Lemonade — Forget everything you know about insurance

another unquantifiable (worse, provably false) tagline: "The World's First P2P Insurance Company" um, except companies that were doing this since 2010: https://en.m.wikipedia.org/wiki/... why do companies feel the need to embellish things by saying they're the "world's first", "only company doing x" or "best x"?

Only home insurance and renters insurance currently, and only in New York. Any plans to expand to other types of insurance and other locations?

Also, there is a minor bug with the background image in the drawer

Maybe I'm missing something obvious, but how is this p2p? Are you considering it p2p because it's not a 'traditional' insurance agency?

Big launch of an awesome new #insurtech company today - they're on a mission to change the insurance world - @shai_wininger & co can tell you more!

First off, amazing job team! Phenomenal idea and it looks great!! Regarding growth...insurance is a highly regulated industry, pretty much everywhere. How do you plan on tackling the regulatory hurdles that must differ in each market you are looking to expand to?

Good cause as a business model IS refreshing! Seems that Lemonade's solution and pricing model will definitely change the world of insurance. For ever!

I'm the most curious about the math of this. You take 20% of every premium collected. That itself is a model that'd be interesting to see the details of - eg, how that 20% is spread out to cover your expenses, and what profit is left. But that aside, what % do you anticipate to go to claims, and what % to anticipate to be left over? I assume in theory you'd like to target 0% going to charities - not because anyone is anti-charity, but because if there's money left over, then premiums were too high. Is that correct? As a way of "getting around" the law that you can't give excess back to customers, why not just keep the excess as cash on hand and purposefully lower premiums the next year recognizing you have excess cash to cover losses?

Morning Hunters... I want to introduce you all to Lemonade, the world’s first full-stack insurance company that is powered by bots, stunning design and a good heart. We ditched agents and paperwork, and built an entire insurance company from the ground up to provide users with an experience that’s fit for the 21st century. We wanted to make insurance instant, smart, honest and delightful. But wait, that’s not all. We’ve discovered a way to hack how insurance works! It turns out that on average, about half of the money we all pay insurance companies actually goes to cover for claims. The rest is taken for their expenses and revenues. Now, this is a big deal. It means that insurance companies earn more when we’re paid less (or slower), and explains why so many people have terrible experiences around claims. By design, insurance companies hate to pay because it hurts their bottom line. Lemonade works differently. We take a flat fee upfront, pay for claims and expenses, and give back everything that's left to causes our users pick. Doing this steers us away from that conflict, and when claims come, we’re happy to pay them fast because it doesn’t affect our revenues. This is why we’ve taken on the challenge of building a full stack insurance company (which is fucking hard btw). Starting fresh was the only real way to break the vicious cycle of people not trusting insurance companies and companies not trusting people. Give us a try! I’d love to hear what you think. Shai Wininger Chief Lemonade Maker (The Lemonade App is available for iOS and Android)

Wow, this looks absolutely superb! I wish you all the best. There's just one thing. As an early adopter I get excited about new services really quickly. That's cool because I'm usually the first to try out this brand new streaming service. I mean, what do I have to lose? Sometimes I have to differentiate between the small things that make life easier and the decisions that might have a huge impact on my life. I can't see anything wrong with your service. I actually welcome the change because I agree with the major flaw of regular insurance companies. But do I really want to put the responsibility of paying the costs for my house burning down in the hands of a startup? Yeah I know, A rated insurance, all is good and I believe you. However it seems like you're completely new to the business. I mean, how often do I watch a Kickstarter video and think to myself "this is such a great idea" and yet 15 million dollar of funding later they still screw it up. The money is gone and everything happened because they didn't know the business they were getting into. It just seems like a tough call for a major decision like insurance.

What a huge step for the insurance industry. Groundbreaking thinking and brilliant execution down to the last pixel.

Pretty interesting! I have to say I thought you were a life insurance app at first (maybe because your tag line is peer-to-peer). What was the thought process behind launching in New York? I'm assuming because of all the apartments?

P2P or B2B insurance was invented a few centuries ago with the expansion of the European Merchant Fleet (Specially the British but also the Portuguese, Dutch, Netherlands, etc) and continues until today. But it happens that it's not actually called insurance (because in any p2p system there isn't actual "insurance" as the definition of insuring implies that the risks are transferred from the insured to the underwriter — the most similar case would be a company that self insures — which it in itself is an oxymoron — because when it does it with respect to a risk what actually is doing in not insuring (managing) the risk at all and just playing the odds (betting) that any accidental disaster that occurs during the period when they lack insurance will cost less to fix than the premium that they had payed to transfer the risk to a third party or parties. The proper name for the "coverage" provided by these b2b entities is called Protection and Indemnity, in short P&I, because they provide protection and indemnity against claims for damages made by third parties, the entities that provide the coverage are called P&I Clubs. These Clubs are actually non for profit institutions formed solely by the members which select the board, the management company that have some sits on the board and aprove every mayor decision of the club. The members are the Vessels Operators and Owners that pay: a) advanced disbursement (premiums) on the policy year, b) deferred premiums for up to four years to cover all claims that weren't predicted or that due to lower returns or even loses on the massive reserves they have to hold but invest make a significant change in the financial situation of the club, and c) especial disbursement called especial calls that arise from one or two very significants claims (in the few hundreds millions of dollars) that as unpredictable goes directly to the reserve requirements of the club that has to be re-equilibrated with near cash payments from the menbers. The club in it self belongs to an institution that is call the Club of clubs where most of the clubs join efforts to help each other to pay from a common pool medium (over 10 million $ and very large from 400 hundred million to infinite claims) and to purchase reinsurance in excess of 1 billion per claim. If there was a good policy year - in results - for the P&I and there's excess of reserves the deferred premiums budgeted for that policy year are lowered or not called. Was this system was created and is it still the sole way to seek cover from claims to all type of large vessels because its the cheapest? No. But because the risk and the accident rate are so high that no insurance company or syndicate would be capable to underwrite the risks without risking heavily bankruptcy. Most countries have prohibited insurance companie, underwriters or syndicates by law to cover these type of risk for any type of vessel that its larger than X thousands GT, which is even lower in the case of passenger vessels, NLG, Tankers, etc... This b2b is nothing else than "self insurance" (as I said is no insurance at all, at least until the individual claim is above a billion that the excess over the billion is covered by the underwriters) by many owners and operators (of the developed world) to playing the odds and spreading the losses and gains among many so it hurts less. So anyone that say that insurance p2p or b2b have to cost lest than regular insurance does not know little about insurance, because reinsuring the risk cost more money if you don't keep any of the risk and reinsurers don't want to pay claims... and have a saying and the next year your company reinsurance premiums have skyrocketed. If its pure or 80% p2p is not insurance but what have been badly named "self insurance" and if you don't have large reserves insvested with a good return... the first bad year the company is filling for bankruptcy... If you give what would be your reserves to charity... you will be a happy man, your policy takers won't as soon as they find out their claims is more than their current year premiums. Its been working for more than 400 years... nothing new but new acronyms, the institution of the Clubs is even older than Lloyds (The Original Syndicate) itself.

Do you have any policies that protect your guests / friends as well? One of the nasty things folks often overlook is that if you leave the sink running and it floods your house, your insurance will cover it. If your grandmother accidentally leaves it on while in your home, the insurance pays it and then sues your grandmother. I'd love an option to have my guests extended the same protection as me, when in my home and on my property. Great work.

Had a chance to meet the team back in Tel Aviv and get a sneak peek at the app. I mean, given the investors in this company, the super talented founders, and the insanely polished product, if anyone can disrupt one of the most painful industries out there, insurance, Lemonade can. My only question is about the roadmap and when this will be available globally.

Great job here! I went through your on-boarding / insurance sign-up by clicking on "Check our prices". The experience is astounding ! The UI is smooth, the questions and possible answers are crystal clear, I didn't even feel frustrated by the many steps. I had an Aha! moment during the rating of the address I entered (when you check building, environment, satefy data), great value there.

Can we see auto and health at some point? I'd love an insurance company that only charged me according to my data (device connected in car and wearable on me). Drive safe = cheap insurance. Live healthy = cheap insurance.

While the concept is great, it is not dissimilar to a co-operative enterprise. It certainly doesn't sound like peer to peer risk sharing but may be peer to peer marketing (for example, I may promote it to others with a similar philanthropic goals). Am I missing something 🤔?

So it's sort of like @WholeFoods' health insurance model, for everything - plus it reminds me of one of my favorite @TsunamiBomb songs - Nice! @lemonade_inc @bramk

Great concept - and very strong team - can't wait to check out the product. Great job, @shai_wininger and team!