Reps and Iteration:
I never believe I'll have anything right out the gate. I believe in reps, iteration and not getting "___ed out," losing the ability to keep playing.
When I attach myself to an InsurTech project or company I look for a few things. Here's my humble list:
1) Do I like and trust the people Trust is paramount. Without trust you won't be able to create. This doesn't mean you don't keep an eye on things for the rest of the journey, but if you have any unease early, why start?
2) Have I seen this technology work other places? This is an easy one for insurance / InsurTech. If APIs are working for airline pricing, why are they not working in insurance? There is one thing to watch out for though, being early can be the same as being wrong.
3) Do I think there is a reasonable chance of success, and will I learn something?
I am pulling the second half of this from Tim Ferriss. If I am going to learn something from working or hanging with a new group of people I am usually game to hang and help. Is there a reasonable chance of success? This doesn't have to be a 2 billion dollar exit. This could be a self-sustaining small business. Anything that creates autonomy is a success in my mind.
Please feel free to email be brett@brokerbrett.com with more ideas for this list!