As the world is buffeted by digital and societal revolutions, Lemonade Inc. is hoping to leverage the uncertainty created by those upheavals to reshape an...
As the world is buffeted by digital and societal revolutions, Lemonade Inc. is hoping to leverage the uncertainty created by those upheavals to reshape an industry meant to provide peace of mind: insurance.
Lemonade says it wants to be an insurance company “built from scratch on a digital substrate, a contemporary business model and no legacy.” Stock debut puts Lemonade at more than double its valuation from SoftBank The company sold 11 million shares, with up to 1.7 million available to underwriters to cover overallotments. Underwriters include Goldman Sachs, Morgan Stanley, Allen & Co., Barclays, JMP Securities, Oppenheimer & Co., William Blair and LionTree. Thursday’s stock surge values the company at as much as $3.81 billion
“As transformative as the prior revolutions were for insurance, there is reason to believe that today’s will be even more so,” the founders said. “No part of the value chain is immune this time: distribution models, business models, statistical tools, systems of management, cost structures, corporate structures, corporate culture, technology stacks, user experience, marketing channels, data sources, data uses, value propositions, human capital — all these and more are being upended.
Renters-insurance quotes take about two minutes, while homeowners-insurance quotes take about three minutes. Claims are paid out in as little as three seconds, the company claims. Social advocacy is built into the business model, and it’s a risk factor With consumers exercising power through social movements like Me Too and Black Lives Matter, prompting businesses around the world to change practices and alter the optics of certain brands, Lemonade goes one further by making social advocacy a major part of its brand.
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