From Netflix to Insurance; "And The Beat Goes On"

Created by Chet Gladkowski 28 Jul 2014 @ 07:39
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Remember the loud and bombastic response the market had when Netflix announced changing their membership from a physical to digital model? Well, last week, Netflix announced their quarterly financials. In the words of Sonny and Cher - "And the beat goes on." While the details are below, their reach, revenue and profitability continue to grow.

 

It will be those leaders and organizations that are willing to do the unusual (and sometimes scarry) that will succeed in the insurance distribution, carrier and service arena.

 

Who do you see and the leaders in the digital insurance revolution?

 

Netflix ended June with 36.2 million subscribers in the United States and 13.8 million customers in about 40 other countries. The Los Gatos, Calif., company picked up 1.1 million subscribers outside the United States in the second quarter, a figure that also topped management’s projections. As Netflix’s video-streaming service steadily grows, the DVD-by-mail rental business that once was the company’s foundation is slowly crumbling. The DVD rental service shed an additional 391,000 subscribers in the second quarter to end June with fewer than 6.3 million customers. That’s a decline of 55 percent in less than three years.

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I think most innovation will come from companies like Amazon, Google and Facebook as they try to enter or influence the insurance space
Essurance (Allstate), Geico and Progressive were early leaders and I have to believe giants like Google, Amazon and others will be in the market soon