Show HN: Lemonade – the world's first P2P insurance company

Post by drivingmenuts » Thu, Sep 22, 2016, 3:50 AM UTC

gilsadis wrote: post #56

x2f10 wrote: post #41

Earlier 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.

Post by robzyb » Thu, Sep 22, 2016, 4:06 AM UTC

gilsadis wrote: post #35

h4nkoslo wrote: post #25

This 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...

True. We like to say that Lemonade is the oldest new idea! I think that's what the sharing economy is all about, using technology to revive modes of social interaction that used to be commonplace.

Post by Idontagree » Thu, Sep 22, 2016, 4:45 AM UTC

maerF0x0 wrote: post #82

gilsadis wrote: post #35

Earlier quoted context omitted.

True. We like to say that Lemonade is the oldest new idea! I think that's what the sharing economy is all about, using technology to revive modes of social interaction that used to be commonplace.

Thats a great way of looking at the sharing economy. Once upon a time I asked my neighbor for a cup of sugar and they obliged, if even begrudgingly. Nowadays I pay a task rabbit $35 to get me a cup of sugar.

Post by [deleted] » Thu, Sep 22, 2016, 4:47 AM UTC

phonon wrote: post #86

CodeWriter23 wrote: post #80

Earlier quoted context omitted.

@gilsadis, in response to your request for information above: As others related, this isn't a bug report. This is about the design of your conversion funnel and the appropriateness of what levels of information I will consent to offering while your site is attempting to build a relationship with me. When you don't know me, you can have my zip code. Show me some awesome rates based on my zip code, and maybe then I'll…

They run a credit check to determine your premium (in part). So yeah, they need your name... https://lemonade.com/faq#general

Post by nerdponx » Thu, Sep 22, 2016, 4:49 AM UTC

h4nkoslo wrote: post #43

nerdponx wrote: post #34

Earlier quoted context omitted.

They're not adding 20%, they're charging you a flat 20% and then paying for the policy on the back-end. In that sense, it's like a buyers club for insurance. Lloyd's isn't insuring every Lemonade customer individually, they're insuring the entire Lemonade business, which with enough buy-in becomes a very diversified risk pool.

I'd be really surprised if their entire risk was reinsured; that tends to lead to severe incentive misalignment since they would have every incentive to sell to the riskiest customers they could find.