3 Reasons Why There Will Be 199 More Lemonades over the Next Decade (w/Dave Bruno, Founder Red Planet Ventures)

Dave Bruno founder Red Planet Ventures and former UBS Head Global Wealth Management Innovation.  

He talks with Josh about having launched innovation at UBS, the world's largest private wealth manager, by exiting the "immune system" and unlocking doors to the outside market and innovators. Dave sees deep parallels to today's younger insurtech industry, how transforming a 200-year old industry and IT systems from the 1980s is in a similar state. 

Banking has moved to a much lower marginal cost, whereas insurance still remains the top-line item in many people's budgets and is unwieldy and lacking customer-orientation.

Just like "Digital Banking is 1% Done" - Insurtech has one Lemonade whereas in Fintech there are 200 Lemonade-sized propositions across the entire spectrum of banking services.

Red Planet sees the rise of "super agencies" where the need for wealth, insurance, real estate, all financial services around the consumer. The pressure of VC-led investment will take hold to reduce margins for the end consumer. "The Amazon of Financial Services is yet to be created"

Dave makes a call-to-action for all Insurers: "Your people know what to do - You just need to go ask them." He strongly advocates for skunkworks models and allowing freedom to attack core assumptions about your business model.

Follow Insurtech Leadership Podcast airing weekly hosted by Joshua R. Hollander. We give you up-close access and personal insights from the leaders of the fastest-growing #insurtechs and most innovative #insurance carriers and brokers.