Nice article & loved Kyle's article about the thorny issues surrounding customer acquisition. I grew up around the industry because my father worked his entire

Nice article & loved Kyle's article about the thorny issues surrounding customer acquisition. I grew up around the industry because my father worked his entire career in it. I've always found it fascinating. Actuarial science is so underrated. I'm also an entrepreneur and I've previously thought about entering it to disrupt it. If there is one thing I'd add to the main article it's this: If you look at the data vs all other industries, Insurance is the most profitable industry out there. That's not bad considering the product is manufactured out of thin air. This is perpetually interesting because to me it kind of destroys one of the central tenets of capitalism. It's a very old industry. If anyone can conjure stuff out of thin air, you would expect there would be much more competition / lower margins in it by now. But there isn't. So the industry is really effective at erecting moats to keep innovators at bay, In my opinion, this is main "value" (cough) that the regulators play in the market. The industry gets away with so much, and it needs reform, but I'd bet against it ever happening. This situation in replicated in every country around the world. That's why it's hard to be a true entrepreneur in the industry. You need an investor with deep pockets to enter the market. You need to verify your brilliant customer acquisition strategy works. Then you need to wage war vs the incumbents. Bonus content for actuarial nerds looking for a good chuckle: http://reactionwheel.net/2017/06/venture-follow-on-and-the-kelly-criterion.html http://reactionwheel.net/2017/06/venture-follow-on-and-the-k...