From launch to IPO in 4 years, with Lemonade CEO Daniel Schreiber
“Once you see it, you can’t unsee it. [Insurance] is something that is 11% of GDP, $5 trillion worldwide, 100% household penetration. And you’re like, wow, this has been hiding in plain sight. It’s such a dull industry that nobody’s noticed it. Nobody’s thought to tackle it.”
Until Daniel Schreiber. That is.
So what made a law graduate with no prior knowledge of the insurance industry decide to co-found an insurtech startup in 2016, which floated on the New York Stock Exchange just 4 short years later, more than doubling in valuation on the first day of trading?
“It has been a pretty rapid growth, we’re talking from standstill to about $200 million in just over four years and doubling every year.”
Lemonade isn’t like any insurance platform you’ve ever come across before. Daniel (former president of Powermat) and co-founder Shai Wininger, (Fiverr co-founder) didn’t want to simply follow in the footsteps of what had gone before. They wanted to create a new kind of insurance company, something that improved the user experience for everyone.
“We built [it] from scratch, we were vertically integrated, we built every piece of technology. We’re not fronting for some old insurance company, we built every element of the user experience, down to the insurance dimensions, as well as the technological ones.”
From lawyer to SanDisk to Power Mat to Lemonade, Daniel has had a portfolio career like no other. His is a truly fascinating journey where the phrase ‘peer to peer insurance’ sparked an idea that rapidly grew into a multi million dollar business.
We chat about:
- The multigenerational Schreiber entrepreneurial mindset
- Building Lemonade from scratch
- The spark of peer to peer insurance
- High speed execution and financing Lemonade
- The insurance industry is politics
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