Thinking Outside of the Box - The Art of Product Design Within Insurance with Surround cofounder & COO, Kate Terry

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3+ y ago 54:54

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Building and selling new products for which no market exists in insurance and finance is incredibly difficult? Why? Partially it is the same reason why any new product is difficult (recall the Henry Ford quote - "If I had asked my customers what they would have wanted, they would have said faster buggy whips")

Consumers don't always know what they want...they just want the problem to go away and they don't have the mental energy or time to devote to solving it. In steps the entrepreneur who can see an underserved problem and attempt to fix it creating value for the consumer and themselves in the long run.

Our world is rapidly evolving, mostly due to our transition from an analog world to a digital one. People's behaviors and the general arch of a lifestyle is very different today than 50 years ago (does anyone have family dinners any more? Landline, anyone?) Kate Terry from Surround Insurance was unsatisfied with how legacy insurers were trying to shoehorn analog insurance products to consumers. She and her partner (Jay Grayson) realized that the modern young professional does not have the right risk transfer solution for their lifestyles. Young professionals still have lots of exposure and risk and are choosing the standard risk management techniques of avoidance and mitigation to handle it without having the risk transfer tools available. So Surround is intent on being a platform where new and creative products can be spun up that reduce the fuzziness and gray areas for young professionals so they can continue on with their lives without having to worry about potentially life-altering, financially devastating events happening to them.

Connect:
Kate Terry (LinkedIn) - https://www.linkedin.com/in/kate-terry/
Surround Insurance (Homepage) - https://www.surroundinsurance.com/

Musical Credits:
Shadows by David Cutter Music:
https://davidcuttermusic.com
https://soundcloud.com/dcuttermusic
Free Download / Stream:
https://bit.ly/shadows-david-cutter
Music promoted by Audio Library:
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Video Credits: Intro Stock Footage by Videvo

47 episodes

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