Project Description

FORTAMUS was founded as Fortamus Insurance Services, placing life insurance for applications considered high risk due to health status, occupation, or other disqualifying circumstances. The company’s expertise in sub-standard risk placement, high value underwriting and data analysis addressed the needs of 3 distinct constituencies: For agents, Fortamus increased high-risk case volume. For carriers, Fortamus boosted case acceptance efficiencies while decreasing workloads. And for reinsurers, Fortamus increased access to specialty case underwriting.

Challenge

Unlike the rest of the trillion dollar-plus insurance industry, the Life sector does not offer truly customizable products and services. Life operates on antiquated risk assumptions, inaccurate pricing, broken distribution channels and outdated technologies. Its bloated, top-heavy revenue scheme perpetuates the distribution of indistinguishable products and services that do not meet the very specific financial needs of individual policyholders. As a first step, our goal was to build a brand the allowed FORTAMUS to become a Advanced Technology and Development Center company at Georgia Tech.

Strategy

Our target became Financial Advisors managing portfolios between $75-100 million total value. The FORTAMUS data-centric operating methodologies determine specific risk for individual applicants and provide appropriate pricing for that specific risk. This high fidelity risk/pricing relationship provides superior products for consumers while increasing policy volume and profitability for distributors. A technology-active business model based on data modernizes the Life sector, enabling distributors to provide customized policies and investment products for individuals at a cost savings and higher ROI.

Results

At the end of 2018, FORTAMUS became an ATDC Signature Company. Through carefully crafted messaging, visual guidelines and sales processes, a solid go-to-market business foundation was built. The enterprise platform provides an entirely new way for wealth managers to price, value, market and buy life insurance-based investment products. It will help FA’s evaluate risk, value clients existing insurance policies and enable the FA to issue a superior insurance policy under the current fee structure.

Opportunity For Life

ATDC

The Advanced Technology Development Center (ATDC) is Georgia’s technology business incubator. ATDC helps Georgia startups at various stages navigate the choppy waters of taking an idea from concept to product prototype to launch and ultimately to scale. FORTAMUS became an ATDC company at the end of 2018.

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