Insurance Hackers Prioritize People Over Profits
Lemonade integrates technology and transparency with coverage designed to provide younger adults the necessary security
Lemonade is a digital insurance company based on the idea that insurance providers can be “good guys” too. Founded in 2016, the company was created as a response to certain major differences between the millennial insurance market and what had worked for decades previously.
Tech-savvy millennials expect instantaneous convenience, are less likely to own homes and want transparency and social good from the businesses they support. Responding to these market insights, Lemonade offers an experience that feels more like a ridesharing app than a traditional insurer.
The company offers a mobile-based, customized client experience as well as zero-deductible plans covering even small-ticket items like headphones or jackets. Lemonade will even donate cash overages to a charity of the customer’s choice.
According to their press information, Lemonade recognizes that stability and security are valued but often lacking aspects of life in the modern world. Their model, which integrates technology and transparency with coverage designed for what younger adults now need, is an attempt to provide that safety blanket.