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If you think it's that simple, you have no idea what you're talking about. How many years experience do you have in the insurance industry that you're so confi

If you think it's that simple, you have no idea what you're talking about. How many years experience do you have in the insurance industry that you're so confident to talk like this? > because this is a financial product and doesn't require months of building a factory or something to offer. How many financial instruments have you launched? If the answer is zero, you should refrain from any conversations on the topic because your opinion literally means nothing.

hiAndrewQuinn 1y ago
I do actually think it's that simple, yes. Term life is just not that complicated a product at heart. Onus is on you to prove that if every single life insurance provider was suddenly Thanos snapped out of existence tomorrow, we wouldn't see a swarm of hungry financial professionals swoop right back in to recreate the service within weeks. That seems like a laughable claim to me, but maybe you know something I don't. (Edit, for future readers: ecb_penguin seems to have missed the question earlier in the thread I was responding to: >... and the question was about the aggregate effect. What happens if all life insurers go bankrupt? Emphasis mine. This was to clarify that yes, the original commenter meant literally all providers.)
- ecb_penguin 1y ago
  Ok, so you have no experience and you're just making things up. > Term life is just not that complicated a product at heart Sure, it's easy if you don't know what you're talking about and just make stuff up! > Onus is on you to prove that if every single life insurance provider was suddenly Thanos snapped out of existence tomorrow Literally nobody said that would happen. Now you're arguing points that nobody made. You have no experience in the area, arguing things nobody said. You're perfect for VC money, lmao. > That seems like a laughable claim to me Nobody made that claim. Why are you laughing at things nobody is saying? That's weird. > That seems like a laughable claim to me, but maybe you know something I don't. I would 100% guarantee people that have worked in an industry know more about it than you do. Textbook demonstration of the Dunning-Kruger effect. You have no knowledge or experience in an area, but you're confident you know how it works, moreso than the actual experts. https://en.wikipedia.org/wiki/Dunning%E2%80%93Kruger_effect https://en.wikipedia.org/wiki/Dunning%E2%80%93Kruger_effect
- ecb_penguin 1y ago
  "the Dunning–Kruger effect is the thesis that those who are incompetent in a given area tend to be ignorant of their incompetence, i.e., they lack the metacognitive ability to become aware of their incompetence. This definition lends itself to a simple explanation of the effect: incompetence often includes being unable to tell the difference between competence and incompetence." I think this very accurately sums up your comments.
  - hiAndrewQuinn 1y ago
    Well jeez, that sounds awful. Thank goodness I've always been great at everything I've done so I never gave to face this.
    - ecb_penguin 1y ago
      Well, at least you stopped arguing about how easy term life insurance is.
  - eru 1y ago
    Funny enough, Dunning-Kruger's study never showed anything remotely as what's nowadays called the Dunning-Kruger effect on the Internet. Their study was mostly just a statistical artifact.
eru 1y ago
I think you are misunderstanding the counterfactual. Right now, it would be hard for an amateur to make a living starting up a new life insurance company, because there's lots of competent competition. However, _if_ all existing life insurers went bankrupts, then, yes, you could easily make a killing by starting a new slightly less incompetent life insurance company.

hiAndrewQuinn 1y ago

I do actually think it's that simple, yes. Term life is just not that complicated a product at heart. Onus is on you to prove that if every single life insurance provider was suddenly Thanos snapped out of existence tomorrow, we wouldn't see a swarm of hungry financial professionals swoop right back in to recreate the service within weeks. That seems like a laughable claim to me, but maybe you know something I don't. (Edit, for future readers: ecb_penguin seems to have missed the question earlier in the thread I was responding to: >... and the question was about the aggregate effect. What happens if all life insurers go bankrupt? Emphasis mine. This was to clarify that yes, the original commenter meant literally all providers.)

ecb_penguin 1y ago
Ok, so you have no experience and you're just making things up. > Term life is just not that complicated a product at heart Sure, it's easy if you don't know what you're talking about and just make stuff up! > Onus is on you to prove that if every single life insurance provider was suddenly Thanos snapped out of existence tomorrow Literally nobody said that would happen. Now you're arguing points that nobody made. You have no experience in the area, arguing things nobody said. You're perfect for VC money, lmao. > That seems like a laughable claim to me Nobody made that claim. Why are you laughing at things nobody is saying? That's weird. > That seems like a laughable claim to me, but maybe you know something I don't. I would 100% guarantee people that have worked in an industry know more about it than you do. Textbook demonstration of the Dunning-Kruger effect. You have no knowledge or experience in an area, but you're confident you know how it works, moreso than the actual experts. https://en.wikipedia.org/wiki/Dunning%E2%80%93Kruger_effect https://en.wikipedia.org/wiki/Dunning%E2%80%93Kruger_effect
ecb_penguin 1y ago
"the Dunning–Kruger effect is the thesis that those who are incompetent in a given area tend to be ignorant of their incompetence, i.e., they lack the metacognitive ability to become aware of their incompetence. This definition lends itself to a simple explanation of the effect: incompetence often includes being unable to tell the difference between competence and incompetence." I think this very accurately sums up your comments.
- hiAndrewQuinn 1y ago
  Well jeez, that sounds awful. Thank goodness I've always been great at everything I've done so I never gave to face this.
  - ecb_penguin 1y ago
    Well, at least you stopped arguing about how easy term life insurance is.
- eru 1y ago
  Funny enough, Dunning-Kruger's study never showed anything remotely as what's nowadays called the Dunning-Kruger effect on the Internet. Their study was mostly just a statistical artifact.

eru 1y ago

I think you are misunderstanding the counterfactual. Right now, it would be hard for an amateur to make a living starting up a new life insurance company, because there's lots of competent competition. However, _if_ all existing life insurers went bankrupts, then, yes, you could easily make a killing by starting a new slightly less incompetent life insurance company.