gilsadis

Who said we won’t? ;) Stay Tuned!

It's an excellent article and spot on. Insurance has remained fundamentally unchanged for centuries. In order to really change it, a complete re-architecture is needed. Insurance should be fully digital, hassle free, transparent and fair.

It's hard to really change it when you're not a fully licensed and regulated carrier. An MGA can create a beautiful UI on top of an old insurance product, but eventually, consumers will meet face to face with this old insurance product (for example in claims), and it's going to be the same old experience again.

As many of you stated here, there's an inherent conflict between the insurance company and the insured. Until that changes, the experience will stay the same.

In Lemonade, we are changing that. Will love to get your feedback. Here's how it works - https://www.youtube.com/watch?v=6U08uhV8c6Y&t=9s

Disclaimer: I'm head of product at Lemonade (lemonade.com)

Hey, it's Gil, Lemonade's head of product here. I'm available to answer questions

SmellTheGlove you're right. What joosters pasted is our website's TOS... You can definitely build a profitable insurance business with a 20% expense ratio. Our expenses are much lower than traditional insurers, plus we're not planning on buying any private jets :). We're here for turning insurance into a social good, as it was 400 years ago. Thanks for your support!

@d2xdy2 great feedback. Thanks! And, added you to the queue ;)

Health insurance is a whole new ballgame. But let's stick to P&C, and especially homeowners and renters, whereas companies are conflicted in paying out claims, as it impacts their bottom line. When they pay you your claim, they make less profits. So they're in this conflicted situation in which they have to decide between profiting, and paying your loss. A flat 20% removes that conflict and aligns interests.

Hey, Gil from Lemonade here. I see quite a few p2p related comments here and I totally understand how P2P can be confusing as a term. This video can help understand the concept - https://www.youtube.com/watch?v=6U08uhV8c6Y. tl;dr: We use each group's premiums to pay their claims, and unclaimed money goes back to the group's common cause.

Valid points all, but if you were getting insurance from the traditional companies, you'd have to answer many more questions, or alternatively, pay for coverage you don't necessarily need. Our funnel tries to get you a personalized quote in minutes, so you pay for what you need. Most of the time this will be considerably lower than traditional carriers.

Fair enough. The reason we ask for your name first is because we want to create a more personal chat experience. We believe that buying insurance should not only be instant but also delightful.

Not this time- just a good ol' case of launch frenzy. Saw the comment, just this part "I got to "enter your name" and leaked out of the funnel" and jumped to conclusions :).

Not sure it would (it doesn't really for mutuals...)

that's well said!

True. We like to say that Lemonade is the oldest new idea! I think that's what the sharing economy is all about, using technology to revive modes of social interaction that used to be commonplace.

The difference is that we're a fully regulated insurance company (as opposed to brokers like Guevara or other p2p insurance startups). It means that we can control the experience end to end and build an insurance company with a different business model than how traditional insurance companies do business. This is why we can give unclaimed money back to charity.

Hey, same here. Can you share more details? Thanks for letting us know btw.

Hey, thanks for trying. Can you share more details? Browser, device, etc. It seems like everything works properly on our end