Why does Lemonade ask its users to record a video during the claims process? The FAQ doesn't give a good answer...
Show HN: Lemonade – the world's first P2P insurance company
121–130 of 175 posts
Re: Show HN: Lemonade – the world's first P2P insurance company
#122Can an insurance company really claim, as Lemonade does, that:
the Service Is Available “As Is.” YOU EXPRESSLY UNDERSTAND AND AGREE THAT: (a) YOUR USE OF THE SERVICE AND THE PURCHASE AND USE OF ANY PRODUCTS OR SERVICES ARE ALL AT YOUR SOLE RISK. THE SERVICE IS PROVIDED AND PRODUCTS ARE SOLD ON AN “AS IS” AND “AS AVAILABLE” BASIS. TO THE MAXIMUM EXTENT PERMITTED BY LAW, LEMONADE EXPRESSLY DISCLAIMS ALL WARRANTIES AND CONDITIONS OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO THE IMPLIED WARRANTIES AND CONDITIONS OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT.
In other words, they are promising nothing. How then can you rely on them for insurance?
Re: Show HN: Lemonade – the world's first P2P insurance company
#123Why not give the leftovers back to customers? There's incentive in that to be a lower risk client.
Re: Show HN: Lemonade – the world's first P2P insurance company
#124Why not give the leftovers back to customers? There's incentive in that to be a lower risk client.
They answered this in a Techcrunch article: [1]
“Our initial application to the department was to give the money back to consumers. They were not going to do it as the laws are currently drafted,” said Daniel Schreiber.
They also stated they're hoping/looking to change those laws.
[1] https://techcrunch.com/2016/09/21/less-exciting-than-beyonce...
Re: Show HN: Lemonade – the world's first P2P insurance company
#125Daniel from Lemonade here. Totally understand how P2P can be confusing as a term. What we mean by it is that we use each group's premiums to pay their claims, with leftover money going back to the group's common cause. To us P2P is a shorthand for: 'it's not our money'!
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Re: Show HN: Lemonade – the world's first P2P insurance company
#126This is wildly un-new. Mutual insurance companies have existed for literally hundreds of years. Oldest one I can find in 5 minutes dates to 1762, and if you include merchant insurance organizations, probably https://en.wikipedia.org/wiki/Mutual_insurance https://en.wikipedia.org/wiki/The_Equitable_Life_Assurance_S...
Probably 20% (edit, now that I think of it, maybe up to 50%) of "hot new startups" I see posted to the front page of HN on a weekly basis are an existing business model with a slick web 2.0 front end, CSS/HTML5, etc, a marketing department run by generation Y and some mobile app developers.
It's not even a deliberate misrepresentation - in most cases the people involved really, genuinely believe that they have come up with something that no-one else thought of.
The question is why investors, who are supposed to be well informed, continue to back companies that know so little about the industries and markets they're operating in.
And the funny thing is, we do X but with lower costs/higher margins than existing companies A, B and C because Y is actually a compelling pitch...
Re: Show HN: Lemonade – the world's first P2P insurance company
#127I got to "enter your name" and leaked out of the funnel. I'm willing to give up my zip code to find out how you compare to my current provider. Give me some good rates to entice me out of the rest of my data.
Same here. No pricing info provided until you sign up. Not ideal.
Re: Show HN: Lemonade – the world's first P2P insurance company
#128Daniel from Lemonade here. Totally understand how P2P can be confusing as a term. What we mean by it is that we use each group's premiums to pay their claims, with leftover money going back to the group's common cause. To us P2P is a shorthand for: 'it's not our money'!
Daniel: Its really not P2P though is it?
What you're doing is charging a flat fee to enter into a policy which is underwritten by someone else. its not sharing, its not anything special, its just insurance with a fancy GUI.
Re: Show HN: Lemonade – the world's first P2P insurance company
#129Earlier quoted context omitted.
They run a credit check to determine your premium (in part). So yeah, they need your name... https://lemonade.com/faq#general
They need more than my name to run a credit check. They need something they're not going to get, which is my SSN.
No need for an SSN to run a credit check.
No one in their right mind would give an SSN.
Re: Show HN: Lemonade – the world's first P2P insurance company
#130Earlier quoted context omitted.
I will answer you as nobody else will. Hacker News users are interested in this idea, but don't want to divulge their actual address to get a "price quote". Ideally, they'd like to give their zip code and get a round-about dollar figure they can use to compare to their current pricing.
Fair enough. The reason we ask for your name first is because we want to create a more personal chat experience. We believe that buying insurance should not only be instant but also delightful.
"The reason we ask for your name first is because we want to create a more personal chat experience."
When I'm doing a research online before buying something, I really don't want "personal chat experience" with every dozen of companies which website I check. If I would -- add a phone number, Skype etc. in your contacts and I will call myself. Companies, that do not provide clear pricing, usually don't even make to my primary comparison table.