insurance

“Insurance for the longest time was almost an underfunded market. And part of the reason why insurance was underfunded relative to the size of the industry and relative to how big lending is, it's really hard to get insurance right.”

“Google is now second most valuable company on earth, and a big chunk of their market cap is coming from insurance.”

“In most categories of insurance, the dollar volumes are higher, and the feedback loops are a lot longer, and so you can't use the same technique.”

“No surprise, all financial services is regulated, but the special challenge with insurance is that there's no federal regulator. And so by definition, a new company has to go state by state by state, which just costs more time and takes more money.”

“We did some quick math, and apparently fifty million dollars of Google's, or fifty billion dollars of Google's market cap, can be attributed to insurance.”

“Lastly, with the exception of auto, most insurance is sold via a broker.”

“Farmers used to pool their crops at the end of the season. So they would choose to give up a higher than average yield in good years in order to mitigate loss in down years. And this is the fundamental concept behind insurance.”

“And those cars don't have a driver, and the insurance probably costs half as much because self-driving cars don't have accidents in the same way, because the error rate will be lower, and so the price of those self-driving, of those on-demand services will be …”

“There's actually a law in most states, I know this because we tried getting into the insurance lead generation space at TrialPay, where you cannot reward people for switching their insurance.”

“I think the really interesting thing about insurance is it's the first big data problem.”

“It really is a unique industry where more customers is actually worse than less but more profitable customers because each incremental customer is like a coin flip of profit or loss.”