Insurtechs Lemonade and Metromile both made operating losses in 2017 despite a spike in earned income . Lemonade saw its losses balloon to $ 15.7 m from $ 1.9 m in 2016 . The start - up saw an operating loss of $ 100 m , up eight - fold from 2016 . Metro came close to breaking even with an operating loss of $ 308,000 , down from the previous annual figures . The firm saw its underwriting costs triple , however . The bill follows similar legislation proposed in six other states. Analysts have poured scorn on claims the companies ' tech - driven business models will disrupt insurance , as the cost of running a similar firm was close to $ 100 m annually .
Insurtechs Lemonade and Metromile both made operating losses in 2017 despite a spike in earned income . Lemonade saw its losses balloon to $ 15.7 m from $ 1.9 m in 2016 . The start - up saw an operating loss of $ 100 m , up eight - fold from 2016 . Metro came close to breaking even with an operating loss of $ 308,000 , down from the previous annual figures . The firm saw its underwriting costs triple , however . Analysts have poured scorn on claims the companies ' tech - driven business models will disrupt insurance , as the cost of running a similar firm was close to $ 100 m annually .