During Cookhouse Lab’s Opening Innovation Day, our partner, Highline BETA curated six talented startup companies to participate in our first of many InsurTech startup challenges. Drop, a free loyalty and rewards app, which gives consumers of all lifestyles the ability to accumulate points and redeem rewards with debit and credit cards, was awarded as our first challenge winner!
One of the many unique offerings that Cookhouse Lab can bring to our members and projects is the ability to connect relevant startups and InsurTech expertise via our relationship with Highline BETA. As part of our Loyalty and Rewards project, we invited Derrick Fung, the CEO of Drop to spend some time with our project team by sharing his expert insight on the loyalty and rewards market.
During his visit, we also caught up with Derrick to see what he had to say about his startup journey, views on the insurance industry and InsurTech as a whole, and more. Read more about his Q&A!
Prior to starting Drop where were you working and what was your role?
I was the CEO of Tunezy, which was a startup in the music industry that was acquired by SFX Entertainment (NASDAQ:SFXE).
What inspired you to create Drop?
We saw a lack of innovation in the loyalty industry and wanted to create a beautiful product that would resonate with the millennial demographic. Our inspiration lies at the intersection of product, technology and design - we want to make loyalty fun and rewarding (no pun intended)!
What would you say has been your greatest challenge to date with Drop?
Drop is a two-sided market place. We need consumers in order to get brands, and brands in order to get consumers. We've solved this by focusing on the consumer first - specifically, the millennial demographic. This is a highly sought after demographic by big and small brands alike.
What has been the most rewarding experience so far?
Seeing consumers redeem their points for rewards they actually want.
What is your view on the insurance industry and InsurTech as a whole?
I think that there are huge opportunities to innovate by building design-centric products and helping consumers better understand complex products.
Why did you partake in the Cookhouse Lab pitch competition?
We are interested in getting more exposure to the insurance industry as we believe that our data is extremely valuable to help incumbents make better business decisions.
How do you see Drop working with Cookhouse Lab?
I see Drop working with Cookhouse Lab to ideate and execute on new products and ideas that can be truly beneficial to the InsurTech industry. With our diverse backgrounds, we will be able to create unique products driven by inspiring design and technologies.
Can you tell us what is in store for Drop for the next 3-6 months?
We are continuing to build out our user base in Canada with a goal of hitting one million by 2018. We are also going to be rolling out Drop in key markets in the US.
Our vision of "making insurance better" requires a full ecosystem of insurance communities. We are thrilled that we're building and bridging relationships for our members, partners, and collaborators! I encourage you to follow along as we continue to feature some fantastic InsurTechs over the next several weeks!
If you've not yet signed up for Drop yet, I highly recommend it, it's quite addictive to be honest!