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Insurance Business | 19 May 2016, 09:00 AM Agree 0
A major disruptor, which is set to revolutionise the global insurance industry, has announced a pair of industry firsts which will position the business as a champion for social good
  • Rolf Van Dulst | 19 May 2016, 10:09 AM Agree 0
    Whilst I applaud the initiative to improve "social and environmental performance, accountability, and transparency" in any industry and particularly Insurance, I feel statements like "If you tried to create a system to bring out the worst in humans, it would look a lot like the insurance of today." are thoroughly unhelpful and can be counter productive to this aim.

    Insurance today provides a great deal of social and environmental good which this type of comment ignores in the name of marketing hype. Aside from the direct employment and financial social benefits produced, the risk transfer function of Insurance is vital to todays globalised commerce. This globalisation has brought the peoples of the world together with common interests and enhanced our understanding of how closely connected we all are. Through both direct and indirect measures insurance today is a social and environmental good. A good that can certainly be improved, but a good none the less.

    If it continues with this superior attitude I fear Lemonade will launch with a pop and fizz but may be flat before long.
  • Simon | 19 May 2016, 12:07 PM Agree 0
    Insurance is the original peer to peer. Not disrupting anything other than their marketing department. Good luck to them though.
  • Allan Barker - ANZIIF Snr Associate CIP QPIB | 19 May 2016, 10:15 PM Agree 0
    Unless Lemonade can transorm the entire risk paradigm such that pure risk cost is eliminated or significantly diminshed then the only way they can "revolutionise" insurance by a peer-to-peer model is to cut out all other distribution channels and go direct. Hang on. Didn't Google try that? Well, if at first you don't suceed, etc., etc. The simple truth is that risk transfer is already a high volume, high risk, low margin product so there is not much saving to be gained in just lowering distribution and operating costs so the only way that Lemonade will end up with a better cake is to reduce the amount of risk they take on (watch out clients) and/or increase the amount of risk they transfer (watch out re-insurers). We wait with anticipation.
  • Comment | 26 May 2016, 12:24 AM Agree 0
    I think everyone in the world hates a broker.
  • George Sanders | 02 Jun 2016, 07:23 AM Agree 0
    Insurance is and always was a social good. I am highly skeptical that lemonade will be anything but a miserable failure, since the benefits of a p2p group (in this context) could only come from implicit yet illegal discrimination, i.e. along lines of race, religion, etc.

    I am waiting to be proven wrong, but they are taking forever to launch. Maybe they realized the business model made no sense and are scrambling to come up with a solution at the last minute....
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