Since insurers use non-payment of claims as a profit center, the scales are weighted for the insurers to screw their customers out of contracts from the beginning. It’s this issue that Lemonade and its European counterparts are aiming to change.
“We are building an insurance company fully vertically integrated from the ground up to rethink some of the building blocks of the industry,” says Schreiber (no relation).
Based in New York, the company currently has 15 people on staff, including, Schreiber assured me, some titans of the insurance industry that he just. couldn’t. talk. about.
*Based on Preferred Stock Price, Lemonade does not have a stock symbol since it is currently private and is yet to have an IPO.
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