Lemonade

I'll give one of my losers.

Lemonade.

And I just bought it at a bad time.

No, no, no.

Lemonade, it's AI insurance.

I was in AI before AI.

I was there way too early.

But then what should they be invested in? I mean, for someone like that, they probably need to, if they're drawing money in their portfolio, it's probably not gonna be more than, not financial, but it's not gonna be more than 60 or 70% in stocks.

It's about improving collaboration between humans and machines.

Finally, in the personal insurance space, Lemonade is preparing an agentic AI experience that could reshape how customers engage with insurance.

Built on LemonadeOS, the platform would allow personal AI agents to manage everything from buying policies to handling claims.

Instead of navigating websites or making service calls, customers could rely on AI-driven interactions to complete those tasks.

This agent-to-agent model is designed to streamline the experience and make it far more seamless.

Hello, welcome back to VOX On The Road here at CCW Europe in Amsterdam.

I'm with Bogdan Tancic from Lemonade, Director of Customer Experience.

Keen to get your thoughts on a bunch of things because I've been following Lemonade from afar for a long time.

And we kind of mentioned earlier on, I'm sure that Lemonade was the brand that originally was pretty much only available to interact with via SMS or something like that.

I don't know how true that is.

I'll have to dig out the thing and find it out.

Essentially, long history as a company of leveraging AI, would you say? I

would completely agree with that, Ken.

To me, that sounds like we don't want this company to be driven by financial motives.

That happened to Lemonade.

This reminds me of Lemonade in 2020.

Remember that? And then they changed their tune in a couple of years.

We're a public benefit company.

Interesting.

When I look at counterposition, positioning, I see Lemonade there and I'm confused about this, honestly.

Maybe I don't understand this concept of counterpositioning well enough.

But on one hand, Lemonade has always said we're AI first, which means it could be reverse engineered, right? But if I understand anything about the insurance industry is that it is also a business of scale and AI plus scale, plus it's an interesting brand, plus there's generational issues going on.

I don't...

I really...

If we, you and I, made a better insurance company somehow, well, one, Lemonade could also do it.

So how could we possibly gain... leverage or a foothold into disrupting them if we go back to the scale portion don't have that.

In fact, the thing I mentioned, I was very much along this line.

So do you know the startup Lemonade Insurance Company? So Daniel Schreiber, who's the co-founder and CEO, funded this study.

He created this actually called Mosaic.

And they did a study that showed that.

And it probably had like three days really to kind of figure out because you land on the rental and then your wife comes and looks at it and then you got to get it quick.

So I jumped on Lemonade.

It was on the weekend, Friday afternoon, got a policy in place so I can make the landlord happy and we moved in.

About two weeks later, I got a notice from our umbrella carrier that they would not accept the underlying coverage as sufficient, right? It wasn't a carrier they would recognize.

Right.

Um, Really quite, quite easy.

And I had Lemonade probably 10 years ago in my house for a brief moment.

And then the world changed, right? But it was quick.

Mm-hmm

... very tech-forward, uh, Lemonade is one that's-

Lemonade is, uh-

Yeah

... probably one of the most popular ones.

Um, so there are a lot of companies, like you said, that you can look at.

Uh, you can compare health insurance, uh, for the puppies.

Yeah, Lemonade's the big one.

AI efficiency is real and it gets competed away.

Lemonade's claims handling cost is 5% of its premium against about 9% for incumbents.

Chime, the US neobank, has cut its costs to serve 10% a year for four years.

But among Lemonade's shares also still fell, what, 15% on its results.

I think Jamie Diamond put it best.

You don't uniquely benefit from AI.