First Principle: A basic, foundational, self-evident proposition or assumption that cannot be deduced from any other proposition or assumption.Permanent link: https://en.wikipedia.org/w/index.php?title=First_principle&oldid=883977391
Author: Wikipedia contributors
Publisher: Wikipedia, The Free Encyclopedia
To read an interesting article on Elon Musk and First Principles thinking please visit this site…
What if insurance were invented today? How would that look?
We would probably look at what the customer could possibly want:
- They are buying it because they need it
- We would want to make it simple to acquire, to ensure that the right coverage was purchased and there was at least some understanding of how this complex product worked
- It would be sold in the way the customer wants it, conveniently
- It would be priced competitively
- No matter what the INSURANCE product, it would be purchased from the same source. No going here for P&C, there for life or health
- Guaranteed pricing in an annual review to ensure that needs are met with consistent and competitive pricing
- A choice of quality insurers
If it sounds a lot like Amazon, that is because it is the least a consumer expects.