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How three years at McKinsey shaped my second startup

blog.zactownsend.com

191–192 of 192 posts

Re: How three years at McKinsey shaped my second startup

#191
post #124

Earlier quoted context omitted.

Your scientific take is useful in the case where selection bias is unavoidable and needs to be corrected for. This case is not like that; if the insurance agency wants to dispute the 90% false denial rate, it would be trivial for them to take a random sample of _all_ cases, go through the appeal process for those, and publish the resulting number without selection bias. As long as that doesn't happen, the most logica…

What do you think the claim approval rate is? Less than 10%? It stands to reason that the overwhelming majority of cases where the claim was approved were approved correctly. Unless that rate is well under 15%, it’s impossible to have the claimed “90% error rate”.

It's clear from the quoted paragraph that by "error rate" they actually meant "false denial rate". That's also the words I used in the comment you are replying to.

Did you comment because you take issue with misuse of the term error rate, or because you think that correct approvals make up for incorrect denials, and that therefore overall error rate is a useful metric?

Re: How three years at McKinsey shaped my second startup

#192
post #119

this is a great piece! one nitpick: > And though when we started our business in 2023 (ChatGPT wasn’t out yet), you could begin to feel that something like that was possible in a way it wasn’t before. ChatGPT launched in late 2022...

Fixed in the article now -- started the company in Jan 2022
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