I recently interviewed Colin Nabity about his disability insurance for physicians and physician loans business, and I think you will find his insights about this business interesting. What I like about his business is that it isn’t the next social media trend. It is something that people and other businesses need, which give his business proper fundamentals and a good foundation.
1) Tell me about your business?
LeverageRx is an online lending and insurance marketplace exclusively for physicians, dentists and other medical professionals. We cater to the unique financial needs and challenges of doctors starting practice and make it incredibly simple to compare rates and pricing for disability insurance for physicians, life insurance, physician loans and student loan refinancing.
2) How did you start your business? What inspired you?
My background is all finance, specifically wealth management and insurance for doctors, but in a traditional brick and mortar model. We wanted to leverage technology solutions to the doctor space to make it easier to get rates and information without being forced to use an insurance agent or advisor. The technology doesn’t exist for many of the products and services we play in so we’ve had to build a lot of it ourselves.
3) What is the toughest part of starting this business?
Balancing marketing and development. We always try to get new products or features out early even if it’s not perfect to get as much feedback as we can.
4) Who are your ideal clients?
We focus mainly on physicians and dentists that are finishing training and starting practice.
5) Do you recommend this business for other entrepreneurs?
Doctors are a hard market. They are very protective and skeptical of other professionals outside medicine and rightfully so – many people want to take advantage of their earning potential and recommend products or services that aren’t in their best interest. This is why we’ve pushed to make financial services in this space extremely transparent.
6) What excites you about this business the most?
Doing and building something that hasn’t been done before that is truly providing value to our customers and making their lives easier.by