Quote:
Originally Posted by sbeans24
this isn't for renter's. but thanks for the feedback!
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I know you keep mentioning that this isn't renter's insurance, but I think it's just an issue of semantics. Posters keep bringing up renters's insurance because it does the same thing you're talking about
: cover personal property and possessions, including laptops, bicycles, etc. I would think that most college students are eligible for either renter's insurance (living in a dorm, apartment or sorority house), or their parent's homeowner's insurance.
Here are my other concerns about the product:
1) The target audience: college students aren't typically clamoring to get themselves insured on things. Look at health insurance as an example. I would bet that you aren't going to get a really high sign-up rate in any given chapter. If you got 10% of a college chapter signed up, I'd consider that a miracle.
2) Is this a business plan for you, or a non-profit plan? Are you looking for this product/service to make you a profit? The cost of insurance is typically calculated to cover risks to the insurer plus reasonable profit. I don't know particulars about the industry, but it does seem to me that insurance has gotten more competitive (read: lower margins for the insurance industry) because of technology and bidding mechanisms. I'm thinking that in order to make this work so that chapters raise any money, you're going to have to charge each policyholder more than what they would pay elsewhere.
Out of curiosity, when you say that this is something you're working on, do you mean that you're personally working on this as a startup concept? If so, there's a lot of great entrepreneurship information out there on how to vette ideas. In particular, the concept of "failing fast" comes to mind here - if you have a stinker of an idea, figure it out fast and let it go.
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