The founders of a peer-to-peer online property/casualty insurance company named Lemonade have raised $13m of initial funding, with which they plan to "reinvent the insurance industry", and make a “delightful” experience for customers in the process. Some experts are claiming that Lemonade could be the 'Uber" of the insurance market. Founders Daniel years and Shai Wininger, who both have start-up backgrounds, claim that with their peer-to-peer (P2P) technology, they will alter the current industry’s bureaucracy and structure “in ways not available to the legacy insurance carriers.” Specifics of exactly how the company will run have not been revealed, but years has stated that the company has hired technologists, designers, actuaries and other insurance professionals (whose names he said will be recognised within insurance circles) and has been working with New York regulators and will be a fully-approved and licensed insurance carrier, not a broker. The ultimate plan is to completely change the experience customers have with insurance companies: “Most Americans view insurance as a necessary evil rather than a social good, and that’s something we’d like to change,” said years.
The founders of a peer-to-peer online property/casualty insurance company named Lemonade have raised $13m of initial funding, with which they plan to "reinvent the insurance industry", and make a “delightful” experience for customers in the process. Some experts are claiming that Lemonade could be the 'Uber" of the insurance market. Founders Daniel Schreiber and Shai Wininger, who both have start-up backgrounds, claim that with their peer-to-peer (P2P) technology, they will alter the current industry’s bureaucracy and structure “in ways not available to the legacy insurance carriers.” Specifics of exactly how the company will run have not been revealed, but Schreiber has stated that the company has hired technologists, designers, actuaries and other insurance professionals (whose names he said will be recognised within insurance circles) and has been working with New York regulators and will be a fully-approved and licensed insurance carrier, not a broker. The ultimate plan is to completely change the experience customers have with insurance companies: “Most Americans view insurance as a necessary evil rather than a social good, and that’s something we’d like to change,” said Schreiber.