Assuming you guys are gathering some data off the "get a quote" form to figure out where the most interest is outside of your current market.
Show HN: Lemonade – the world's first P2P insurance company
51–60 of 175 posts
Re: Show HN: Lemonade – the world's first P2P insurance company
#52Earlier quoted context omitted.
The fact that @gilsadis didn't understand this this suggests to me that they are in entirely the wrong business.
Technically I believe they are an Israeli company could be just an issue with linguistics ;)
Not this time- just a good ol' case of launch frenzy. Saw the comment, just this part "I got to "enter your name" and leaked out of the funnel" and jumped to conclusions :).
Re: Show HN: Lemonade – the world's first P2P insurance company
#53Earlier quoted context omitted.
Hey, same here. Can you share more details? Thanks for letting us know btw.
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.
Can't they just give an address nearby instead ?
Re: Show HN: Lemonade – the world's first P2P insurance company
#54I read some of the comments about the funnel and I set out to try it myself.
There are 8 steps to get a quote
1. First and last name 2. Full address 3. question (renter/owner) 4. roomates/alarm 5. current owner of insurance? 6. Jewelry over 1000$? 7. email, birthday 8. Quote, which seems highly generic and could be done without 6 of the 7 previous steps.
I can't even imagine the conversion rate from just checking it out to paying customer, it can't be too high at all (outside the founders circle).
ZipCode -> Quote should be the only step. The rest should happen after you convinced me about your value. By the way, don't email thisisridiculous@gmail.com, it's not really my email.
Re: Show HN: Lemonade – the world's first P2P insurance company
#55This 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.
Just because a business is using a proven model, doesn't mean it can't be a "hot new startup". Good for those businesses with sound fundamentals made accessible through new technology.
Re: Show HN: Lemonade – the world's first P2P insurance company
#56Earlier quoted context omitted.
Hey, same here. Can you share more details? Thanks for letting us know btw.
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.
Re: Show HN: Lemonade – the world's first P2P insurance company
#57Earlier quoted context omitted.
Technically I believe they are an Israeli company could be just an issue with linguistics ;)
Not this time- just a good ol' case of launch frenzy. Saw the comment, just this part "I got to "enter your name" and leaked out of the funnel" and jumped to conclusions :).
Well idioms don't translate well usually :)
They could've stated that they want to see the offers without providing a lot of information off hand.
You might want to consider displaying similar quotes for the area and filter them based on age group and income.
I don't know if there is a regulation requiring you to take the name before displaying a quote or not since different countries can have a different legal statue for a quote.
Re: Show HN: Lemonade – the world's first P2P insurance company
#58So... what are the supported causes? What is the criteria for a cause to be qualified for support? There are charities and causes I do support and there are those that I don't. There are charities that oppose each other in their stated goals as well. I see a section that talks about becoming a supported charity, but nothing about criteria or who is already in.
I would be surprised if it did not devolve into a kickback arrangement at some point. Benefit corps are a solution to a problem that doesn't really exist but gives a ton of leeway for under the table dealing. Not saying these guys have any particular reputation a priori, but when the structure is set up for it, it tends to happen sooner or later.
"Note, the Giveback is currently not recognized as a tax deductible donation- sorry!"
So it's actually worse than a standard mutual insurance dividend / rebate which you could donate yourself.
Re: Show HN: Lemonade – the world's first P2P insurance company
#59I 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.
Risk models will depend heavily on your specific address, especially in NYC where two properties on the same block might have vastly different risk profiles. Your name is likely used for credit score (effectively conscientiousness score) which is also a huge correlate of risk.
In theory, this is indeed true. However I went through the funnel twice. I googled "The worst neighborhood in new york", went to google maps and picked a random address from this neighborhood. Got the exact same price as another "good" neighborhood in new york.
Re: Show HN: Lemonade – the world's first P2P insurance company
#60Earlier quoted context omitted.
Was not criticizing the company at all, just wondering why it calls itself P2P and whether my payback model would work.
Daniel 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'!
While I understand the sentiment it seems like a confusing message to put out there. With the "P2P" label when it's not a typical P2P model.