Lemonade’s Giveback to Robin Hood
Robin Hood invests in the most effective ways to fight poverty in New York City. They develop and fund over 200 of the best schools, food pantries, homeless shelters, and health facilities in order to improve the wellbeing of hundreds of thousands of low-income New Yorkers.
Through the Giveback to Robin Hood, the Lemonade community provided one night of shelter for thirty five families. Thanks to our members, hundreds of people had the opportunity to leave the streets for comfortable, safe shelter which improved their sense of security and standard of living.
The 2017 Lemonade Giveback
Our total Giveback for 2017 was $53,174, and this number calls for some context: this amounts to 10.2% of our revenue. As a point of reference, the Fortune 100 give 0.08% of their revenues each year (CECP p.36). So if year-one is anything to go by, Giveback has the potential to 100X that benchmark. Time will tell, but early indications are encouraging.
We had 21 cause-centric-groups as of June 30, and 14 (66.7%) received a Giveback. Here’s a fun fact: among these 14 causes, an average of 18% of premiums were given to charity. These funds can go a long way when put in the right hands.
But it’s more than just numbers. Giveback amounts to a change in kind, because it isn’t dependent on profits (Lemonade hasn’t turned a profit yet). We think of Giveback as a social contract among our community, where the size and allocation is determined not by our big profits or big hearts, but by the good fortune and good behavior of our members. Remember, it’s not our money.
As our Chief Behavioral Officer Dan Ariely explained, “it’s money our community has entrusted to us, first and foremost to help our members recover from unfortunate events in their lives, and secondly, to help the less fortunate in our broader community.”
Share your Robin Hood impact, and read more about our 2017 Giveback here.