Michael and Johnny continue their FinTech series by looking at Insurance Technology companies Lemonade, MetroMile, and Root Insurance. We go over the founders' backgrounds, company histories, products, and keys to success. We dive into how they generate revenue and make a judgment on Rich Tech or Poor Tech.
We live stream on Twitch Sundays at 9:30 AM PST!
Recorded Date: Sunday, February 28, 2021
Time Stamps
- 00:00:18: Overview of Insurance Industry
- 00:04:12: Company Overviews
- 00:09:10: Products and Differentiation
- 00:17:20: Future Outlook
- 00:32:48: Rich Tech Poor Tech
Highlights
- $1.3T in insurance premiums was paid in the US in 2019.
- The top ten home insurance providers have an average of 104 years of company history
- What innovations/points of innovation are these companies providing?
- Is big alternative data and machine learning models enough of a differentiator?
- How much privacy are people willing to trade to save money on insurance?
- What does it say about an industry when the biggest differentiation is saving customers money?
- How much insurance do we really need vs. what we have been led to believe?
- Is Insurance Tech a Rich Tech or Poor Tech space?
- Root is an Insurance company using technology
- MetroMile is moving into the enterprise SaaS business
- Lemonade is not your typical insurance company
- If you're at 50%, you're not rich
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