How To Customize Your Insurance Policies with Stuart Winchester, CEO Of Marble
Guest: Stuart Winchester CEO & Founder at Marble Hosted By: Austin Willson Michael O'Connor BZ: Can you explain what Marble does? S: Over the years, Incredible progress in centralizing standardizing, and making more convenient, the methods of organizing these things for the household and insurances in the last to fall, it's still very balkanized. You have individual carrier applications or it's in your inbox or email. And I saw this because I used to work in a mortgage company and no matter how much technology we deploy still. Shorten the window. It took to get the right insurance information for the mortgage because people just didn't know where it was, what the sand, what they had, who had it. So we built this one hub for all your insurance and all your risk. And then we've layered this rewards element in it because rewards in insurance are really not, is also not really a space that's been pushed into. So consumers can have rewards for uploading policies, referring friends, telling us about their assets, their plans and then, cool stuff down the line that we have planned with. Insurance it's highly regulated industry. Like a lot of, financial industries, but particularly in insurance, there's been this historical concept of rebate law, which still exists. And that it's, it started for very good reasons in that. Life insurance agents back in the day would give big discounts, typically funded from their commission to people who they want to sell insurance to. And that, the turn of the last century, largely it was like, white men who looked like them. And that led to much worse pricing for everyone else. Like a lot of regulations, it was written before the internet really existed. Part of Marble's concept is, we've done a ton of research and work with the regulators to say, Hey, Where can we do rewards where can't we cannot, incentivize buying. We can't make anything cheaper to sell. And also what, can we stay, if we stay blind to who our members are, I would just a really, no sort of biasing impact can we offer rewards? Which is how we brought into it, because to that point, Insurance is you can't turn on the TV without seeing an insurance commercial. There's so much money in this space and rewards provide this really neat mechanism. If you can be thoughtful about removing the biasing impacts to pull money away from. Sports networks and the social media platforms and put some incentive back in the pocket of people to engage with it. So that's part of our founding thesis as well. BZ: The rewards aspect. Do you see that also as a generational thing? S: Exactly that like we, one of our biggest obstacles in fundraising was finding investors who would come with us on this first leg of the journey to see if we could prove that people would engage with insurance, cared about it more than once a year when, and, if even that really. I think a large rebuttal that I had in the fundraising process to people who were objecting with this idea that, people don't care about their insurance. I hear that all the time, but it's we ha have we ever really tried, have we ever really delivered an experience basically? Do they not care about the insurance or do they not care about the ways that we're the tools that we're giving them? Because I do, I would argue that people do care about how they protect. There's stuff. If you frame it on those terms it's something you should care about and people do. But if it totally sucks to shop for it and to manage it, and the apps look like they're out of 2006, if you're, in the same way, you don't want to send a bank wire, you'd rather send a Venmo. It's the same exact proposition. So we've been fortunate. We see I mean we're not day trading like Coinbase, but we see, 30%, monthly activation rates in the app and thats pretty huge. BZ: Almost like what mint.com did for budgeting and accounting personally. You're basically doing that for insurance. So are you actually selling insurance and
