How Will Social Impact Disruptors Change Things?

 

The world needs more social impact disruptors. We need more rebels, more people willing to buck the trend (or fight the status quo) in order to bring new thinking to the marketplace and society at large.

Unfortunately it’s easy to see why this road is a hard sell. Entrepreneurs lack a safety net and face a likely reality in which their startup gets overwhelmed and/or sunk by the crowded marketplace. Anyone looking for stability and a steady pay cheque is likely to shudder and slink away from the entrepreneur field.

But this is the truth: Our future, our next innovations, our quest to serve the underserved, all of these rely on the work done by startups. These new companies are built from and on an incredible drive to see change and their imprint starts the process to enact said change.

Let’s look at insurance. It’s become an ingrained part of our lives, offering us a sense of security from the hard balls life can throw at us. That being said, the industry is far from perfect and is desperately in need of disruptors.

The primary issue? Lack of transparency. For too long insurance companies have left clients in the dark, misusing the incredible power they’ve been given and keeping their actual compensation obscured.

One of the other major issues has always been the middlemen. Long a presence in the insurance industry, this added step in the chain increases the cost and time involved in handling claims and often cause problems. They’re also not necessary.

Startups like Zensurance and Lemonade know this and are taking up the fight to equalize the insurance field.

Zensurance, a business insurance company, sees that we now live in an online world and has created a company that fits into this new world. Quick, easy and always available, the company offers full transparency, only seeking the coverage the client actually needs. Plus, by embracing AI, the startup has removed the need for a middleman.

Lemonade also set out to bring insurance to the modern online world. More so, it wanted to remake insurance’s image, creating a company that not only served as a form of security but also gave back. Only charging a flat fee, the startup also transfers your unclaimed insurance to notable causes using Lemonade Giveback.

These disruptors will help remove the cold-hearted stigma insurance has and bring insurance to the sections of the market that were previously ignored.

Another area that was desperately in need of disruptors: real estate. Before the internet entered the picture real estate agents had a stranglehold on the market. Now FinTech, big data (and the internet) have changed the playing field and real estate needed a disruption in order to survive. When you add in the fact that more people today are renting as opposed to buying you can see why the real estate system needs to change.

The good news is technology is quick to offer its services as a go-between for owners and potential tenants.

Take Rentberry. This innovative startup is set to radically improve the renting process, automating the whole process. Landlords create listings for potential tenants, who respond via the platform. The system is also set up for scheduling of viewings, rent negotiation, tenant screening, smart contracts for rental agreements, maintenance requests and rent collection.

This little startup is set to take a large amount of stress out of the market for both tenants and owners.

FinTech-enhanced real estate is the future of the real estate market. FinTech’s technology is helping to smooth over many of the stressful aspects of buying and renting, improving the process for everyone involved.

Another thing the disruption brings in is the opportunity to embrace social impact ventures. Look at the Real Estate Foundation of British Columbia (REFBC), an organization striving to change how we view and manage property. Most notably, it provides grants to real estate projects exploring sustainability. This is an important step forward and it’s great to see real estate moving this way.

Identity management is another area that has seen major changes in the past few generations and is currently undergoing another disruption.

Technology has radically changed and in turn is radically changing how we issue and prove identities. We are long past the founding days of identity when Emperor Augustus required his citizens to register (at birth and every five years) and proving your identity no longer includes epic journeys to your home town.

With the current disruption going on and the dawn of biometrics and digital identity management soon you won’t even be able to lose your ID. This, of course, is a major upgrade for the one-third of the world that is currently un- or underbanked.

Drawbridge is one of the leaders in this field, working with many of the top companies to help them identify and manage their customer base. Working through connected devices, the company boasts extended coverage across the globe.

BanQu is a company that also deserves a mention. The company has set out to help give the unbanked a new economic identity, giving them access to the global economy. The platform is set to thrive in the new digital identity market, connecting ALL customers—including the unbanked finally—will the ever-growing marketplace.

This digital identity disruption and the startups that see this is an incredible and important use of technology that will benefit the whole world.

The term disruption or disruptors can potentially give a sense of negativity about a company, as if it is acting as an irritant or inconvenience. In truth, though, certain things need disrupting and the startups and companies that see this can do a lot of good in the world.

Watch as these industries are disrupted and get ready for the advancements that come forth as a result. It’s going to be amazing.