Contact person: Chet Gladkowski
Email address: [email protected]
Contact number: 8636762621
The Digital Insurer Startup InsurTech Award
GAPro System - From an auto accident, worksite injury, or property damage, to a slip and fall incident, we depend on insurance to make us whole again after a life-altering event. However, what about the times when you find out there is no insurance coverage in place. Often businesses discover that contractor insurance policies have lapsed when they need to file a compensation claim after a negligent event. The problem is that insurance information on a sheet of paper is stuck in the 20th century. It is STATIC and UNVERIFIABLE. What is valid today may not be valid tomorrow if insurance is canceled. This has led to billions of dollars of fraud, abuse, and misrepresentation. The GAPro System is a single source, cloud-based system that accepts, verifies, and warehouses policy data in real-time. GAPro securely relays the data with permission “lightning bolt” fast to the interested party to achieve insurance contract compliance.
GAPro, named by Insurance Thought Leadership as one of the “Six Startups to Watch” delivers a data-driven Verification-as-a-Service (VaaS) platform, significantly reducing both costs and errors associated with legacy certificate form-based approaches. GAPro’s ecosystem provides all insurance stakeholders (carriers, agent/brokers, insured and third-parties) with secure self-service access to their insurance information, providing real-time and ongoing insurance confirmation and compliance verification globally. Additionally, GAPro can provide new customers and sources of revenue for carriers and agent/brokers alike.
The Market – The total market opportunity is represented by the approximately $36.2 billion cost of compliance and regulation. GAPro System estimated addressable market is $6.9 billion realizing a potential industry savings of more than $29 billion by utilizing the GAPro platform. GAPro centralizes all policy data to create standardization, efficiency, and compliance the leads to significant cost and time savings. This relatively low cost solution is an 80% cost reduction from the current system. By sharing and communicating data through the platform, GAPro gives carriers and agencies an opportunity to get a RETURN ON THEIR DATA without the high cost of IT infrastructure and integration.
Think about it, every time a policy or business relationships changes anywhere in world, evidence of insurance and compliance verification is required. Today’s convoluted and wildly expensive certificate of insurance is a vortex of agent/broker manual effort, paper, email, faxes and procedures where data is both late and locked in certificate forms (paper or PDF.) This is where GAPro comes in.
GAPro securely connects carriers and policy data with their broker/agents distribution channel partners, insureds and their third parties that need compliance confirmation. Think about the potential impact;
• $3.1 trillion of commercial and multifamily mortgages
• $91 billion total homeowners premiums
• 5.6 million commercial buildings with 87.4 billion square feet
• 1.2 million companies with 28.8 million commercial trucks and 3 million drivers
• 42.6 million independent contractors
• $2.6 billion in uninsured motorist claims
• $1.2 trillion in auto loans
Business Model – GAPro is a SaaS service that provides the following services on a subscription or transactional basis;
(1) Real-time Policy Services
(2) Data Verification Services
(3) Risk Profile Services, and
(4) Additional Insured/Notice of Cancellation Services
Revenue is generated from Carriers, Agencies, and Verifiers of policy data that consider real-time access very valuable in the time sensitivity of mitigating written contract risk.
(1) First with real-time solution to problem
(2) Key player and deep personal relationships in the industry
(3) Intellectual Property – Utility Patent Filed
(4) Unique Business Model
(5) Industry strong and experienced advisory board
(6) Knowledgeable, passionate & dedicated leadership.
Key Success Factors;
(1) Early adoption of service offerings
(2) Proper capitalization
(3) Identifying more key advisors and insurance carriers
(4) Establishing strategic distribution relationships
(5) Expanding awareness through trade shows, trade journals, and webinars
(6) Execution Strategy - Increasing market penetration into other industry groups with identical problem
Paul Carol, CEO and Editor-in-Chief at Insurance Thought Leadership wrote, “At its core, insurance is as digital as any industry there is, so it strikes me as odd that we turn the data into paper and PDFs and handle them manually. Why can't we leave the data in its native state and just make it available whenever and wherever the bits and bytes are needed? That question is why I'm a fan of GAPro, a startup that is trying to rewire the industry to stop these unnatural acts that we perform on data and to make the industry much more efficient.”
We believe that GAPro can give insurance stakeholders a strategic competitive edge in an industry that can easily outspend an individual organization. GAPro’s disruptive VaaS ecosystem is destined to fundamentally change the insurance industry, and how information is shared between all four stakeholders.