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Forget Everything You Know About Insurance

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The New York City-based startup has created a new model for selling home insurance. Instead of keeping the money it doesn't need pay in claims, the company takes a fixed rate of its customers' premiums and donates any unclaimed money to charity at the end of the year.
Lemonade started selling policies in New York state in September, then expanded to Illinois in April. The company's strategy is to start in some of the toughest regulatory markets first. "If you can pass regulators in New York," co-founder Daniel Schreiber tells Inc., "you're in good shape."
Next up for the startup: California. As of Wednesday, Lemonade is available to customers in the Golden State. That means the product is accessible to 22 percent of the U.S. population. Schreiber says it wants to reach 90 percent of the country's population by the end of 2017.
"We're looking for a blitz across the nation," he says. "Certainly all the big states."

https://www.lemonade.com/

"... when I saw what Lemonade had to offer – no paperwork, immediate claim payment, and far cheaper premiums – becoming part of the team as an investor and advisor was a no brainer. And the more time I spend with the company, the more convinced I am it can transform the entire industry." Bradley Tusk, a Lemonade investor

 
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