There are still huge opportunities in insurance

Because these companies are being built from the ground up, there’s disruptive potential against the larger incumbent insurers, who have optimized themselves around fee for service. These incumbents may not properly prioritize customer experience, since their success to-date has arisen from an adversarial relationship with providers that actually c... See more

The bearish case is that these businesses are very capital intensive to build, as shown by the large and repeated capital raises, and they’ll need to show a large return to justify that capital. That means operating at scale, and also escaping from the DTC markets into the large employer-driven insurance markets, where the incumbents will remain in... See more