Signals from Space: A Lemonade Transparency Chronicle

This year, AI Jim paid out $1 million dollars for claims settled in a few seconds, nearly 7 times what he paid last year. It’s a complex process which includes canceling their old policy, evaluating the risk of the new address, generating an accurate price, and producing a new policy – all instantly:

At the start of the year, we announced we’d focus on our Loss Ratio (the percent of the money collected that is paid out in claims – a key parameter in insurance). Less than a year from our initial launch in New York, we became the #1 renters insurance choice among first time renters statewide, capturing just over 1% market share. Team Lemonade more than doubled this year, going from 62 to 125 people, adding Customer Experience members, Claims Advocates, Data Scientists, Engineers, and new leadership members, including Jorge Espinel, who left his position as Head of Global Business Development at Spotify to join Lemonade.

Source: www.lemonade.com