Recently Silverrockpartners.com happened upon a very telling article in TechCrunch.com with regard to the insurance industry and where it is headed today. The article by Jonathan Shieber regarding an upstart insurance company known as Lemonade can be found here. The piece is very telling in that it talks about the shortcomings in today's existing insurance industry model. It offers an interesting perspective on the current state of peer-to-peer insurance models as they stand. The company has established a solid footing as a disruptive insurance company that will offer a quality product and fair pricing.
Systems and Processes
One of the key objectives of the company is to improve the overall quality of service and products related to modern insurance. Dan Ariely, one of the company's officers stated that the main purpose of Lemonade is to design insurance with systems and processes in place that will ensure the interests of an insured individual and the insurer are perfectly aligned. In essence, the objective is to eliminate conflicts of interest when it comes to the various aspects of insurance. The company targets all income levels with its innovative concept.
This is especially important considering that today more than ever before, people in America believe that insurance should be a core component of one's financial and social well-being. The main objective of Lemonade with regard to disrupting the current insurance model is to take a more risk mitigation based approach to insurance. This includes heavily focusing on quality customer service and maintaining better control of false claims.
The Latest Technology
Lemonade maintains as its top priority building honesty into the entire claim filing process. Taking advantage of the latest technology will help to ensure that this goal is achieved. Company offices have stated that promoting honesty at all levels of insuring can in effect be disruptive in itself. Ultimately, and ubiquitously this can have a substantial impact on product cost and quality of service. Revolutionizing the insurance industry is really what this fledgling company hopes to accomplish. The firm originally launched with an investment from Sequoia Capital for $13 million.
Affiliations With Firms
Last year the firm also received supplemental capital investments from Aleph, an Israeli venture investor. The firm also has aligned with Berkshire Hathaway's National Indemnity as well as Lloyd's of London and other well-known names. In total, Lemonade has earned affiliations with firms that have a cumulative total in surplus capital of around $100 billion in terms of payouts to policyholders. The company has hired a number of impressive well-known names in the industry as executives to support their efforts.
As with Silverrockpartners.com this is just one more example of where the tech industry and the insurance industry are merging. Lemonade and Silverrockpartners.com as well as other companies are forging the way for a new type of insurance industry that is well integrated with the Internet, modern technology and more efficient operations. With capital in place and a solid team on board, Lemonade’s peer-to-peer type insurance model may be worth keeping an eye on in the future. Silverrockpartners.com has also established itself as a disruptive technology in the world of insurance where nothing remains the same and where insurance as we know it will only continue to change for the better.