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Lemonade files S1

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Re: Lemonade files S1

#151

Post by godzillabrennus »

tootie wrote: post #130
HeavenFox wrote: post #126

I use lemonade for my renters insurance, since it’s cheaper than the alternatives. I have to say their UX is a classic example of form over function. - To buy and manage a policy, you have to install their mobile app. They have a website, but to do anything substantial they redirect you to the app. - I canceled the credit card I use for the premium. To update the credit card, I have to use the virtual chat bot, which…

Those kind of patterns sound like they are business-motivated and not form over function. Look at sites like Facebook or Reddit that are perfectly suited to mobile web but aggressively push users to apps. Apps make for a walled-in experience and more engagement. And they let companies push more and more features you didn't ask for.

You are talking about two of the most powerful sentiment analysis engines ever built.

Facebook try’s to tie sentiments to a reasonably verified identity while reddit adopted a less sophisticated wild Wild West approach.

Facebook is winning that war. Knowing people so you can sell ads at an auction to them is what makes you rich.

Re: Lemonade files S1

#152

Post by drinkzima »

gizmodo59 wrote: post #147

Can someone explain the following? 1. Is it natural for CFO's to receive that many options? The executive compensation chart looks like CFO receives much more than anyone else. 2. https://imgur.com/a/Jl6W1P8 Do they not share the % shares owned by everyone until IPO?

It's based on timing of hires. These are grants over a fixed time period. The others have shares vesting from before.

Re: Lemonade files S1

#153

Post by lgessler »

HeavenFox wrote: post #126

I use lemonade for my renters insurance, since it’s cheaper than the alternatives. I have to say their UX is a classic example of form over function. - To buy and manage a policy, you have to install their mobile app. They have a website, but to do anything substantial they redirect you to the app. - I canceled the credit card I use for the premium. To update the credit card, I have to use the virtual chat bot, which…

> which comes with fake “typing…” indicator.

Being forced to use a chatbot sounds annoying, I agree, but for people who aren't like us on HN who are in the know, the typing indicator fulfills an important function: instant replies can be jarring to users and inhibit their ability to understand the interaction as chat. (There is some evidence to think this intuition is right, by the way: https://chatbotresearch.com/wp-content/uploads/2018/11/icis2...)

Let's not get into whether chatbots have done more harm than good, but I think we can agree that if we're going to have them at all we should do them right.

Re: Lemonade files S1

#154

Post by detaro »

michaelmior wrote: post #144
JMTQp8lwXL wrote: post #141

Earlier quoted context omitted.

Being scrappy and avoiding anything other than happy path allows businesses to grow faster.

This is true and it probably was a reasonable decision on their part since my case was certainly not the common one.

And hey, it means higher reported signup numbers!

Re: Lemonade files S1

#155

Post by TheSpiceIsLife »

HeavenFox wrote: post #126

I use lemonade for my renters insurance, since it’s cheaper than the alternatives. I have to say their UX is a classic example of form over function. - To buy and manage a policy, you have to install their mobile app. They have a website, but to do anything substantial they redirect you to the app. - I canceled the credit card I use for the premium. To update the credit card, I have to use the virtual chat bot, which…

Sounds terrible.

I will only use the state-wide automobile insurer for all my insurance policies for all types or cover they offer that I need (vehicles, building, and home contents).

Why? They have an outstanding reputation and physical offices in both cities in the states (Tasmania).

Needing to make an insurance claim is almost always going to be a stressful event to some extent. Being able to walk in and talk to a real person if needed is something I’m willing to pay a premium (pun!) for.

When it comes to insurance, for me, cheapest is not always best.

Re: Lemonade files S1

#156

Post by cdmckay »

TheSpiceIsLife wrote: post #155
HeavenFox wrote: post #126

I use lemonade for my renters insurance, since it’s cheaper than the alternatives. I have to say their UX is a classic example of form over function. - To buy and manage a policy, you have to install their mobile app. They have a website, but to do anything substantial they redirect you to the app. - I canceled the credit card I use for the premium. To update the credit card, I have to use the virtual chat bot, which…

Sounds terrible. I will only use the state-wide automobile insurer for all my insurance policies for all types or cover they offer that I need (vehicles, building, and home contents). Why? They have an outstanding reputation and physical offices in both cities in the states (Tasmania). Needing to make an insurance claim is almost always going to be a stressful event to some extent. Being able to walk in and talk to a…

It’s a public insurer?

Re: Lemonade files S1

#157

Post by phonon »

PascLeRasc wrote: post #146
HeavenFox wrote: post #126

I use lemonade for my renters insurance, since it’s cheaper than the alternatives. I have to say their UX is a classic example of form over function. - To buy and manage a policy, you have to install their mobile app. They have a website, but to do anything substantial they redirect you to the app. - I canceled the credit card I use for the premium. To update the credit card, I have to use the virtual chat bot, which…

I'll take that over my policy I have now, where anything after 2 clicks on the website ends up with "We're not telling you that information unless you call us". I'll take some UX quirks if it means the old companies with no competition will die out faster. I'd even pay more for this. edit: I just found out that their policy framework is open-source on Github ( https://github.com/lemonade-hq/policy-2.0 ). That's huge…

> I just found out that their policy framework is open-source on Github (https://github.com/lemonade-hq/policy-2.0). That's huge to me.

That's not their policy framework. They use the same standard policies everyone else does (created by a division of Verisk called ISO). It was their attempt to "show" they can design a "Plain English" policy. In reality, it had nowhere near the effort put into it that could plausibly allow that, and is not used by them in production in any way.

Re: Lemonade files S1

#158

Post by [deleted] »

fouric wrote: post #37
derision wrote: post #34

Earlier quoted context omitted.

If you're considering organic growth of a component of network effect, they definitely do have that. I used Lemonade and had a great experience, including a claim, and recommended it to a dozen of my friends who signed up as well

I don't think this counts as "network effect" - I believe that that term applies to situations where the value of the service increases with the (square of?) the number of users. Here, you don't get better insurance as people sign up (at least not directly because people are signing up). I think this is just normal word-of-mouth marketing.

[deleted]

Re: Lemonade files S1

#159

Post by TheSpiceIsLife »

cdmckay wrote: post #156
TheSpiceIsLife wrote: post #155

Earlier quoted context omitted.

Sounds terrible. I will only use the state-wide automobile insurer for all my insurance policies for all types or cover they offer that I need (vehicles, building, and home contents). Why? They have an outstanding reputation and physical offices in both cities in the states (Tasmania). Needing to make an insurance claim is almost always going to be a stressful event to some extent. Being able to walk in and talk to a…

It’s a public insurer?

Sorry, I’ve worded that wrong.

It’s called the Royal Automobile Club is Tasmania, or RACT.

Wonkypodgia does a better job of explaining it:

The Royal Automobile Club of Tasmania normally abbreviated to RACT is a motoring club in Tasmania, Australia. The organisation was established in 1923 and now has over 191,000 members.[1] It is a member of the Australian Automobile Association. It provides services such as roadside assistance, vehicle, home and contents insurance, personal and car loans, driver's education, tourism services and home security products.

In addition to consumer services, the club also engages in consumer advocacy, particularly in regard to petrol prices, which are both historically and recently higher than prices in other parts of Australia.

https://en.wikipedia.org/wiki/Royal_Automobile_Club_of_Tasma...

The Australian Automobile Association (AAA) was established in 1924. The AAA is the peak organisation for Australia's motoring clubs and their eight million members, and advances the interests of all road users across Australia to ensure land transport networks are safe and sustainable, and that the cost and access to transport is fair.

https://en.wikipedia.org/wiki/Australian_Automobile_Associat...

Re: Lemonade files S1

#160

Post by Phillipharryt »

gen220 wrote: post #91
deeg wrote: post #41

Earlier quoted context omitted.

I'm tangentially involved in the insurance space and I believe Lemonade is trying to use machine learning to process claims because: - Processing claims with humans is expensive; every step that can be accomplished by a computer will probably be cheaper. - A claim processed via ML will probably be handled fast. A fast response = happy customer, which helps with retention. This is a big one. - A claim that is processe…

Depending on your perspective of "ML", the insurance industry already uses "ML" (i.e. very complicated decision trees) to process claims. Very few large insurance companies are non-automated in claims processing. The places where the money hides, so to speak, include (1) handling complex cases [customers] (2) scaling a human's ability to process non-automatable settlements. (3) scaling internal support interactions w…

Decision trees are a type of Machine Learning, no need for the quotation marks.
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