“Dinosaurs R us?”
I was at a workshop session recently where the following quote was mentioned “Finance will be the most disrupted industry in the next 10 years”. The quote was attributed to Peter Diamandis, the executive chairman and co-founder of Singularity University. That’s my industry – sure, there’s a lot that needs disrupting but it’s really got me thinking.
An example that was given was of short term insurance company, lemonade.com. They have 3 “mantras”
- A flat fee for all transactions
- Bonuses are paid but to a charity of your choice (they figured that if they paid out cash then people were more likely to leave and go elsewhere once they got the bonus)
- They pay claims – quickly.
In fact they pay claims so quickly that they recently tried to enter themselves into the Guinness Book of Records for the quickest payment of a claim: 3 seconds from claim submission to funds appearing in the client’s bank account. https://blog.lemonade.com/2017/01/01/lemonade-sets-new-world-record/
Now that’s seriously disruptive