Insurance is a necessary evil. Nobody likes to think about it, but it’s essential for peace of mind, knowing that you are protected should the unthinkable happen. Of course, the nature of insurance means that any time the topic comes up, you’re going to broach some unpleasant issues, be they casualty, injury, damage or loss of property. And these conversations are made no better by the convoluted bureaucracy and red tape that makes the whole process of getting insured far more expensive, complex and frustrating than necessary.
Yet, we’re now in the age of industry disruption, and the same advances in tech that are transforming transportation, media, finance and many other sectors are beginning to transform the insurance industry as well. Take for instance GAPro System, Inc., a company that seeks to address all proof-of-insurance and compliance verification business needs for clients that include insurance carriers, agents, insureds and third parties.
GAPro is currently raising capital on Netcapital, seeking a target of $20,000 and up to $100,000 for this current round, which closes on April 9.
How Does GAPro Work?
GAPro collects information and insures compliance through a real-time insurance information-sharing platform that actively and securely engages every party that has an interest in that information. notifying everyone when action is needed.
The GAPro platform automatically verifies each person’s insurance requirements when a user seeks to conduct and grow their business, purchase a home or car, or any other time insurance information needs to be shared. If a problem with a user’s insurance comes up, GAPro will notify affected parties of the issue.
By ensuring that all insurance information is shared to each involved party at the same time, via the same source, GAPro hopes to raise efficiency and cut down on costs in the billion-dollar insurance industry. In fact, GAPro estimates that they can save 75% of the proof of insurance cost, including:
- $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 trillion in auto loans
And of course, the nature of insurance means that each mortgage or loan holder, auto driver, contractor and any other insured individual is required to have their insurance re-verified at least once a year, and more often than not, they’ll require separate verifications throughout the year, meaning a consistent stream of work for the GAPro team.
Learn more about GAPro at gaprosystem.com.
