Lemonade is founded to make insurance as a social good a reality rather than the common perception it is a necessary evil. Compliments other articles I have publsihed recently.
For those insurance companies that fear the threat of newcomers like Lemonade they should follow the link to 360Globalnet who have combined the benefits of BPaaS and Platform-based BPS.
Not just to process claims faster with better service whilst stripping out cost but adding the BPS to repair and replace the items claimed for or injury sustained. A disruptive change to the insurance business model.
“Most Americans view insurance as a necessary evil rather than a social good, and that’s something we’d like to change,” said Schreiber, Lemonade’s CEO. “As a fintech-insurance company, Lemonade is designing around the bureaucracy and conflict that haunt the industry, replacing them with technology and transparency. What makes this exciting is that it requires reinventing the very structure and business model of insurance in ways not available to the legacy insurance carriers.” It is estimated that P&C (property and casualty) insurance generates $1 trillion of gross margins annually and is dependent on a highly centralized and opaque business architecture – the very kind that is most prone to disruption. Lemonade plans on transforming both the economics and the experience of insurance, injecting radical transparency and delightful experience into domains known for neither.