I bought my first life insurance policy at the age of 21. I sold my first income protection policy at 22. I didn\u2019t get why the world says insurance has to be sold. But that was after I suffered through all kinds of hardship because my family didn\u2019t have enough money. So I concluded that maybe people have to go through some hardship before they realise the value of protection. Ironically, though, I don\u2019t have enough insurance now, when I should\u2026 but not for want of trying.<\/p>\n
Insurance is weird.<\/p>\n
Insurance is hard.<\/p>\n
It\u2019s hard because people have to figure how much insurance to get, compare various policies from 25-odd insurance companies, fill out paperwork without getting to read, let alone understand, the insurance policy document, undergo medical tests and answer underwriting questions that hinge on single words. And then when they need it the most, run after archaic claims processes. This is why the insurance industry has intermediaries the world over, even for large companies.<\/p>\n
That\u2019s where our conversation with the Ditto<\/a> founders started. They recounted how they wanted to start a stockbroking business straight out of IIM-A, but ended up running an extremely popular financial education newsletter<\/a> instead. But they always intended to do something with the audience they were cultivating. They settled on insurance distribution after seeing the success and domination of PolicyBazaar. They knew that insurance is a hard \u2014 actually wicked<\/em> problem to solve. And they were up for a challenge.<\/p>\n