who completely changed the game. This is my idea. It will take a lot of work but being an innovator is where the true entrepreneurs really become successful.
I have defined my innovation and my opportunity, so the next step is my venture capital. Customers would switch to my idea for the fact that they get a personalized plan based on finance, age, and expected growth. This way they can pay for a plan that offers similar coverage for the price they are able to, not just one that is a standard rate for everyone. This is going to involve heavy collaboration and relationships with life insurance companies to be able to get these plans but expected profit and payout will be enough to provide incentive. In every fair market there is always going to be competition, but that Is the only way capitalism would work. Obviously, my main competitors will be well trusted agencies that have been around for a long period of time. These agencies have a giant customer base and have well established relationships with the life insurance companies and their customers.
The great thing about this service-based industry is that we don’t need packaging or distribution in terms of materialistic areas. However, distribution is important in this area. We must have proper distribution with life insurance plans and keep a standard system for keeping customer database in check. Also, setting a proper business is the biggest step in making this big. I love this because my business can start with just me and as profits and clients grow so can my business. Bringing on a second employee would be an assistant to keep track of my customers to be able to keep expanding. After having a good database of customers I can begin to bring in another salesperson and continue gradual expansion.
Feedback: I got very positive feedback from my peers in all the peer reviews we did. They said they liked my work and that I have a great idea going. As far as my Whats Next I think this venture concept was able to capture all that. I changed it by grasping the advice from others and instilling it in my new venture concept. Although I was told my idea was pretty full proof there is ways room for progression and for improvement. Anytime Im given a new idea I take it and develop it which is one of the greatest qualities I perceive as an entrepreneur.
