So “while ‘Ian’ – the deadliest hurricane to hit Florida since 1935 – added the ‘unforeseen.’”
I don’t quite get that. Although one specific hurricane may be unforseeable, I’d think that having some hurricane activity in Florida is absolutely forseeable, and that it would occurr during any given year something that should be taken into account in any forecasts projections.
Something unforseeable would be an asteroid striking a 100 mile wide area filled with care dealerships. Hurricane activity is the opposite. Rather, it would be a complete absence of hurricane activity which would be an unforseen, albeit positive, event.
It unlikely that the Hurricane greatly affected them since they do mostly renters insurance. Using the hurricane for their poor performance is a smoke screen. Online insurance sales is mostly a failed concept that has not worked.
Top line and bottom line growth? They aren’t running an insurance agency. The # that matters is profitability as expressed by the combined ratio which appears to be bad (as it always has). Insure = No and Tech = Yes
There is no way to tech your way out of the same issues that all P&C carriers have in the US, Losses + Underwriting + Marketing + Reinsurance + All Other Costs must = 100% or less of the total premium. Otherwise, you aren’t going to last for long.
It depends on how you define ‘service’. The service is straightforward, or at least that is the concept. A few ticks and clicks here and there, and you are done. Maybe that is what consumers using Lemonade want.
So “while ‘Ian’ – the deadliest hurricane to hit Florida since 1935 – added the ‘unforeseen.’”
I don’t quite get that. Although one specific hurricane may be unforseeable, I’d think that having some hurricane activity in Florida is absolutely forseeable, and that it would occurr during any given year something that should be taken into account in any forecasts projections.
Something unforseeable would be an asteroid striking a 100 mile wide area filled with care dealerships. Hurricane activity is the opposite. Rather, it would be a complete absence of hurricane activity which would be an unforseen, albeit positive, event.
It unlikely that the Hurricane greatly affected them since they do mostly renters insurance. Using the hurricane for their poor performance is a smoke screen. Online insurance sales is mostly a failed concept that has not worked.
Top line and bottom line growth? They aren’t running an insurance agency. The # that matters is profitability as expressed by the combined ratio which appears to be bad (as it always has). Insure = No and Tech = Yes
There is no way to tech your way out of the same issues that all P&C carriers have in the US, Losses + Underwriting + Marketing + Reinsurance + All Other Costs must = 100% or less of the total premium. Otherwise, you aren’t going to last for long.
If my agency’s average policy premium was $343 I would do something else. Way too much service for that small premium.
Service? That’s the whole point… service is minimal to non-existent on these Insurtech platforms.
It depends on how you define ‘service’. The service is straightforward, or at least that is the concept. A few ticks and clicks here and there, and you are done. Maybe that is what consumers using Lemonade want.