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Hello Friends! I’m sure we can all use a break while we remember those who served, Happy Memorial Day! It was good to be at Insurtech Insights in NYC, hear from industry panels and network with colleagues. This week we are following Jetty investment and new products, Lemonade Layoffs & Florida property insurance legislation : |
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Jetty Receives Investment, New Products Jetty announced they received investment from Paypal and Experian Ventures and announced new products. Jetty has been on the insurance industry radar for some time and has pivoted nicely into being a financial solutions provider. It remains a good play for insurance with offerings for property owners and renters now with embedded security deposit protection and flexible rent payments to go along with insurance. Yet another example of the play to make insurance part of an individuals overall financial well-being. |
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Lemonade Layoffs Hat tip to our friends at Coverage for breaking the news that Lemonade has laid off 52 employees. While this is a significantly lower number of associates than Root’s 300 back in January, they learned their lesson and did it quietly so there wouldn’t be a big run to sell off their stock. It is still not a good sign for the company but cannot come as a surprise as they need to lower their combined ratio. The individuals released were customer services oriented so the move may point to a pivot to an independent agent distribution channel. Maybe our theory of them coming together with Hippo who already has a agent channel is alive too. |
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Florida Passes Legislation Florida property insurance interests had reason for hope as the legislature and governor were able to pass legislation this week with tort reform and other fixes. There is still a reinsurance capacity issue but this is a step in the right direction. Hurricane season starts next week and it is supposed to be active. Hopefully the wind doesn’t blow. With the macro economic conditions we are seeing, there could certainly be a continued crisis that has few options for fixing. |
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Thank you for following us, we appreciate your feedback and continued support. Stay tuned for more info to come. Until next time… stay safe, stay productive! |