The Farmer From Merna

George Mecherle was a farmer who noticed that farmers were being charged city rates for car insurance despite driving less, on emptier roads, with fewer accidents. So he started an insurer that only took farmers, priced them on their actual risk, and let everybody else keep the customers he did not want.

That is the entire play, and it is the same one the Bank of America book describes from a different industry in a different decade: find the group that has been priced by reputation rather than by evidence, and go and check the evidence yourself.