The INSURTECH Book

InsurTech’s Big Questions – Why the Customer is Still Always Right

By Janthana Kaenprakhamroy

CEO and Founder, Tapoly

Way back in 2009, a man had an idea that would change the world. Having spent US$800 hiring a private driver, Garrett Camp came to the conclusion that it must be possible to do things more cheaply. After much ruminating and long chats with friends, Camp came up with a simple solution: why not reduce the cost of rides by sharing them? From this, Uber was born.

In 2012, Uber unveiled another of its innovations with the creation of Uber X. Now, by using their own cars, Uber drivers could actually undercut regular taxis. Instead of frequently slow, late, and overpriced taxi services, consumers could now easily order a cheaper option, which would usually arrive within minutes, and even follow the cab’s progress on the Uber app. It was a formidable combination, and one that, for all Uber’s much-publicized recent problems, has created a global tech juggernaut valued at an astonishing US$70 billion.

Now imagine Uber had taken a different route. Imagine that, instead of just creating a service that made cabs cheaper and more accessible, Uber had begun by adopting a visionary, long-term strategy of embracing driverless cars. It would be difficult to argue against the assertion that, at some point, this investment would pay off handsomely. But if, in 2009, Garrett Camp had concluded that the best way to improve taxis – at that moment – was to work towards replacing drivers, ...