It costs $60 billion annually to create, send and evaluate proof of insurance in the US. What would it be worth to save 10%? 50%?
GAPro is the world's first and only online, real time insurance information sharing platform that actively and securely engages everyone who has an interest in that information. This system automatically verifies everyone’s insurance requirements, helping people conduct and grow their business, buying a car or home, or anytime insurance information needs to be shared. GAPro matches insurance information to individual user needs, verifying compliance and notifying affected parties when there is a potential problem. GAPro brings all insurance stakeholders together, viewing the same information, at the same time, in the same way.
GAPro partners with insurance carriers to invest sharable data on the platform and connects all parties with an interest to confirm compliance and verify coverage making everyone comfortable about executing the written contract. GAPro is the verification service of the future.
GAPro estimates that we can save 75% of the proof of insurance cost.
The market opportunity
More than 250,000 times a day, someone is creating, delivering and evaluating whether insurance coverage exists and meets their needs. Todays convoluted, error prone and wildly expensive forms are a vortex of manual effort, paper, email, faxes and procedures where no one is looking at the same information, at the same time, in the same way. Insurance information is both late and locked in forms (paper or PDF) not to mention that almost half have errors.
The size of this opportunity is significant;
- $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 each mortgage, loan, building, vehicle, driver, contractor requires that insurance be verified not only once a year, but on an ongoing basis.
GAPro collects insurance information, connecting all insurance stakeholders with secure self-service access, providing real-time and ongoing insurance confirmation and compliance verification globally. GAPro significantly reduces effort, costs and errors associated with today’s forms based approaches. Additionally, GAPro can provide new customers and sources of revenue for carriers and agent/brokers alike.
GAPro is led by proven entrepreneurs who have significant experience in both the insurance industry and technology. The company’s passionate leaders include:
Herb Gibson is founder and CEO, GAPro, the Verification-as-a-Service platform of the future for insurance. Herb has overall responsibility for strategic direction and operations. His unique mix of significant entrepreneurial technology and insurance experience positions GAPro towards significant growth and the future of customer engagement. His experience includes founder of ITG Advisors (an insurance agency), President/CEO for Aversien Science (risk management technology company) and Vice-President of Meadowbrook Insurance Group.
A native of Detroit, Herb graduated from and played football for Notre Dame under the tutelage of Coach Lou Holtz. Herb received his Masters of Science in Management from Walsh.
Chet has been recognized as a leading insurance/IT executive, providing both strategic and practical insights across all P&C lines of business. He has worked in the P&C insurance information industry 40+ years for carriers, broker/MGA/agency, vendors and industry associations. Chet’s roles have included CIO for Interstate Insurance, Senior Director – Research & Development for ACORD and Vice President of software sales. As Cofounder, CMO/CIO for GAPro, Chet is responsible for all marketing, messaging, sales, software development and deployment.
Naga Peddibhotla is a treasury alum of General Motors Treasurer’s Office where his assignments included global FX/commodity risk and global liquidity. Previous experiences include working as the finance lead for CUNA Mutual Group’s operational transformation project and customer operations budget as well as managing all finance activities including the health and P&C insurance portfolio for a mobile medical diagnostic company. International experiences include investment banking, index fund software implementation and other capital market projects. As Cofounder, CSO/CDO for GAPro, Gautham is responsible for all strategy and development.
Currently a native of Ferndale, MI after immigrating from India, Naga has a MA from Newcastle University, England and a MBA from the Maharishi University of Management, Iowa. He is an avid golfer, traveler and foodie, being married to a gourmet chef.
Success so far
Starting with little more than an idea, GAPro has grown and succeeded in a number of significant ways;
- In partnership with Mercato Solutions, leveraged the KnowledgeKube platform to develop a functional Proof of Concept that has grown into an operational Pilot, demonstrating all the key capabilities of GAPro
- Signed our first customer, NAPA/Gallagher that delivered a Pilot project with more than 17,000 policies
- GAPro has been recognized as one of the top InsurTech companies to watch in 2017
- Partnered with Insurance Thought Leadership to not only bring marketplace awareness to GAPro, but to connect with C-suite executives around the globe. ITL’s network has nearly 800,000 in 216 countries and is growing by 8,000 new users a month.
Be part of GAPro
When you invest in GAPro, you invest in more than a software product and company. You invest in a community that unites insurance companies, brokers, agents, insureds, banks, mortgage companies, contractors, anyone needing proof of insurance. You invest in a vision to give greater value and visibility to insurance.
We will use the funds from this offering to:
- Add capabilities and extend existing Pilot from 17,000 to 120,000 policyholders
- License and deploy GAPro in the Asian insurance marketplace
This is an offering of Common Stock, under registration exemption 4(a)(6), in G WIZICON Technologies, Inc., doing business as GAPro. This offering must raise at least $20,000 by April 9, 2017 at 4:00pm ET. If this offering doesn’t reach its target, then your money will be refunded. GAPro may issue additional securities to raise up to $100,000, the offering’s maximum.
If the offering is successful at raising the maximum amount, then the company’s implied valuation after the offering (sometimes called its post-money valuation) will be:
1,071,040 shares × $4.99 per share = $5,344,490 implied valuation
The general purpose of the use of funds is to develop customers, improve technology functionality and features, continue recruitment of sales & support staff and management team. The company believes the majority of investment will benefit the company in developing customers and enhancing the technology.
GAPro’s official name is G WIZICON Technologies, Inc., so that’s the name that appears in the statements below.
GAPro’s SEC filings
The Offering Statement is a formal description of the company and this transaction. It’s filed with the SEC to comply with the requirements of exemption 4(a)(6) of the Securities Act of 1933.
We’re also required to share links to each of the SEC filings related to this offering with investors.
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Understand the risks
Be sure to understand the risks of this type of investment. No regulatory body (not the SEC, not any state regulator) has passed upon the merits of or given its approval to the securities, the terms of the offering, or the accuracy or completeness of any offering materials or information posted herein. That’s typical for Regulation CF offerings like this one.
Neither Netcapital nor any of its directors, officers, employees, representatives, affiliates, or agents shall have any liability whatsoever arising from any error or incompleteness of fact or opinion in, or lack of care in the preparation or publication of, the materials and communication herein or the terms or valuation of any securities offering.
The information contained herein includes forward-looking statements. These statements relate to future events or to future financial performance, and involve known and unknown risks, uncertainties, and other factors, that may cause actual results to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond the company’s control and which could, and likely will, materially affect actual results, levels of activity, performance, or achievements. Any forward-looking statement reflects the current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. No obligation exists to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.