Home > business, fintech, social entrepreneurs, startups > Why Startup Fintech Company “Lemonade” is so Intriguing.

Why Startup Fintech Company “Lemonade” is so Intriguing.

2015-11-26-13-04-02

CrowdFundInsider just posted an article on a new Fintech Startup – Lemonade. You should check the article out here

I’ll start by answering a basic question:

(By the way – the photo is one I took last year from Central Park – my limited experience with New York.)

What is Fintech?

According to FinTech Weekly:

Financial technology, also known as FinTech, is a line of business based on using software to provide financial services. Financial technology companies are generally startups founded with the purpose of disrupting incumbent financial systemsand corporations that rely less on software.

The idea of a business’ purpose of “disrupting incumbent”…anything is intriguing to me.

Some systems need to be disrupted. I recently posted my own thoughts on being a disruptive force for good.

To that point, Lemonade seemingly fits the bill. Look no further than it’s mission statement on its homepage: “Instant everything. Killer prices. Big heart.

About Lemonade:

According to its website, Lemonade is the “World’s First P2P Insurance Company” (Peer-to-Peer).

Lemonade provides Renters and Homeowners Insurance to New Yorkers.

According to the CrowdFundInsider article: “Lemonade has positioned its platform in a David vs. Goliath battle to challenge antediluvian insurance incumbents by providing a far better service at a superior price.”

Who doesn’t root for the underdog?

Technology Driven.

Shai Wininger, co-founder and President of Lemonade, explained to CrowdfundInsider that technology drives everything at Lemonade.

“From signing up to submitting a claim, the entire experience is mobile, simple and remarkably fast. What used to take weeks or months now happens in minutes or seconds. It’s what you get when you replace brokers and paperwork with bots and machine learning.”

Disruptive Force for Good.

Daniel Schreiber, co-founder and CEO of Lemonade. told CrowdfundInsider “the opportunity is unusual. Disrupting an industry that has not changed for a hundred years ”

According to an article posted yesterday by Venture Beat:

Lemonade is also setting out to combat existing models through an annual “giveback,” where it donates unclaimed money to good causes.”

Conclusion.

It it is way too early to say what impact Lemonade will have, However, I love the concept of this startup –

a. taking a risk doing something different;

b. disrupting business as usual;

c. for the good of others.

That’s social entrepreneurship at its finest.

If you are a homeowner or tenant residing in New York, this company is worth checking out.

e-mail: Jeshua@dwlawpc.com

http://www.dwlawpc.com

Twitter: @JeshuaTLauka

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