Thinking: the internet will crush businesses that rely on information asymmetry or opacity. Some biz models depend on occasional "bargains," like hiring a 5x dev for a 2x salary, or insuring a 5x safer driver for 1/2 the premium. These models will struggle more & more over time.
Do you mean competitive edge is from better investment selection? That strikes me as unlikely. Do you mean "Does their money come from investing the float?" Oh, unambiguously yes. The combined ratio of an auto insurer is +/- 100; every $1 in premium goes to a claim or expense.
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I was just curious what you thought insurance companies viewed as their edge
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