I'm pretty certain that it is new. I'm aware that I can patent a method of insuring. I want to know if there are ways to make money on my idea, without actually going into the Insurance business, because that requires to have a large bond. For example, is there a way to sell my idea to an existing large Insurance company? E.g. I have math background, I could develop the actual business plan and statistical model to demonstrate profitability, but I don't have experience running such a business. What are other ways to make $$ on it? Who else can/should I market it to, how do I approach them? When answering, would you be so kind to mention your qualifications/experience in the field. Thanks much!
Just to clarify (after reading a couple of answers): my idea is not about Health insurance, Auto insurance, or other existing types of insurance. It is about an entirely new *type*, something that has not been insured by anyone before - yet, I know there is a need for it, a potential market, statistical rarity of accidents, and data to build a precise model. I cannot go to school or change my job/career/life for the sake of this idea. I'm not in the insurance industry, but in the industry where the accidents occur. I want to suggest this idea to an existing insurance business, but I want to know how receive $$ for the suggestion.

Send me your resume.

Beware that the marketing machine makes more money than the product. I can make a better hamburger than McD's, but I can't market like them. If I went into the hamburger business, I would go flat broke.

I would start to narrow your search for companies to pitch to by first figuring out if it falls into the broad categories of Property and Liability or Life and Health. It is rare that a company excels at both of these fields.

Not sure about the P&L side, but for L&H, you might try Peterson International (correspondent for Lloyds of London). They have some very nichey products. A company like Fidelity Life Association might also listen to you.

Seriously, I think your first stop should be an attorney who has experience in this field.