Founder’s Field Guide
Episode 36 Innovation in Static Industries
Founder’s Field Guide

Episode 36: Innovation in Static Industries

Innovation in Static Industries

Assaf Wand is the CEO and co-founder of Hippo, a homeowner insurance startup founded in 2015. We cover how Hippo approached innovation in the highly regulated insurance industry, unique strategies for building brand trust, and how direct relationships with homeowners have opened up Hippo's business model to a wide range of opportunities.

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[00:02:44] - [First question] - His philosophy on business

[00:04:04] - His first experience in entrepreneurship

[00:05:03] - Lawyers vs entrepreneurs

[00:07:03] - Major lessons taking risk in entrepreneurship

[00:11:14] - Importance of speed in business

[00:15:02] - Increasing urgency into the business as a leader

[00:18:59] - What the insurance sector was like at the start of Hippo

[00:24:49] - Steps he took to bootstrap trust

[00:27:03] - Convincing partners

[00:29:04] - Building the products and distribution

[00:32:49] - Thoughts on innovator’s dilemma

[00:35:00] - Flaws within the insurance industry

[00:34:57] - Vision for the firm 

[00:37:44] - Importance of culture in company building

[00:41:19] - Storytelling as an essential piece of company building

[00:41:50] - Building and managing a roadmap

[00:43:19] - What does it mean to respect the customer

[00:46:11] - Defensibility of the insurance industry

[00:49:34] - Rewards of the trench warfare of entrepreneurship

[00:53:33] - The feeling of getting wealthy 

[00:55:29] - Kindest thing anyone has done for him

Innovation in Static Industries

Introduction

Patrick
My guest today is Assaf Wand, CEO and co-founder of Hippo, a homeowner insurance startup founded in 2015. In March 2021, Hippo announced a SPAC merger valuing the business at over $5 billion. In our discussion, we cover how Hippo approached innovation in the highly regulated insurance industry, unique strategies for building brand and trust, and how direct relationships with homeowners have opened up Hippo's business model to a wide range of opportunities. I was excited to speak to Assaf given his experience as a serial entrepreneur, and he did not disappoint. Please enjoy this great conversation with Assaf Wand.

Assaf's Business Philosophy

So maybe we can begin with what I'll call your philosophy of business. I know you love building things. You built a lot of things. Just talk us through your high-level view on entrepreneurship and business.

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