Is Lemonade Breaking Open the Insurance Industry? How Must Insurers Compete?

(Image: Lemonade homepage.) Peer to peer (P2P) insurer Lemonade and others like it are taking the insurance industry by storm. They are being hailed as disruptors that will change the face of insurance, possibly shaking the foundations of established insurers. People are paying attention, from insureds to regulators to investors, while many larger insurers are already making investments in P2P companies, and large reinsurers are covering their…

Lemonade Reports Insurance Claim Paid in 3 Seconds with No Paperwork

(Image source: Lemonade.) Call it a stunt, if you will, but Lemonade has made a striking demonstration of what automation and data transparency can achieve in the realm of insurance: a claim paid in just three seconds without paperwork. Lemonade cites the figure of 30-45 days as the required timeframe within which insurers must pay claims in most states. Daniel Schreiber, CEO, Lemonade. The startup insurer, which started doing business in…

Lemonade Insurance Launches with Innovative P2P Business Model

Lemonade, the New York-based startup billing itself as the world’s first peer to peer insurance company, today announced it has opened for business, and is “licensed as a full-stack insurance carrier” by New York State. The insurer says that homeowners and renters in the state can now get insured and settle claims instantly, anytime and from any device at www.lemonade.com or through the Lemonade app. Shai Wininger, President, Lemonade….

Lemonade Closes $34M Funding Round, Files to Do Business in California

(Mt. Shasta in California, the second state Lemonade has filed to do business in. Photo credit: Ewen Denney.) Lemonade (New York), which officially launched its P2P insurance experiment as a bona fide operating carrier in New York state in September 2016, has announced the closing of a new round of funding to the tune of $34 million, as well as filing to do business in California. The new round, which brings Lemonade’s total funding to date to…

Lemonade Aims to Offer Insurance for 97 Percent of Americans in 2017

(Image source: A Wild Green Life.) Lemonade has filed for licensing in 46 states and the District of Columbia, which would make its peer-to-peer insurance offering available to 97 percent of the U.S. population in 2017. The company vaunts its use of artificial intelligence and behavioral economics as enabling it to scale rapidly. Lemonade made its market debut in Sept. 2016 with its licensing in New York State. Shai Wininger, President,…

Lemonade Names William D. Latza Chief Compliance Officer

(Photo credit: Evan-Amos.) Lemonade, the New York-based startup billing itself as the world’s first peer to peer insurance company, has announced the appointment of William D. (Bill) Latza as its Chief Compliance Officer and General Counsel. Latza joins Lemonade, after 25 years as Partner at the esteemed law firm Stroock & Stroock & Lavan LLP, where he specialized in insurance law. His leadership in insurance law has been recognized by…

Lemonade Announces New Funding from XL Innovate

(Image credit: Adobe Stock.) Lemonade (New York), which describes itself as the soon-to-be world’s first peer insurance company, has announced that XL Innovate (Menlo Park, Calif.) has made a significant investment in the company, and that Tom Hutton, managing partner of the firm, has joined Lemonade’s board. Daniel Schreiber, CEO, Lemonade. XL Innovate is a venture capital firm focused on technology-driven innovation for insurance. XL Catlin,…

Lemonade Licensed for Business in Illinois

(Photo credit: Kiyochan50.) Lemonade announced today that it has been licensed as an insurance carrier by the State of Illinois. Renters in the state can now buy a Lemonade policy using the Lemonade app or by visiting lemonade.com. Homeowners policies will be available in the state soon, the insurer promises. Lemonade opened for business in New York State in September 2016 and has applied for licensing in a total of 46 states and the District…

P2P Insurer Lemonade Names Ty Sagalow Chief Insurance Officer

(Photo credit: Anna Fayett-Holmes.) Lemonade (New York), which describes itself as the world’s first peer-to-peer (P2P) insurance company, has named Ty Sagalow Chief Insurance Officer. One of Lemonade’s founding officers, Sagalow is an industry veteran whose career has focused on the the potential of technology for innovation and the need for insurers to become customer-centric. Lemonade was founded by veteran tech entrepreneurs Daniel…

Lemonade P2P Insurance Startup Names Dan Ariely Chief Behavioral Officer

(Dan Ariely, Chief Behavioral Officer, Lemonade. Source: YouTube.) In recent years new C-level titles have proliferated, including chief data scientist and chief customer officer. Lemonade (New York), the soon-to-launch peer-to-peer (P2P) insurance startup, is breaking new ground through the appointment of a Chief Behavioral Officer. Touted as another aspect of how Lemonade is seeking to transform the insurance industry, the company has…