Summary:
In this 107th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Garrett Viggers. Co-Founder at Limelight Health, a company that is working to digitize the entire experience of insurance applications from start to finish. Garrett Viggers talks about how Limelight Health got started, obstacles in getting the industry to accept innovation, and not trying to be a one-stop solution for everything.
Episode Highlights:
● 00:08: – Check out JasonPereira.ca to sign up for the newsletter and notifications.
● 00:51: – Garrett Viggers describes Limelight Health.
● 02:07: – What really drove the foundation of Limelight Health?
● 04:35: – How did his first experiences go with insurance companies trying to show them that there is a better way?
● 11:16: – Limelight Health is not overextending itself to try to be a policy admin system, CRM, or an enrollment platform.
● 11:54: – Are they running into the ‘one magic bullet solution’ syndrome in the insurance world?
● 14:56: – It is important to understand the ecosystem.
● 16:14: – What is causing the pushback from admins?
● 18:12: – What have been the success stories?
● 20:41: – The strategy to make things difficult is not a winning strategy.
● 27:12: – Jason shares a common podcast saying, ‘The reason that fintech exists is because traditional carriers allowed it to exist.”
● 33:21: – What would Garrett change in his business or his industry?
● 36:40: – What has been the biggest challenge in his business?
● 39:44: – What is the most exciting thing Garrett Viggers is working on?
3 Key Points
1. Streamlining down to one tech solution has negative effects such as increasing risk not getting a great solution and needs not being met.
2. Getting broker admins to accept online enrollment instead of paper is of high value.
3. You can’t build your experience for the naysayers who want to operate the way they did 20 years ago.
Tweetable Quotes:
● “We are really focused on new business renewals and making that a beautiful experience for group products & group carriers working with their distribution partners.” – Garrett Viggers
● “We started with medical. We went from phone, iPad, to full desktop because the feedback was, ‘Hey, does it work on Internet Explorer 6?’ We were thinking, can you just use Google Chrome?’” – Garrett Viggers
● “We realised that we have to solve the carrier’s problem so they can actually best serve their brokers.” – Garrett Viggers
Resources Mentioned:
● Facebook – Jason Pereira’s
● LinkedIn – Jason Pereira’s
● FintechImpact.co – Website
● JasonPereira.ca – Website
● Linkedin –GarrettViggers
● Limelight Health – Website
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