Glenn Renwick | Segment 3: Innovation & Insurance: How to Break the Status Quo

This podcast episode interviews Glenn Renwick about innovation in the insurance industry, specifically at Progressive. The discussion covers three key examples: optimizing car repair processes using queuing theory and just-in-time inventory principles to reduce repair times; a customer-centric pricing model where customers specify their monthly budget, and the company designs a product to fit; and implementing a more dynamic pricing model to better track inflation. Renwick highlights the challenges of overcoming the inertia of the status quo and the importance of clear communication and simple solutions for successful innovation. He also shares examples of successful and unsuccessful innovations, including a concept for flood-proofing cars.