Description

This company is a fiduciary accounting software company that targets P&C insurance agencies for building accounting records along wih return premiums to ensure trust and overall financial solvency. Retailers and wholesalers are mandated by law to receive premium and return premium funds not as owners of funds but in a fiduciary capacity, and manage them for financial solvency. Determining the sales commission and its transfer to the agency business operating bank account has been a major source of insurance trust financial insolvency in the past. In current practice insurance agencies use business accounting methods to manage insurance premium and return premium funds, however, business accounting has been inadequate for commission income management; and has been inadequate for trust account financial solvency reporting. A high percentage of P&C insurance agencies operate out of trust risking a loss of business license and/or legal prosecution for theft. Insurance fiduciary accounting software was invented to address the P&C insurance industry's need for compliance with fiduciary laws. The insurance retailing market includes approximately 38,000 agencies writing approximately 38,000,000 insurance policies every year. The insurance wholesaling market is of similar size in terms of policies written by GA's, so this a significant market size with significant upside for a business development team to secure marketshare in a unique and untapped landscape. Both domestic and international insurance markets are theoretical users of insurance fiduciary accounting software, so this is a worldwide product being purchased. In addition to financial solvency reporting, the software also manages the agency's daily operations, such as: premium invoice and payments, bank deposits, agency commission income, premium remittance to insurance companies, and generating production reports. Other industires with a potential market are legal and real estate so there are other verticals this could be cross sold to. There are existing paid clients active on the platform, with nominal revenues but proof of concept and references are in place. Non Disclosure Agreement is required for comprehensive package on file with the Broker.

Posted May 11, 2016

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