Walmart & Ribbit to Create Fintech Platform
In my first blog, I stated that we would engage your thinking for the changing distribution models in Insurance. I hope to be a little provocative to prompt your thinking about go-to market strategies and their required operating and technology models. For example, I know the overused mantra is what will happen if Google or Amazon enters the Insurance business? Or, what might happen if, for example, Walmart were to enter the insurance business?
Well, it turns out that we can soon stop speculating, because Walmart, has recently announced a new fintech platform to be jointly developed with Ribbit Capital – the well-known venture capital firm behind several disruptive platforms including Robinhood, Credit Karma and Affirm. Their objective is to create a platform to offer “modern, innovative and affordable solutions”. John Furner, president and CEO of Walmart said “For years, millions of customers have put their trust in Walmart to not only save them money when they shop with us but help them manage their financial needs,” when he announced the new strategic partnership. Meyer Malka of Ribbit Capital, added “When we combine our deep knowledge of technology-driven financial businesses and our ability to move with speed with Walmart’s mission and reach, we can create and deliver financial offerings that are second to none.”
What are your thoughts? Let me hear from you. We are tracking these developments and will publish the implications for Insurers digital strategies in March.