The Fresh-Squeezed Tech of Lemonade Insurance with CEO Daniel Schreiber

Welcome to episode three of the What’s Your Ethos podcast. In each episode, we focus on topics affecting the life insurance industry, its challenges, and innovations. What’s Your Ethos provides a space to hear from thought leaders in the insurance industry today. 

In this episode, host Peter Colis, CEO of Ethos, welcomes Daniel Schreiber, CEO and Co-founder of Lemonade, a licensed insurance carrier powered by AI and behavioral economics. Daniel shares his views on Lemonade’s multi-product strategy, innovation across the customer buying journey, uses of AI and behavioral economics, and public company leadership. 

With 1.8M customers and $625M in premiums in force, Lemonade employs bots and machine learning to eliminate paperwork and provide instant everything. The company is a Certified B-Corp -  where underwriting profits can be donated to nonprofits. Lemonade is remaking insurance as a social good, rather than a necessary evil. Lemonade’s Giveback has given over $4 million to non-profit organizations around the world.

The What’s Your Ethos podcast is brought to you by Ethos Insurance and is hosted by Ethos CEO Peter Colis. In each episode, Peter sits down with some of the life insurance industry’s biggest movers and shakers. You’ll hear them talk through their biggest breakthroughs, business insights, and leadership challenges — and get to know them on a more personal level. 

Founded in 2016, Ethos is a technology company providing access to instant, accessible life insurance online. Ethos’ mission is to help millions protect their families with access to simple, affordable life insurance. The company has redesigned the application process from start to finish to ensure the customer always comes first. Ethos offers flexible coverage options, access to valuable online tools, and a team of licensed agents ready to help you through it all. Ethos always puts the customer first. 

Discussion points:

• Deciding to start Lemonade- Daniel's story
• Overview of Lemonade’s model, name, and tech
• Obstacles to Lemonade’s formation 
• The value of vertical integration as a carrier
• Core business advantages - tech is primary
• Strategy - potential for customers to carry multiple products/policies
• Acquisition of Metromile for auto insurance
• Fee structures and giving back
• Machine learning vs. predictive analytics, eliminating bias and stereotypes
• Going public has not changed leadership’s focus
• Balancing growth and metrics - constantly changing priorities
• Daniel’s leadership style - conductor and thought partner

Resources:

Daniel Schreiber LinkedIn

Lemonade Website

Peter Colis LinkedIn

Ethos Life Insurance