Peer-to-peer insurance startup Lemonade is one of the most consistently provocative and entertaining forces in the industry today. In February 2016 Lemonade hired Dan Ariely, a professor of psychology and behavioral economics, as its Chief Behavioral Officer. Ariely 'believes the current insurance system is “antagonistic” and “annoying”.' He's going to help Lemonade challenge this adversarial model.
Lemonade is not the only P2P insurance play out there. Germany's Friendsurance has been going since 2010. But Lemonade is getting lots of funding – and attention. The appointment of Ariely is indicative of the social media styling of the P2P insurance proposition. They need to be driving the conversation, setting the agenda. The bet is there's only room for one big player. Lemonade has to come over as the natural owner of this space. They need to keep generating the fizz. Insurance Journal