2016 was an incredible year for Lemonade. We ended the year as an insurance carrier licensed by the most exacting regulators, reinsured by the most trusted names, and funded by the most respected VCs. More exciting yet, our A.I. has been selling policies and paying claims to a growing stream of enthusiastic consumers, 80% of whom never bought insurance before!
None of that was true a year ago.
We also made progress in our mission to transform insurance from a necessary evil into a social good: becoming a Public Benefit Corporation, receiving B-Corp certification, and accruing far more for nonprofits than for our own profits.
Lemonade’s Full Monty
Want the details? We will be revealing all in our Transparency Chronicles. In the next few weeks, we’ll post three exposés on different aspects of our business in 2016.
Next week my co-founder Shai will share fascinating metrics and insights in our Lemonade Startup Report: conversion rates, growth dynamics and suchlike (a worthy follow-on to his report on our first 48 hours).
The following week, John Peters, our Chief Underwriting Officer, will share insurance data in our Lemonade Insurance Report: loss ratios, risk distribution, and licensing progress. It’s in plain-English and accessible to tech and fintech enthusiasts no less than insurance buffs.
In 3 weeks Dan Ariely, our Chief Behavioral Officer, will release our Social Impact Report. Dan will share statistics on our Giveback program, the causes we’re working with, and how the numbers are looking for our double-bottom-line business.
Why the full frontal?
One of the benefits of being a private company is that your steps and missteps are kept private. That’s important: companies want to keep ‘steps’ from competitors, and ‘missteps’ from everyone. So why are we doing the full-frontal?
Well, I guess you could say we’re overcompensating.
When you play the word-association-game with the ‘insurance’, words like ‘trust’ and ‘transparency’ never come up. We’re determined to change that. But to earn that trust we have to go way, way out of our comfort zone. We have to be nakedly transparent. That’s the only way to make insurance trusting and trustworthy. Trust can’t be demanded, it has to be earned. I’m sure you get that.
Please subscribe to these behind-the-scenes exposés, share them far and wide, and help us remake insurance as instantaneous, unconflicted, and downright delightful.