Kinda galling to realize that some of the most personal information of millions of people is being guarded by the D's and F's of the industry.. They ever heard of "First, do no harm?"
> Kinda galling to realize that some of the most personal information of millions of people is being guarded by the D's and F's of the industry
I 100% agree.
I also wonder what the solution could be though… Especially for geographies that have lots of more interesting companies to work for.
We could sit here and say “they could pay market rates“ (or even, “they could pay shiploads of cash, benefits, etc”) but, from the little data I gathered from the CTO and others, some of the difficulties are
1. that the problems they have are generally not very interesting because…
2. their risk tolerance is -1000 since
3. innovation & change is seen as - and can pose a very material - risk, and
4. They are a slow and stodgy companies mired in regulations and guided by legal teams* (Also means offering stock/upside underperforms tech companies by a mile)
I’m trying to imagine a scenario where (as a person with plenty of options) I would be interested in joining the health insurance company for longer than a year or two…
Even if they gave me a massive salary, a gorgeous office, a robust team, they would still have massive challenges to give impactful problems to work on without getting mired in internal legal battles and committee reviews.
Having seen several insurers from the inside most of them would need massive internal cultural changes just to hire a handful of A-players and retain them for any reasonable length of time (make that triple true with the pandemic popularizing remote work)*
* A quote from the #3 person at Regence who I worked with: “I love this!” (Re a startup product.) “How do we get it around legal and through procurement?”
Even someone who controlled 1/3 of all revenue made by the business still could be stymied by legal & procurement.
* There is one shining star I could point to… Regence BlueCross BlueShield of the Pacific Northwest. They are owned by a parent company, Cambia, which also has an accelerator, venture arm, and an innovation lab if I remember correctly.
They have solved some of these issues by investing in innovators such as spotlight health to help them solve their business needs. However, I don’t believe (though I have no data) they had a robust internal security team for all the reasons listed above.
(I haven’t had any contact or affiliation with him in about eight years.)
I 100% agree.
I also wonder what the solution could be though… Especially for geographies that have lots of more interesting companies to work for.
We could sit here and say “they could pay market rates“ (or even, “they could pay shiploads of cash, benefits, etc”) but, from the little data I gathered from the CTO and others, some of the difficulties are 1. that the problems they have are generally not very interesting because… 2. their risk tolerance is -1000 since 3. innovation & change is seen as - and can pose a very material - risk, and 4. They are a slow and stodgy companies mired in regulations and guided by legal teams* (Also means offering stock/upside underperforms tech companies by a mile)
I’m trying to imagine a scenario where (as a person with plenty of options) I would be interested in joining the health insurance company for longer than a year or two…
Even if they gave me a massive salary, a gorgeous office, a robust team, they would still have massive challenges to give impactful problems to work on without getting mired in internal legal battles and committee reviews.
Having seen several insurers from the inside most of them would need massive internal cultural changes just to hire a handful of A-players and retain them for any reasonable length of time (make that triple true with the pandemic popularizing remote work)*
* A quote from the #3 person at Regence who I worked with: “I love this!” (Re a startup product.) “How do we get it around legal and through procurement?”
Even someone who controlled 1/3 of all revenue made by the business still could be stymied by legal & procurement.
* There is one shining star I could point to… Regence BlueCross BlueShield of the Pacific Northwest. They are owned by a parent company, Cambia, which also has an accelerator, venture arm, and an innovation lab if I remember correctly.
They have solved some of these issues by investing in innovators such as spotlight health to help them solve their business needs. However, I don’t believe (though I have no data) they had a robust internal security team for all the reasons listed above.
(I haven’t had any contact or affiliation with him in about eight years.)