The homeowner and renters insurance industry has been around for decades but very little has changed. The top 6 companies control more than 50% of the market which gives them very little incentive to do things differently but like we've all seen in different industries over the past decade, eventually a company emerges with a different strategy, different business model and different value proposition which ends up disrupting the industry and earning them some significant market share.
Lemonade is doing that now for the insurance markets. The company is using artificial intelligence, software, big data and superior customer service to offer consumers a new alternative they can get excited about. Typically buying insurance is a miserable, tedious, frustrating process but Lemonade is doing it all differently. They want to make buying insurance fun, quick and affordable. Lemonade is currently headquartered in NYC and has raised $60 million from investors.
In this interview with Daniel Schreiber, co-founder of Lemonade, I asked him why he started Lemonade, why he sees an opportunity to build a massive company, what were some of the challenges with starting a business in a highly regulated industry, how he was able to raise money from incredible investors like Sequoia, Google Ventures and General Catalyst. We also chatted about their hiring strategy, how they acquire customers, why they are based in NYC, why word-of-mouth marketing has been so crucial, what other insurance products they might get into, how Lemonade is able to save consumers so much money and much more.
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