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Fingers in the Insurance Pie

Girl holding cooked pie

What is the saying? “To have a finger in every pie”. Someone who has a finger in every pie is involved in a lot of different activities or knows about a lot of different things. This idiom can be used positively, to show that someone is energetic and has varied skills and interests. However, in a different context, it can be used in a more critical way, to say that someone is too involved in activities that should not concern them.

As a start-up – well we are a mature start up in that we have recently merged several companies with pedigree going back over 16 years – we are always being pushed to focus by industry specialists and gurus and we do indeed focus. However, when I look around successful insurance companies and insurance agencies always see diversity in their business, indeed spreading risk across a multitude of areas is all part of insurance success. I see companies with fingers in many pies.

Having a diverse and spread book of business is an essential part of our success and strength.

I have been accused of having fingers in many pies and when I have presented alongside other start-ups we are the only company that has a diverse book of business. Lemonade has only just added a second line of business in pets, by miles is only about cars, and we see this single focus all the time. And yet the successful insurance companies – many that back these insurtechs – have a very wide cross section of business and so they should – it spreads the risk. Successful insurance players know that you need a wide portfolio to have long term success.

We are a digital insurance company. Our goal is to server the unserved globally, these are individuals and businesses, all people who cannot readily find a relevant insurance product to serve their needs. By definition, this is a diverse and large cross section of risks. We are committed to serving our community and building services and products to reduce the risks for them and be the safety net when things happen.

When people look at our company we will not fit in the normal insurtech box and we more accurately fit into the digital insurance company box. This is a box with very few companies in it.

Incumbents are on the edge of this box in that they have digital initiatives and goals and we see them moving slowly into the circle.

Insurtechs are also on the periphery and many are digital but again few are taking the risk, they are effectively part of the MunichRe train or other insurance investors in this space.

So the upshot of the accusation of fingers in pies is that we will continue to grow our business and focus on building a diverse book of business to protect our community. Without a strong company, you cannot do all the things that you want to do. If you want to help the unserved, as we do, then you need a strong and wide platform to leap from.