Read on Twitter
1/ Why doesn't insurance just "come with" everything? Rental w. apartment lease, cyber w. domain name, pet w. dog etc. Instead, we buy the valuable thing, then go somewhere *else* to get insurance. New post w. @seema_amble on opportunities for startups https://bit.ly/3axjasM
2/ More companies are realizing that by offering financial services, they can better retain their customers and increase revenue. Insurance is a big untapped opportunity. Why don't more platforms offer? Insurance is hard to build and hard to partner with. How could this change?
3/ Pick a category and create a modern, easily integratable product: newer insurtechs like @hippo_insurance & @clearcover have short intake flows where most data is gathered without needing user input. Stage 2 would be to incorporate data from the platform
4/ Build an API layer to make it easier for sellers to partner w several insurance cos: e.g., map the application and data requirements for 10 best carriers in a category to a single form, pre-populating fields with the potential buyer’s info. Allow for easy switching.
5/ Develop infrastructure building blocks: InsurTechs & incumbents could build faster & platforms could launch bespoke products. A fresh take at each layer of the stack could eventually reach a point where adding insurance is as modular as adding bank products.
