LIFETIME ACHIEVEMENT AWARD
Serving up a trusted , socially conscious insurtech
As one of the three co-founders of New York-based insurtech Lemonade , Daniel Schreiber set out to rebuild trust in insurance , one brick at a time
Daniel Schreiber is Chief Executive Officer and Chairman of insurance company Lemonade – a business that he founded in 2015 alongside Shai Wininger , the founder of freelancing marketplace Fiverr ; and senior insurance industry executive Ty Sagalow , who had previously been Chief Innovation Officer at Zurich North America following 25 years at AIG .
The three founders wanted to create “ a new kind of insurance company ”, built from scratch on an unconflicted business model using cutting-edge technology like automation and machine-learning . In an open letter to prospective investors published on Lemonade ’ s website , Schreiber and Wininger say it ’ s pretty self-evident that this approach would “ enjoy structural advantages that will manifest ever more powerfully over time ”.
Lemonade ’ s growth has also been characterised by its commitment to making a positive social impact .
Number of Lemonade employees
1,100
A certified B-Corp , the company gives unused premiums to nonprofits selected by its own community – and has already donated over US $ 4mn to good causes .
Explaining some of the principles on which Lemonade is built , Schreiber told Fox Business : “ The traditional insurance model is to come into town and build the tallest skyscraper – project your financial prowess in the hope that people will be cowed into trusting you . That ’ s not really how trust is built , and people distrust insurance companies not because they think they don ’ t have the wherewithal to pay their claims but because they don ’ t have the will to pay their claims .
“ We really tried to change the fundamentals of the business model so we never make money by denying claims , leftover money goes to charity , and to try to restructure the trust element , which is one of the things that really plagues the insurance industry .”
Who is Lemonade ’ s Daniel Schreiber ? Born in London , Schreiber spent the majority of his formative years in Israel but returned to the UK to study law . Indeed , he describes himself jovially as a ‘ recovering attorney ’ after a false start in law inadvertently led him into the technology space .
The move was a launching pad into the world of insurtech . He says of that time : “ I was born and bred in the UK in London , and I trained as an attorney . I qualified , lasting about
16 May 2023