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is the Lemonade Insurance app a Scam
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After doing some research, I actually discovered exactly what the marketing tactic is. I understand when it company talks about charity, urgency and also social good; everyone starts to tingle a little. But for me, that type of marketing doesn’t really work or mean anything, because you guys remember the Aspiration App did the same thing, and the App is one the worst banking apps I have seen this year. So how does the Lemonade app stake up against the century year long traditional insurance companies? The answer might surprise you.
Marketing:
I don’t know what it is with new companies but OH MY GOD the marketing is getting so good, I could watch it as my new Game of Thrones series. Just kidding, but it is good. I understand the social good and the charity, but they are trusting people a lot and so far it looks like its working. But I can't help thinking about the people who are going to try to abuse the service and the goodwill of the company. Yes, morality is great and so ethics, but there are some people in this world that wouldn’t care about stealing candy from a baby. So as precaution I would recommend the company keeps an eye open for patterns and repeated offender, although that can get tricky if they start involving zip codes in their algorithm. Then that wouldn’t be fair and you can't judge people based on their zip codes especially when you talk about being a “woke” company.
Business Model:
Peer to Peer insurance is the model. Imagine you and your friends create your own insurance and it cost 20 bucks a month to be a part of it. You get 5 of your friends to do it, and you manage everything. You get a flat fee of 20% for your job as the manager. Every time your friends pay you to take your cut and keep the rest in the bank to create the pull of money that will be used to cover any claims that may appear. And at the end of the year if your friends didn’t make enough claims, well tradition insurance pockets the money but lemonade actually donates the money. So, if you take the money and you didn’t really need it, then you just stole from charities. “nonono”
Future:
No auto insurance, because they believe that in the future uber and self-driving cars will take over. Which I also believe is very possible but not for another few years, so could include it and then discontinued it but I guess they want to focus; which is also a good idea. I do think the will keep expanding eventually even into life insurance which is one of the most lucrative business models in the modern century.
Key Questions Answered
1. What are they doing?
2. Why should you switch or stay?
3. How to make sure you get the most benefits?
*Pro Tip*
Information is key
Raw Notes/ research
Lemonade Research- Ceo Daniel Schreiber
Brief Summary: An insurance app that works with bots and algorisms and pays out money faster and donates to your favorite charity
Funding: 180mil Google and other companies like Softbank
Products: homeowners, renters insurance,
The money they make: 20% flat fee from premiums the other 80% goes to ensuring customers.
Model: is Like Peer to Peer insurance but donates
What they cover:
- Fire and smoke
- Bad weather like Wing, lighting, and hail but not floods
- Crime and vandalism, stolen or broken stuff
- Medical payments to others, your date cuts her finger and need stitches in your house
- Liability your dog bites someone in the face your covered
- Sudden or accidental water damage your good. Neighbour bathtub leaking to your house
Not covered:
- No earthquake protections: ( but you can request it in Florida or Kansas)
- If your dog bites someone your coved ( but not if it’s a high-risk breed- pit bulls etc
- No flood coverage,
- Roommate stuff no coverage
Deductible:
- This is the money you make your self responsible to cover for the cost. Example if you report a claim and it 100 dollars and your deductible was 25 bucks then the insurance will cover the 75 bucks if approved
Link:
👕Merch👕
✅2 FREE AUDIOBOOKS✅
🎁ACORN FREE $5🎁
⚡FREE KINDLE UNLIMITED⚡ (traditional reading)
Social Media~
Snapchat: tommy28fly
Marketing:
I don’t know what it is with new companies but OH MY GOD the marketing is getting so good, I could watch it as my new Game of Thrones series. Just kidding, but it is good. I understand the social good and the charity, but they are trusting people a lot and so far it looks like its working. But I can't help thinking about the people who are going to try to abuse the service and the goodwill of the company. Yes, morality is great and so ethics, but there are some people in this world that wouldn’t care about stealing candy from a baby. So as precaution I would recommend the company keeps an eye open for patterns and repeated offender, although that can get tricky if they start involving zip codes in their algorithm. Then that wouldn’t be fair and you can't judge people based on their zip codes especially when you talk about being a “woke” company.
Business Model:
Peer to Peer insurance is the model. Imagine you and your friends create your own insurance and it cost 20 bucks a month to be a part of it. You get 5 of your friends to do it, and you manage everything. You get a flat fee of 20% for your job as the manager. Every time your friends pay you to take your cut and keep the rest in the bank to create the pull of money that will be used to cover any claims that may appear. And at the end of the year if your friends didn’t make enough claims, well tradition insurance pockets the money but lemonade actually donates the money. So, if you take the money and you didn’t really need it, then you just stole from charities. “nonono”
Future:
No auto insurance, because they believe that in the future uber and self-driving cars will take over. Which I also believe is very possible but not for another few years, so could include it and then discontinued it but I guess they want to focus; which is also a good idea. I do think the will keep expanding eventually even into life insurance which is one of the most lucrative business models in the modern century.
Key Questions Answered
1. What are they doing?
2. Why should you switch or stay?
3. How to make sure you get the most benefits?
*Pro Tip*
Information is key
Raw Notes/ research
Lemonade Research- Ceo Daniel Schreiber
Brief Summary: An insurance app that works with bots and algorisms and pays out money faster and donates to your favorite charity
Funding: 180mil Google and other companies like Softbank
Products: homeowners, renters insurance,
The money they make: 20% flat fee from premiums the other 80% goes to ensuring customers.
Model: is Like Peer to Peer insurance but donates
What they cover:
- Fire and smoke
- Bad weather like Wing, lighting, and hail but not floods
- Crime and vandalism, stolen or broken stuff
- Medical payments to others, your date cuts her finger and need stitches in your house
- Liability your dog bites someone in the face your covered
- Sudden or accidental water damage your good. Neighbour bathtub leaking to your house
Not covered:
- No earthquake protections: ( but you can request it in Florida or Kansas)
- If your dog bites someone your coved ( but not if it’s a high-risk breed- pit bulls etc
- No flood coverage,
- Roommate stuff no coverage
Deductible:
- This is the money you make your self responsible to cover for the cost. Example if you report a claim and it 100 dollars and your deductible was 25 bucks then the insurance will cover the 75 bucks if approved
Link:
👕Merch👕
✅2 FREE AUDIOBOOKS✅
🎁ACORN FREE $5🎁
⚡FREE KINDLE UNLIMITED⚡ (traditional reading)
Social Media~
Snapchat: tommy28fly
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