Today we dissect the epic fall of the darling medical testing company, Theranos. Once upon a time, Theranos was defended as one of the most ground-breaking companies, using unheard of and cutting edge micro-technology to streamline all sorts of medical testing.
But in Steve Tobak’s article “Theranos: How to Blow $9 Billion in 6 Months” we see that everything is not as it seems.
Where they once bragged to be innovators, Theranos – and its creator Elizabeth Holmes – are facing serious accusations and ruining their reputation.
Theranos had deals with Safeway and Walgreens that would integrate their tech into our everyday lives, but it turns out that their revolutionary blood-testing technology wasn’t actually testing what it was supposed to be.
What’s interesting about this case, and what we discuss in today’s episode, is the fact that so many people in this industry rely on technology to pave the way.
Theranos was able to fool the best of us because at its forefront was a Silicon Valley genius whose attitude preached the concept that sophisticated tech and those that create it are much smarter than everyone else.
“They believe that technology can do things that humans can’t do, that their predecessors haven’t thought of, and that they can do it better, faster, and for less money. And that’s what they honestly believe….It’s like a religion to them.” Ryan Hanley
There’s a mentality developing that sees regulation as evil because it stands in the way of innovation, and there are people in our industry today who are hellbent on making changes no matter what.
Ryan calls them “digital disruptors” and they will ignore regulations and risk patients’ health in order to create brand new, groundbreaking technology that’s supposed to make our jobs easier. And with all this technology, where does that leave us, the personal insurance agent?
It’s going to be our job to stand up for our industry and our clients and protect them (and ourselves) from the onslaught of technology pioneers.
That brings us to the second topic of our episode: Agency Nation’s brand new Agency Nation University.
Marty breaks down this makeover because he’s really excited about all the new things we’ll be offering in the next few months: new software, new layout, and a fresh look that integrates our university course work with our ANR members.
We want to support those agents like ourselves who want to help this industry grow and succeed the right way. And that starts with our website! New things are coming, and it’s about time, because when you want to keep up in this tech-heavy world, you need to start with your website.
“We need people to understand that your website is the front door of your agency. And it is critical that you invest the appropriate effort to make it as welcoming as possible.” Marty Agather
- How Theranos lost its product and its reputation
- How digital disruptors are changing our industry, and not for the better
- Agency Nation’s major makeover (and our brand new training program!)
- What it means to be an agent who is both a marketer and a producer
- How to research and build a competitive website in today’s techy world
If you have questions and topics you want us to talk about, send us a message or ask us a question below.
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