There are 1.5 million nonprofits in the US alone who don’t have enough time or money to understand how insurance works, let alone find the right coverage. USA nonprofits account for 9% of all wages and salaries but most fail because they struggle to pay for simple yet required operating costs such as insurance.
As a consumer, I don't often donate money because I feel it goes into a black hole. Think of the Red Cross and Haiti housing project. If I could donate to a specific need such as insurance and receive validation from a third party (insurance company), I would first research the needed product (consumer education), donate and feel good about my contribution.
What it does
Insure Patch supports this underserved market in minutes with a web application that allows nonprofits to understand risks and a mobile application that entices the middle market to support charities by buying insurance for nonprofits.
How we built it
We built our application in angular.js, cordova, ionic, bluemix, IBM alchemy and trade off analytics and host on Blumix
Challenges we ran into?
Not having proper data from insurance companies to recommend actual products and services.
Accomplishments that we're proud of?
Our application will allow nonprofits to become more sustainable by having stability. We entice hesitant donors to donate with confidence. Donors will research about the insurance product to ensure their money is going to a good cause. At this point, we have educated the consumer about insurance products from an array of use cases. This is very expensive for companies to do directly. If and after they donate, we direct the consumer to our web/mobile app for individuals and provide them insurance offerings from partner insurance companies.
What's next for Insure Patch?
1) We need to partner with insurance companies to fetch actual product data (www.swissre.com, www.insurancefornonprofits.org, etc) 2) Provide service to non-profits to start testing and find market validation. 3) 40% of Swissre's business by 2020 is targeted in high growth markets. If SwissRe partnered with Insure Patch, our application could expedite their growth plans in high growth markets, increase policies in developed markets (Western Donors), and use nonprofits as a catalyst for market expansion.