Compass Financial Tools ™ Elevator Pitch

What is your envisioned product or service?

Compass Financial Tools is a software application that assists insurance professionals in gathering financial data about prospects and processing that information in a way that presents financial solutions. The solutions support the sale of life insurance and fixed annuities as part of a comprehensive retirement plan. The software is a stand-alone application that will be downloaded from our website.

Who will buy it?

Compass will be sold to independent insurance professionals. We expect to contract with several large Insurance Marketing Organizations (wholesalers) who will act as sales agents for our software. The IMO’s will be provided with various affiliate codes which will allow them to set the price to either give the IMO a margin or provide the agent with a discount.. Compass will also be available to end users to purchase through our website. Because the IMO’s will generally provide some level of discount, we expect most of our sales to come through that channel.

Why will they buy it?

Independent insurance professionals need simple, user friendly tools and methodologies to automate the process of gathering financial data from prospects and preparing presentations based on planning concepts rather than simply product attributes.

Compass Financial Tools is a software application that assists insurance professionals in marketing fixed annuities and life insurance to persons who are either in retirement or approaching retirement and who have a fear of outliving their money. This particular segment consists of people whose net worth is less than $1 million, who are underserved by traditional financial planners, and who need the security of insurance products to avoid the impact of negative markets. There are no user friendly tools to support the independent insurance agents who sell in this marketplace.

What is the size of the market?

There are approximately 400,000 individuals licensed to sell life insurance products in the United States . Roughly 75% of those are independent agents who sell products from multiple companies, contracting with insurance companies through Independent Marketing Organizations (wholesalers).

What technologies*, if any, underlie your product or service?

Compass Financial Tools is a standalone software application written in MicroSoft® dot net programming language, utilizing a Sequel Express® database, and creating graphically rich reports using Adobe® portable document files. None of these underlying technologies is proprietary to Compass. The analysis performed by the software is based on complex mathematical formulas that mimic the formulas applied by the insurance companies in preparing annual statements for owners of fixed annuities and cash value life insurance.

How are these technologies* unique and/or innovative?

The technologies used in Compass Financial Tools are complex, but the interface is simple. Most insurance agents have limited aptitude for technology, so the software interface must be simple and intuitive. Most of their prospects who will receive the reports are older and appreciate a clean, easy to read reporting methodology. The attention to the needs of the end user makes Compass unique.

How will you develop intellectual property or other protection for your product or service?

The company that we are forming will file for a Federal Trademark on the Compass Financial Tools name and logo. It will maintain documentation of the models and computer code and aggressively defend its copyright.