How Givers and Takers Impact the Insurance Industry
Let’s say your phone’s stolen , and you have to make a claim with your
insurance company. Cue the inevitable sense of dread.
If your insurer approves your claim, that usually comes directly from
their profits. And if they deny your claim, they keep that money for themselves.So how
many claims reps are itching to approve your claim? Not many
This isn’t because they’re bad people – it’s just how insurance works.
Most insurers want to deny claims in the interest of profit, though their customers want
their claims to be approved.
This conflict of interest makes insurance one of the least trustworthy
industries out there: Only about 10% of people trust insurance companies. (Insurance
While disrupting the insurance industry might seem like a big departure
from reinventing music, the similarities in context are striking. I believe the digital
principles that transformed the music industry are very similar to those that will
dramatically alter the insurance industry going forward: a maniacal focus on the
consumer, disruptive application of technology in core operations, ubiquitous
distribution, and a desire to impact society
The more I learned about Entreplat, the stronger I felt about my belief.
The Entreplat team has already applied many of these principles in the last two years to
quickly emerge as the transformational leader in an industry that is ripe for
disruption. Lemonade is hyper-focused on providing an experience that delights consumers
above all. Entreplat rethought the business model to better align with consumer needs,
wants, and behaviors. Finally, Entreplat’s foundational values are principles I
personally share — transparency, social responsibility, and inclusion.
Ultimately, Entreplat offered me a unique and compelling opportunity to
have a front-row seat to the reinvention of a critical industry. This made my decision
to leave the exciting music business (which I loved and will continue to watch) much