Women in Fintech: Don’t wait for the perfect time or the perfect idea
As part of our #WomenInFinTech series, we spoke to Sally Poblete, founder and CEO of Wellthie, a New York-based insurance technology company. Under Sally's leadership, Wellthie was named one of 30 Tech Startups with the Potential to Change the World and named by Forbes as one of 10 Healthcare Technology Disruptors to Watch, All Led by Women, so we picked her brain on the the key to success in Fintech.
How did you start your career?
Right after graduating college from New York University, I jumped right into running a business in the healthcare field. I was exposed to the power of the the industry to make a difference in people’s lives - while at the same time, the enormous complexity, regulation, and headaches associated with being a consumer in that industry. I later went on to receive an MBA from the Wharton School at the University of Pennsylvania. After graduate school, I focused on the insurance sector with several carriers and had a successful career in product development at Anthem Blue Cross Blue Shield, one of the nation’s largest health insurance companies. From there, I decided to pursue my lifelong goal of becoming an entrepreneur and devoting my passion and creativity towards transforming the way businesses and consumers purchase insurance.
What sparked your interest in FinTech?
I think it happened very organically. I had a long career in the insurance industry where I developed a strong understanding of the importance of health insurance, but also its details and nuances. Unfortunately, when consumers think about all the things they shop for, insurance is probably not the most exciting thing that comes up to their mind - yet it is one of the most important. The retail experiences of health insurance buyers are being defined by companies such as Amazon, Uber and Airbnb. I think it was very obvious to me that the high expectations of users were not being met by the industry - and given my background, had the opportunity to make a change.
What was your lightbulb moment?
I think it was about a perfect storm of rapid technology adoption, consumer expectations, and regulatory upheaval that made me realize that the timing was right.
Given my insider’s appreciation for the challenges and opportunities of the industry. I partnered up with a great team of technologists, designers, and data experts to bring innovative technologies to our industry. I can’t stress the importance of creating a team that believes in the mission and wakes up motivated to bring solutions to life because startups are all about execution. Lightbulb moment is crucial, but what comes after is even more important.
What inspires you?
So many things inspire me everyday - customer success stories about using our product for sure. But as our team has grown, I have recently gotten so much excitement from a the next generation of students and young professionals who are seeking ways to make an impact in the very traditional insurance industry. They are driven by solving complex challenges, and not afraid to tackle the complexity head on. I learn everyday from our newest or youngest team members who bring new and creative solutions every day!
Why is the #WomenInTech movement important?
90% of all women will be solely responsible for their own or their family’s finances at some point in their lives and roughly 80% of the women make decisions about their households healthcare decisions. Therefore, women comprise the majority of the consumer buyers in financial services and healthcare. It is very important for innovating FinTech companies to represent the customers in leadership positions in order to provide great services in the long-run.
What piece of advice would you give women starting their careers in FinTech?
I urge women to feel confident in their abilities, instincts and creativity to solve the many problems in FinTech - the very problems that we experience firsthand! Don’t wait for the “perfect time or the perfect idea” to be an entrepreneur because the process is iterative and the most important step is to get started. There is no doubt that women are consumers of FinTech products, therefore in my mind there is no reason why women should not be building those products either.
Sally Poblete has been a leader and innovator in the health care industry for over 20 years. Sally founded Wellthie in 2013 out of a deep passion for making health insurance more simple and approachable for small businesses and consumers. Sally has spoken at many conferences including: InsureTech Connect, where she presented at a panel on Health 2.0, a discussion with leaders across the continuum of health care on what would happen if health insurance were reimagined and AHIP Conference/Expo - Presented on a panel, Helping Consumers Navigate Health Care: How to Win the Hearts and Minds of the New Consumer.
