Luko \France

Step 2 - Property Manager Validation: Pivot to B2B by integrating with one mid-sized property management platform (10,000+ units under management). Offer white-label parametric coverage for their properties, positioning as a tenant amenity and landlord liability reducer. Property managers pay SaaS fee ($2-5 per unit per month) plus insurance premiums. Build Retool dashboard for property managers to monitor coverage and claims in real-time. Target 5 property management clients (50,000 units) in 6 months. Validate that embedded distribution has 10x lower CAC than direct-to-consumer.

Step 3 - MGA Infrastructure and Reinsurer Partnership: Obtain MGA license in one state or country (6-12 months). Build out actuarial models using accumulated IoT data to demonstrate superior risk selection. Partner with a reinsurer (Munich Re, Swiss Re, or specialty reinsurer) to take on balance sheet risk while Safeguard retains 20-30% of premiums as commission. Expand coverage types to include break-in and fire using existing IoT sensors. Scale to 10 property platform partnerships and 200,000 covered units. Achieve breakeven on unit economics with combined ratio below 90%.

Step 4 - Data Moat and Horizontal Expansion: Leverage proprietary dataset of IoT-triggered claims to build the most accurate parametric risk models in the industry. License anonymized insights to traditional insurers and IoT manufacturers (new revenue stream). Expand horizontally into adjacent verticals: vacation rental platforms (Airbnb hosts), co-living operators (Common, Ollie), and eventually direct-to-consumer via partnerships with neobanks (Revolut, Chime). Build AI-powered risk prevention features (predictive alerts before leaks occur) to further reduce loss ratios and increase customer LTV. At scale, consider becoming a full carrier or acquisition target for traditional insurer seeking digital transformation.