The U.S. property/casualty insurance industry is about to be tested directly by the sharing economy. Two tech entrepreneurs have raised $13 million in initial funding to launch a peer-to-peer online property/casualty insurance company called Lemonade, which they promise will reinvent the insurance industry business model and make insurance a “delightful” experience for consumers. The founders claim that with their peer-to-peer (P2P) technology, they will alter the current industry’s bureaucracy and structure “in ways not available to the legacy insurance carriers.” The company is based in New York City. Details about the business model and potential operations are not yet known.
Read more via Insurance Journal here.