'Lemonade' is a New Service That Will Operate on a Peer Lending Model
Laura McQuarrie — March 11, 2016 — Business
References: lemonade & finance.yahoo
Lemonade is a new type of insurance carrier that takes inspiration from peer lending services.
Dan Ariely is a professor of professor at Duke University who has a hand in developing the New York-based insurance start-up and will serve as its chief behavioral officer. Ariely says: "If you tried to create a system to bring out the worst in humans, it would look a lot like the insurance of today." Lemonade will separate itself by pairing people who need insurance with investors who have enough capital to back them.
After securing $13 million in seed funding, Lemonade's new P2P insurance service is set to launch this year, alongside a few other newcomers looking to break tradition and appeal to younger target audiences who may not otherwise insuring themselves or their assets.
Dan Ariely is a professor of professor at Duke University who has a hand in developing the New York-based insurance start-up and will serve as its chief behavioral officer. Ariely says: "If you tried to create a system to bring out the worst in humans, it would look a lot like the insurance of today." Lemonade will separate itself by pairing people who need insurance with investors who have enough capital to back them.
After securing $13 million in seed funding, Lemonade's new P2P insurance service is set to launch this year, alongside a few other newcomers looking to break tradition and appeal to younger target audiences who may not otherwise insuring themselves or their assets.
Trend Themes
1. P2P Insurance - The rise of P2P insurance services, like Lemonade, that utilize peer lending models to appeal to younger audiences presents an opportunity for traditional insurance companies to explore new technologies and platforms.
2. Behavioral Insurance - The focus on human behavior within the insurance industry, as seen with Lemonade's appointment of a Chief Behavioral Officer, opens up innovation opportunities for companies in behavioral analysis, AI and machine learning.
3. Insurtech Investment - The increase in investment for insurtech startups like Lemonade demonstrates the potential for disruptive innovation in a previously untapped sector and presents opportunities for investment firms and venture capitalists.
Industry Implications
1. Insurance - Traditional insurance companies may need to re-evaluate their business models, adopt new technologies and think about how to leverage their existing customer base to remain competitive against P2P insurance startups like Lemonade.
2. Finance - The intersection of finance and insurance has led to greater innovation in financial technology and presents opportunities for companies to explore new technologies and platforms in the financial services industry.
3. Venture Capital - The rise of insurtech startups like Lemonade presents a growing opportunity for venture capital firms to invest in disruptive innovation and support the development of new technologies and platforms within the insurance industry.
5.6
Score
Popularity
Activity
Freshness
