On December 22, Lemonade announced it has filed for a license in 46 states including Texas. It was first licensed in New York three months ago. Lemonade hopes to become available to 97% of the U.S. population during 2017.
“As we would do with any new entrant into the business, IIAT will be monitoring and advocating to be sure that the regulatory environment ensures a level playing field and allows our members to continue to offer the strong value proposition unique to the independent agent channel,” said IIAT President & Executive Director Marit Peters.
In a recent article featured in Independent Agent magazine, Chris Boggs, director of the Big “I” Virtual University, wrote:
“Recent press paints Lemonade’s “new” ideas as groundbreaking. But all Lemonade has done is apply new technology to a 3,000-year-old idea.
More disturbing, however, is Lemonade’s portrayal of the entire property-casualty insurance industry. At best, it’s great public relations; at worst, it’s fraud. Daniel Schreiber, Lemonade CEO, sends the message that the insurance industry is a gaggle of cheats and liars looking for ways to wriggle out of paying for claims.”