#transparency

With 4 product updates per day, god knows we’ve been busy. 2017 was our first full year in market, and here’s just a glimpse of what we built.

As an insurance company, we have the responsibility to ensure we have your best interest at heart. We can’t sell something that isn’t right for you – that would be wrong.

Tech companies gather thousands of times more data than traditional insurers, producing nuanced profiles of their customers and remarkably predictive insights. 

There’s one area which is still largely ignored by AI innovation, and that is the organization itself.

A look at how illustration played a major role in 2017’s biggest redesigns.

With Thanksgiving ‘round the corner, it’s time to reflect on how our milestones have been received, reveal our latest metrics and stats, and share what we, Team Lemonade, are thankful for.

‘Guns’ is a polarizing topic, which is why most companies avoid it at all costs. But Lemonade was founded to make insurance into a social good, which requires being upfront about what we think ‘good’ is, and is not.

Building an insurance company means dealing with volumes of laws and regulations, nuanced requirements by state, different customer needs, capital, you get it. We lay out our latest underwriting stats, plus our big reinsurance partnership.

Changing our customers’ view of insurance carriers will be hard. But trying to influence other insurers – our competitors – to also change, may be the most difficult challenge of all.

In the US, a male is 50% more likely to buy a home insurance policy than a female. But at Lemonade, a woman is 50% more likely to buy a policy than her male counterpart!

As a point of reference, the Fortune 100 give 0.08% of their revenues each year. So if year-one is anything to go by, Giveback has the potential to 100X that benchmark.

We’ve learned so much in the eight months since our launch. We got some stuff wrong, iterated and improved, and hopefully we got some things right as well. Since then, things have gone a little nuts.