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Cheap Lemonade | Insurance Commentary with Bill Wilson


Lemonade Stand Opens in California
“Modern children to cost solely 5 cents a glass…sugar and protection further except a bitter expertise at declare time is desired”

The California insurance commissioner’s workplace has issued a press launch saying that Lemonade has been authorized to promote insurance in California, citing their revolutionary use of a telephone app to position protection, together with different revolutionary enterprise fashions of “insurtech” start-ups. (I ponder how lengthy it is going to be earlier than Commissioner Davey Jones’ locker shall be filled with insurance start-ups?)

I’m curious how a telephone app can be utilized to ask a person or household about their many exposures to loss and the way they’ll finest be insured or managed. Does the brand new insurance enterprise mannequin include an automatic money movement system the place probably the very last thing on the minds of the suppliers is whether or not or not American households are correctly shielded from probably catastrophic exposures to loss?

“InsurTech” could be a misnomer. Usually a greater moniker is “ManurTech” (or “Bovine Scatology” if we wish to acknowledge the particular number of manure) when the enterprise mannequin is predicated on Quick/Straightforward/Low cost. I wrote about Lemonade’s $5/month renters coverage:

“Lemonade Premium Unsustainability”

And not directly right here:

“Passing Fad or Business Disruption?”

Why achieve this few individuals problem the claims of those start-ups? Beginning with authorities regulators charged with the duty of defending shoppers.

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One of many premier insurance educators in America on type, protection, and technical points; Founder and director of the Large “I” Digital College; Retired Assoc. VP of Schooling and Analysis from Impartial Insurance coverage Brokers & Brokers of America.

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Creator: Bill Wilson

Copyright 2017 by InsuranceCommentary.com

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