Shai Wininger
@shai_wininger · Founder @ Lemonade.com & Fiverr
Morning Hunters...
I want to introduce you all to Lemonade, the world’s first full-stack insurance company that is powered by bots, stunning design and a good heart. We ditched agents and paperwork, and built an entire insurance company from the ground up to provide users with an experience that’s fit for the 21st century. We wanted to make insurance instant, smart, honest and delightful.
But wait, that’s not all. We’ve discovered a way to hack how insurance works!
It turns out that on average, about half of the money we all pay insurance companies actually goes to cover for claims. The rest is taken for their expenses and revenues. Now, this is a big deal. It means that insurance companies earn more when we’re paid less (or slower), and explains why so many people have terrible experiences around claims.
By design, insurance companies hate to pay because it hurts their bottom line.
Lemonade works differently. We take a flat fee upfront, pay for claims and expenses, and give back everything that's left to causes our users pick. Doing this steers us away from that conflict, and when claims come, we’re happy to pay them fast because it doesn’t affect our revenues.
This is why we’ve taken on the challenge of building a full stack insurance company (which is fucking hard btw). Starting fresh was the only real way to break the vicious cycle of people not trusting insurance companies and companies not trusting people.
Give us a try! I’d love to hear what you think.
Shai Wininger
Chief Lemonade Maker
(The Lemonade App is available for iOS and Android)
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Haim Pekel
@haimpekel · CEO & Co-founder @ Press on It
@shai_wininger In which countries do you operate? Also, what happens to the accounts if your company shuts down (kudos btw, it's not an easy task and this is a field ripe for innovation :)
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Shai Wininger
@shai_wininger · Founder @ Lemonade.com & Fiverr
@haimpekel we've launched NY and will gradually be rolling out additional states soon. As to your second question - insurance companies have to go through strict regulatory compliance process to make sure they stay solvent. In any case, we're financially rated A-Exceptional and are backed by the biggest reinsurers in the world such as Lloyd's of London, Berkshire Hathaway National Indemnity and XL.
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Clement Ho
@clemmakesapps
@shai_wininger This is wonderful. Looking forward to this making it's way to Texas!
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Jonathan Hursh
@jonathanhursh · Founder @ Utopia
@shai_wininger This is so refreshing to see. And finally, a gamechanger on Product Hunt. This should encourage more developer/founders here to turn their considerable talents into much bigger things than I generally see here.
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Joshua Dance
@joshdance · Engineer, Product Manager, athlete
@shai_wininger Why pay out the extra to causes? Why not keep for a black swan event?
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Alex Harvey
@alexsandrharvey · CEO & Founder at Illuminate Design
@shai_wininger Wonderful, wonderful job. I'm ready to buy it, tell all my friends, and put in my earnest request for Florida to be next. :) Cheers!
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Clark Valberg
@clarkvalberg · CEO at InVisionApp.com
@shai_wininger this is incredible! Been waiting for this to launch and it's far more than I expected!
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Brian Lee
@kay0stheory · code monkey @ theymadethat
@shai_wininger Business insurance someday?
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J. Alexander Curtis
@_jacurtis · Co-Founder, OhMyTix
@joshdance @shai_wininger Because if they pay the extra to causes then they can avoid oodles of taxes which effectively still helps their bottom line. While also making a great marketing tool.
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Cou Kalantary
@couroche · Founder, DarwinBeats
@shai_wininger @haimpekel On your website, when you enter an address outside of NY, I recommend you say something along the lines of "We're not in your city yet, add your email below to be notified as soon as we are (or try again with a NY address)"
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Shai Wininger
@shai_wininger · Founder @ Lemonade.com & Fiverr
@joshdance great question. well, black swan events are covered by our internal and external reinsurance (the largest reinsurers in the world cover Lemonade), but giving away the money that is left after paying claims changes everything. In a nutshell, it prevents us from ever having an incentive not to pay claims, and allows us to pay most of them instantly - because it's not our money, it's our insured money.
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Aaron Pearson
@pearsonaaronj · Managing Director @BitBranding
@clemmakesapps @shai_wininger Us too, very cool concept!
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Roi Ziko
@roiziko
@shai_wininger - First of all - good luck. An amazing product.
Do you plan to launch Lemonade in Israel anytime soon?
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Avi Parshan
@avi_parshan · Android Developer, YouTuber
@roiziko @shai_wininger I would like to know as well! Also how are you managing fiverr and lemonade at the same time?
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Shmuel Apel
@shmuel_apel · Marketer
@shai_wininger Pretty Please! 🙏
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