Is that how things work now? Well then, I m worth five billion nd say things should stop working that way. Persuaded?

They’re not really, it’s just the YC hype cycle. The business is selling insurance to other YC startups with some AI flair. They’re not even the first YC startup to do this, a previous YC insurance startup was acquired a few years ago for ~$1bn. So, they’re worth 3x the exit of the exact same company… because of what, AI? The fact that they’re cloning other software to release SaaS products is extremely bearish. Why are they wasting their time on this? A wildly successful $3bn startup would not spend their precious resources by launching a $10/m document sending SaaS. They’ll be doing down rounds soon enough. Could you imagine Paul Graham encouraging this?

Also, I should add, they’re growing fast because they will underwrite anyone for anything. They’re one “oops our AI underwriting has been taking on far too much risk” away from disaster. That they’re demanding 7 days a week from their employees while spending their time building a dataroom product instead of, I don’t know, improving their underwriting, is a bad sign.

Normally getting insurance from a startup like Corgi would be a very bad idea because what’s to say they’ll be able to pay out claims? I assume other YC startups are happy because a) they can’t get insurance anywhere with good underwriting b) they figure YC will bail Corgi out when it goes wrong because seemingly every YC startup depends on them.

https://en.wikipedia.org/wiki/Risk_retention_group

“Policyholders should be aware that certain Specialty Insurance Carriers may not be admitted insurers in the state in which the insured risk is located. Policies issued by non-admitted insurers, risk retention groups, captive insurers, and certain other Specialty Insurance Carriers may not be subject to all of the insurance laws and regulations of your state. State insurance insolvency guaranty funds may not be available for policies issued by non-admitted insurers, risk retention groups, captive insurance companies, offshore insurers, or other non-admitted Specialty Insurance Carriers. In the event of the insolvency of such a carrier, policyholders may not have access to state guaranty fund protection and may bear the risk of the carrier's inability to pay claims.”

https://www.corgi.insure/disclaimers

Lmao tech money is fake. Look at how much AI companies are throwing around. Musk is personally worth 1T now supposedly.

It's all virtual valuations. The stock market is poison but most people on here won't admit to that because they have their own interests in it. What a joke our species is lmao. We're still grabbing big sticks to hit each other with and worrying about our neighbors coming to take our rocks because we're all just monkeys still, even though we pretend we're not.