The Future of Insurance
***This book review was written by our intern Zachary Mast. He has been key in helping Bigfoot Insurance enter the digital age. His future is bright and when he returns to Oral Roberts University in the fall, he will study Mathematics and Data Science with an expected graduation date of 2022.***
The End of Insurance as We Know It by Rob Galbraith is a surprisingly quick read. Having nearly no prior information to insurance, I found the author’s anecdotes refreshing yet purposeful, as each one seemed to help cement the new ideas that had just entered my head. And though I don’t have a litmus test for this, I’d say this book is revolutionary regarding the future development of Insurance and Insurance agencies. It is by no means the most pleasant read, as it does contain lots of head knowledge and detail driven examples, but it seems to encapsulate the current and future progression of Property and Casualty insurance.
The first section of the book focuses on the Flaws of modern insurance. I can say that I honestly did not understand many of the words and phrases Galbraith used; however, there is an Appendix at the back, to help those of you who are like me. In fact, Galbraith even details how confusing Insurance is, and how hard it is for the common man to grasp each and every small detail that goes into proper insurance (this occurs in the fourth chapter primarily, though he does mention it in a few other places) in his own words “It’s as clear as mud.”
Each of Galbraith’s seven flaws of insurance makes absolute sense, and even as an inexperienced intern, I understand precisely what he is detailing because of his personalized approach in the book. One of the flaws Galbraith focuses on is that Insurance can’t possibly cover everything. And while he is correct, he mentions a few things that actually can be covered by insurance, just not the typical, run-of-the-mill insurance agencies. I know that there are plenty of insurance agencies out there that do cover oddities and extras (Such as Bigfoot Insurance). Regardless, I do understand his concern that most people believe that certain things that insurance cannot cover.
Aside from all of the insurance details, Galbraith does give some honest advice about choosing your insurance as well as general information when considering costs and risks. He is incredibly frank about the dangers of getting improper insurance, noting that it is crucial to speak to experienced professionals with whom you have built up some semblance of trust. As he notes, the world of insurance is changing. And though it has been in a similar state for many years, the potential for an upset is higher now than ever before.
So what does he advise to do against it? The final sections of his book detail the critical steps to take to ensure a safe tomorrow. Or as he describes it, “Invest in a safe tomorrow.” It would be a disservice to him and all the effort he put in for you to not read his book, but trust me, it is well worth a read. If only to get a better understanding of where general insurance is heading.
For us, this book has informed Bigfoot Insurance on our path forward and provided great insight as we build out our platform. Check it out here: https://www.bigfoot.insure/orientation
To head to the Galbraith’s website, click here. To purchase a copy yourself, click here or win one on Amazon Day here: https://www.facebook.com/CommercialInsuranceGroup/