In this episode of The Long Run Show, we chat with Richard Chan, Chief Executive Officer, and Co-Founder at CoverRight about customized medical insurance. "I got into Insurance specifically because that was a space that is about five or 10 years behind lending in terms of innovation.""Medical Insurance was always kind of focused on the younger population assuming, they use technology more anyways, so we'll create solutions for them.""There are 10,000 people retiring every single day." "The statistic is there's going to be 20 million net new retirees over the next 10 or 15 years. And so it's a big population." "Most of the industry that we're in doesn't believe that seniors can't use technology, which we fundamentally don't agree with""The problem that we saw was that the current experiences that are in the market really disempowered consumers, particularly Medicare. ""What we sold was it's a very high anxiety decision for someone turning 65 for a lot of people""health and finance. as you get older, those two topics start to intertwine.""And so on average, a person has over 60 options to choose. And our goal really is to build a, we call it a digital concierge model and sort of internally we call it TurboTax of Medicare, where it is sort of a concierge service where you can start online, get educated, be part of that decision and really empowering the consumer to own that healthcare decision that they're making, which is obviously important one as you get, get older."Guest:Richard Chan LinkedIn: https://www.linkedin.com/in/rkfchan/ Website: https://coverright.com/Hosted By:Austin WillsonMichael O'ConnorTranscript:Hey everyone. And welcome back to another episode of the Long Run Show. This is Michael O'Connor here with the lovely Austin Willson.That's me the lovely Austin WillsonAnd here with our extra special guests today, we have our second guest-based episode. I am, I am loving this. I'm loving the conversations Austin.Q: We are here with Richard Chan CEO and co-founder CoverRight. How are you doing today, Richard?Richard: I'm well, and thanks so much for having me on the show. I'm excited.Great to have you. I know that a lot of, a lot of the discussions we've had recently have centered around psychology have centered around a bunch of, kind of. Broad topics. And we just had an episode about insurance. So the timing seems to be perfect, to really pick your brain on CoverRight. Pick your brain on insurance as a whole, where you've been, where you're going. Uh, so I'd love to just start off with like, you know, who are you? What's your journey?Richard: absolutely. So in case your audience is wondering, accent is from Australia. So grew up in Sydney, been in the states for the last five or six years. but started my career really on the financial services size and capital markets, and providing, advice to companies in the financial services and FinTech it tech and consumer sectors. I'd always been. You know, fascinated about how important the five natural services industry as a whole is to both the economy and in everyday lives. And I think- the issue is not everyone understands it well. And so I was really drawn to FinTech at my time, covering these financial services companies the ability for technology to help the broader population on items like personal finance.And so in 2017, I actually left that career to join a company based out in San Francisco. That was actually tackling a very interesting problem. on the other side of the demographic spectrums, what I'm doing now in the student loan space which I found fascinating at the time you know, there's been this whole wave of student loan refinancing.The company is credible.com is one of the first student loans refinance marketplaces at the time. It was, you know, you guys probably remember I know. And it was like just after the financial crisis and just prices were really low. Uh, and, but the federal rate for student lines was like high single-digit.And so it didn't make sense. It was kind of a weird dislocation. And so that's how it goes. when FinTech that company ended up, selling a couple of years ago. And, you know, I wanted to dive in and do something else in, in sort of the personal finance space. And we looked around, insurance specifically because I think that's a space that, you know, it was about 5 or 10 years behind lending in terms of innovation. landed on, on, you know, CoverRight which is in the Medicare space. the same use demographic, primarily, as like a super interesting problem that, that, that really hasn't been solved yet. It's like the textbase is always kind of focused on like the younger population assuming, they use technology more anyways, so we'll create solutions for them.So what was the, what was the impetus behind going after kind of the. kind of older demographic and making a solution that's FinTech based, obviously it has a tech solution to it. So it's going to, you're going to need to make sure that they're tech ...
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