Disruption vs. Massive Improvement
The appetite to disrupt a large industry is growing and venture capital is flowing into the insurtech scene, both from institutional and corporate groups. With good reason, in the US alone, insurance is a 1.2 trillion dollar industry with hundreds of years of history supported by legacy systems and processes almost that old too with enormous potential for change.
When I’m asked if Fenris is a disruptor, and what part of the value chain we attack, I use the language of massive improvement instead of disruption. As I see it, disruption focuses on the carrier and the impact to them, but massive improvement focuses on how the consumer experiences insurance. That is the competitive advantage that sustains.
The people I’ve met in insurance over the last decade are inherently honest and rule bound, as a carrier can’t last long in such a regulated environment if they are not abiding by the rules and regulations of each of the 50 states.
Good people across the insurance industry are striving to become more relevant, more adaptable, and more competitive. Fenris is here to accelerate the adoption of new data and technologies, so that consumers are delighted and well served. That is massive improvement worth pursuing.