Reading @endofinsurance - Seven Fatal Flaws of Insurance

I’ve read quite a few books about insurance, but this one (The End of Insurance as We Know It) seems to be special. It explains insurance concepts in such a down-to-earth style, that anyone can finally “get it”.

I loved the section on “seven fatal flaws of insurance”:

1.      Too expensive

2.      Too confusing

3.      Too easy to game the system

4.      Cash drain (for consumers)

5.      Doesn’t cover all causes of loss

6.      Doesn’t cover everything

7.      Doesn’t cover everyone

You can guess the rationale for each of these, but grouping them together is what brings a full perspective on the true origin of insurance problems.

Improving or eliminating any of those seven “customer pain points” is a huge market opportunity for P&C insurance industry players. But it’s not easy to do, and @Rob_Galbraith is on a mission to explain why.