Lemonade - Forget everything you know about insurance

I really hope this idea will actually work and become a real replacement to every other type of insurance (car, travel and whatever). Problem I see with it is the fact that even though its a P2P business model, theres still needs to be a coordination or a conductor (insurance agent?) that needs to charge money to justify its existence. How exactly can bots help when I need my insurance money back? or when I need to evaluate how much my bicycle worth is...? Wow.. so many questions. The model is not that easy to understand, and therefor I'm not sure a mobile app is the way to go at all. but I trust your judgment and crossing fingers for you guys.

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 🤔?

This will work for short-tail risk (eg. Travel) but may not for long-tail risk (eg. Building insurance or worker's compensation claims).

I am in insurance business and seen many model through the years. We also about to launch very innovative agency model soon in Turkey. on the other lemonade is the disruptive model and ı see that it will really be game changer in the market. meanwhile ı also have so many question in my mind to clear the business model like what if claim would be more that premium paid or, who pays the reinsurance premium the lloyd, is the paid from the premium customer pay or it is the capital of lemonade. do you give back all remaining premium if no claim happens or it is just pay to causes. even in this circumstances very good job.

but how is this p2p?

No doubt that Lemonade is one of the best insurance company. Having great products.

Finally :-) UX is flawless! Insurance revolution