So you think you have a product idea — what now?

New idea for a business or product?

1. Is there a customer for it?

  • If we wanted to start our own insurance company (or at least partner with an existing insurer), the customer could potentially be anyone that buys car insurance. We could also do some user research to further segment customers as maybe this type of insurance would be more desirable to more cautious drivers that aren’t as worried about the insurance company monitoring their driving.
  • Alternatively, perhaps we white label it to existing insurance companies which could then offer incentives to their customers to use it.

2. Is it solving a problem (for the customer) and is it a problem worth solving?

3. Is there an opportunity in the market?

4. Is now the right time to try it?

5. Is it viable?

  • Developing the technology and the processing of that information. This is likely going to require some expensive engineers.
  • Operational costs to support the claims process and then the actual cost of paying the claims,or underwriting, or setting up the business. This is probably also the time to explore any potential partnerships.

6. What’s the best value proposition to attract our target customers (product-market fit)?

7. Is there value in continuing on?

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store