How can I attract investors for insurance software? Is there an avenue for this type of technology software?
I have designed an insurance software. QFD - Smart Design is an Insurance Accelerator which is designed to assist insurance companies with sales and the up-selling of their product lines. I hide the complex process behind a simple interface that integrates all insurance product lines and multi-risks under one roof assigning one quote/policy number per client. Our Calculator recognizes the work that Actuaries and Underwriters do when they prototype new offerings. I have the ability to create any type of policy documents. In addition, I can integrate any external data into the calculation or to assist in the up-selling of any insurance offering. I can bring insight about your risks ie. credit, location, google and other statistics.
I have the product ready for sale, the website is up. I haven't been able to attract any investors and I am looking for ideas about trying to find investors within the industry. Are there any industry think-tanks, etc. that would invest in new products, technologies? The funding would allow me to build a team, hire a sales professional, allow me to focus on geo-spatial add-ons, etc. I am a one man show. Don't have any funding, have a product ready for sale, no team (no money to pay them), but the product has been demoed twice and has had very favorable response.
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Can you make progress without investment? Really, you need to find a client who will take a chance on an unproven system, then you'll have revenue and won't need investment. Emphasise the competitive advantages that your system provides, especially if the new product route to market can be compressed significantly or it helps integrate books of business from acquisitions. When I was involved in insurance software, those two were the main advantages of the systems I built that the board-level guys loved. Get them on side and you win. Good luck. – Steve Jones 11 years ago
1 Answer
What have you tried so far? In my experience there's no universal coarse of action one should pursue that'll guarantee success with investors. It depends on lots of variables, lots of them being industry specific. Have you looked at your competitors? Where do they get their funding from? What is it that they do that investors care about?
Also, you say that you have a finished product. And it's even been tested with success. Can you produce proof to investors of this achievement? Or even better: Can you benchmark your system against those of your competitors? Meaningful data is paramount; your product should be measurable.
