Fifteen years ago banking was a big, lumbering vertically
integrated giant largely untouched by the Software Revolution.
Sending money to someone else required scribbling your name on a dead
tree and hoping the money would magically leave your account a week
later. Today, a crop of Davids with digital slingshots are
attacking almost
all traditional banking services.
My associate Thomas Smyth has gotten our team all riled up about how we’re going to see this movie again in insurance.
Insurance, somehow, has remained largely untouched by technological change, with the vast majority of Americans still picking up the phone to call their local agent when they want a new policy. Thanks to its backwardness, insurance is the next opportunity for a revolution in financial services.
Check out what the cost structure of a typical property & casualty (P&C) insurance company looks like today:
Source:
http://www.forbes.com/sites/arjanschutte/2015/01/21/insurance-7-trillion-goliath/?ss=data-companies
My associate Thomas Smyth has gotten our team all riled up about how we’re going to see this movie again in insurance.
Insurance, somehow, has remained largely untouched by technological change, with the vast majority of Americans still picking up the phone to call their local agent when they want a new policy. Thanks to its backwardness, insurance is the next opportunity for a revolution in financial services.
Check out what the cost structure of a typical property & casualty (P&C) insurance company looks like today:
Source:
http://www.forbes.com/sites/arjanschutte/2015/01/21/insurance-7-trillion-goliath/?ss=data-companies
