SafeGuard Guaranty, a Durham startup that has already raised more than $1 million and aims to raise another $5 million, is offering new life-insurance based products to help clients “save for the future.”
Its lead product, Marriage Assurance, is especially new.
“Do you know anyone that offers actual marriage insurance? Neither do we … anywhere in the world,” CEO John Logan tells WRAL TechWire.
“Wouldn’t it be great if every marriage could come with a guarantee of a happily ever after? Well, we can’t guarantee wedded bliss, but we can provide a method for creating financial security for individuals who want to invest in themselves rather than risking their long term financial goals on investments that can go down faster than they go up,” the company says.
SafeGuard is among the startups and emerging companies that will present at the Council for Entrepreneurial Development’s annual Venture Conference in September.
This is the latest in a series of profiles about these companies produced by WRAL TechWire in partnership with the CED.
Profile: SafeGuard Guaranty Corporation
- Website: www.safeguardguaranty.com
- Email ontact: email@example.com
- Address: 4600 Troys Mtn. Lane, Durham NC 27705
- CEO: John Logan
- How many employees? 6
- Link to CED Tech Venture Company Profile: https://cednc.org/company-profile/safeguardguaranty
What is the focus of your business?
New life-insurance based products that help people save for the future.
What is the top pain point/business application you are seeking to address?
Our flagship product, Marriage Assurance(sm), addresses two big issues in today’s society:
A. More than 53 million people (45% of the American workforce) don’t have access to any company sponsored retirement plan and those that do save through 401Ks or IRAs (Obama’s myRA plan just got axed because so few people signed up) know they have a question mark at the end of saving for 20-30 years at best, with no guarantee of any positive outcome.
B. Divorce is the No. 1 contributing factor to bankruptcy and poverty worldwide. Here in the US, on average, people lose 77% of their total net worth as a result of divorce, and 44% of women go BELOW the poverty line as a result of divorce. We aim to address both those pain points by providing methods to guarantee a secure financial future and provide a financial safety net in the event of the unimaginable.
What makes it unique?
Do you know anyone that offers actual Marriage Insurance? Neither do we…anywhere in the world.
Why should investors be interested in your firm?
Milliman USA estimated that a mature global market for a marriage insurance product could garner more than $160 billion in annual premium. We’ll have first mover advantage and a nearly unbreakable actuarial model and we already know from our multiple consumer studies that we have an anxiously waiting customer base.
Think of it this way, back in 1980 when Pet Insurance first started in CA, insurers laughed at the idea because they though it would be fraught with adverse selection.
This year the 12 or so companies that sell Pet Insurance in the US will hit the $1 billion in annual premium mark. So much for adverse selection. We expect to hit that mark in less than 10 years, not 37.
How are you financed at this point?
Just over $1.3 million and we’re actively looking for another $5 million.