Like other so-called insurtech companies, Lemonade is aiming to disrupt a centuries-old industry which is still dominated by a handful of traditional names and has been slow to modernise.  “No one has really emerged at scale in this industry for a really long time — not since the 1950s,” said Hugh Tallents at consultancy cg42.  Lemonade says that, unlike traditional insurers, it does not make more money if it turns down claims. Instead, it takes a fee on each policy sold, and reserves that are not used for claims are donated to charity. Premiums at Lemonade, which was founded in 2015, tripled to $76m last year but the rate of customer growth is slowing and it made a net loss of $109m in 2019.

https://www.ft.com/content/a2738487-710f-4d8f-b7fd-819ccd7869dd