Why Lemonade & Metromile Should Keep You Up at Night
Review the three key areas to consider when making technology investments.
The term “insurtech challengers” has been bandied about repeatedly amongst traditional insurers the past few years — but the strides that many of these newer and more technologically advanced entrants to the game have been making in recent years could soon put the challenger label to rest: Insurtechs are not here to take part, they’re making innovative leaps and taking bold risks with an eye to take over.
Case in point: Lemonade’s acquisition of pay-per-mile car insurance company Metromile. In six short years, Lemonade has deftly combined a focus on customer-centric technology, partnerships and now M&A to effectively shake up the insurance landscape. Metromile’s license to sell car insurance in 49 states immediately catapults Lemonade as a relevant player in the U.S. auto insurance market, while adding their precision sensors and real time, first-party data capabilities give them a competitive edge by being able to better assess pricing.
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