January 2, 2020
First Principle: A basic, foundational, self-evident proposition or assumption that cannot be deduced from any other proposition or assumption.
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Author: Wikipedia contributors
Publisher: Wikipedia, The Free Encyclopedia
To read an interesting article on Elon Musk and First Principles thinking please visit this page;
What if insurance were invented today? How would that look?
We would probably look at what the customer could possibly want:
- They are buying it because they need it
- We would want to make it simple to acquire, to ensure that the right coverage was purchased and there was at least some understanding of how this complex product worked
- It would be sold in the way the customer wants it, conveniently
- It would be priced competitively
- No matter what the INSURANCE product, it would be purchased from the same source. No going here for P&C, there for life or health
- Guaranteed pricing in an annual review to ensure that needs are met with consistent and competitive pricing
- A choice of quality insurers
If it sounds a lot like Amazon, that is because it is the least a consumer expects.