Policygenius CEO Jennifer Fitzgerald explains why life insurance carriers maintain higher profit margins compared to property and casualty insurers.
Insight
Having a second child is the top catalyst for buying life insurance
“The biggest trigger for life insurance is having a child. Specifically what we have found in our consumer research, it's having child number two, because when people have their first child, they're so overwhelmed with now they're a parent, right, and getting t…”
Disclosure
Policygenius plans to evolve from broker to first-party insurance issuer
“Eventually, yep. We look at our journey similar to Amazon or Netflix which started in the third party world. Consumer goods in the case of Amazon, content in the case of Netflix, and they eventually moved from third party to first party, where they were actual…”
Insight
Entrepreneurial success is mostly luck; hard work is just table stakes
“I think the balance is always more toward luck, to be honest with you, because I've seen a lot of people who just work so, so, so hard and you know, it's wrong idea or right idea, wrong time or you make a couple bad decisions early on. A few things don't break…”
Insight
Selling insurance to millennials proves a company can sell anything
“Listen, if you can figure out how to sell insurance to millennial consumers, You could sell anything to anybody. Full stop.”
Assertion Supported
In 2013, no end-to-end multi-product digital insurance marketplace existed
“You had a couple lead generation companies. That would put up a landing page promise you quotes or insurance, but then, you know sell your contact information to either insurance companies or to insurance agents. You had e-health insurance that focused on heal…”
Opinion
Disability insurance is critical for workers, yet most are dramatically underinsured
“Disability insurance is income protection insurance. So if you were to get sick or suffer an injury and couldn't work, it replaces your paycheck for a defined amount of time. Right. So probably the most important type of insurance for working individuals to ha…”