They Have It Covered

Yong Lee (Lee) and PHP Agency use tech innovations to inject life back into life insurance

The Diffusion of Innovations Theory was developed by E.M. Rogers, a communication theorist at the University of New Mexico, in 1962, and it describes five categories of adopters based on how quickly they’ll take to a new product or idea. The Innovators are the leading 2.5% who bring new things to the market. They’re followed by Early Adopters, people who are always eager to try something new, accounting for the next 13.5%. The vast majority of people fall into the Early Majority and Late Majority (34% each). The last 16% is the Laggards, the ones who resist trying something new until they basically have no choice. When it comes to new technologies, life insurance has long been a laggard industry, says Yong Lee. With nearly 30 years’ experience in the technology and financial services industries, he took on the role of Chief Technology Officer at PHP Agency in 2022. Together, they’re bringing a new energy to life insurance, one that promises to speed the industry along in its digital journey.

Energizing the Industry

Lee’s extensive experience includes C-suite roles and consulting background for insurance companies. What drew him to PHP Agency was their shared vision of what the life insurance industry could become.

“PHP was founded by a visionary entrepreneur (Patrick Bet-David), and with an entrepreneurial culture. It has a very, very high energy level,” he said. “The company’s vision of changing the culture and diversity of the insurance industry aligns well when accelerating the adaptation of technology to the next levels.”