YouSaid · the spoken record

Daniel Schreiber

lines on the record: 59
first: 2020-06-01
most recent: 2020-06-01
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“A financial way to offload any excess claims on other insurance companies. We sell them those excess claims. And on the other hand, we have something called give back, which is a charitable donation that we make once a year if there are not that many claims, if there's money left over. And that changes the dynamics profoundly. We suddenly cannot make money denying your claim. We've put that money beyond our reach and we tell you that. And that changes the way you think about us. But also think about you, Kara, if you went to make a claim today, it's you against the nameless, faceless behemoth with whom you have a conflicted relationship. It's you against the man.”
2020-06-01 · Decoder with Nilay Patel · Recode Decode: Daniel Schreiber · IDENTIFIED FROM THE TRANSCRIPT
“Company, a new license insurance entity was because we wanted to create a business model that was unconflicted. And the way it works at Lemonade is you pay us $1,000 for your premiums. We will tell you in advance that we're going to take a flat fee, 25% of that is ours. Now, a flat fee is not unusual in the tax scene, but it's pretty much unheard of in insurance, where insurance profits fluctuate literally depending on the weather, not so with lemonade. We created this interesting financial structure whereby you pay us your premiums and we tell you we're going to take a flat fee. Now, how do we know what that flat fee will be? We don't know if there'll be wildfires. We don't know what hurricanes will come. So we guesstimate how many claims we're going to have to pay. We use all the statistical and data that we can in order to define how much it's going to be. But it's going to be an imprecise number. We collect the premiums and then we've got these two ballasts that stabilize our 25%. On the one hand, we buy something called reinsurance, which is based on the...”
2020-06-01 · Decoder with Nilay Patel · Recode Decode: Daniel Schreiber · IDENTIFIED FROM THE TRANSCRIPT
“You're absolutely right. As we were found in the company, we reached out to some Nobel laureates in game theory, in behavioral economics. And the bottom line for us was if you simplify everything away, insurance is distrusted because of the business model. If you claim $1,000 of me, if I pay you those thousand dollars, I'm a thousand poorer, you're a thousand richer, and vice versa. We're fighting over the same coin. And not only that, but there's an asymmetry here, right? I have information you don't. I understand the policy you don't. I already have your money you don't. And all of those things give you the sense that this is an uneven playing field, that if you don't tilt things in your favor, you'll get swindled. So you feel at liberty to embellish your claims and you justify it to yourself without thinking of yourself as being a bad person. And so for us, one of the reasons that we didn't just create a technology infrastructure for insurance companies, but stood up a new...”
2020-06-01 · Decoder with Nilay Patel · Recode Decode: Daniel Schreiber · IDENTIFIED FROM THE TRANSCRIPT
“You're right that the fraud problem in insurance is unusual though. Most tech companies or other companies that you speak to who are worried about fraud or worried about criminal networks, oftentimes from overseas hacking in, stealing credit cards, insurance is unusual because the fraud perpetrated on insurance companies overwhelmingly as conducted by people like you and me, people who are just customers who in other aspects of their life are law-abiding citizens. And something about insurance triggers them. It brings out the devil in them. And that really created a fascinating intellectual challenge for us. It wasn't so much how do you turn criminals into upstanding citizens, it's how do you just stop this anomaly whereby insurance brings out the devil in people. And the way we try to do that in the early days”
2020-06-01 · Decoder with Nilay Patel · Recode Decode: Daniel Schreiber · IDENTIFIED FROM THE TRANSCRIPT
“So explain how you break, people have practices and they're used to them and they have this distrust of insurance companies. And again, do lard over their claims to insurance companies. Explain the system that you've created because changing people's behaviors is probably one of the hardest things of any of the challenges that businesses face.”
2020-06-01 · Decoder with Nilay Patel · Recode Decode: Daniel Schreiber · IDENTIFIED FROM THE TRANSCRIPT
“Companies. So we tried to think through how do you create a system that is trusting and trustworthy. And we brought a lot of social impact and charitable giving into the equation in order to solve that really tough problem. And the upshot is an insurance product where you get insured in 90 seconds from the comfort of your smartphone. We can get paid literally in three seconds when you make a claim and where unused underwriting profits are donated to a nonprofit of your choice.”
2020-06-01 · Decoder with Nilay Patel · Recode Decode: Daniel Schreiber · IDENTIFIED FROM THE TRANSCRIPT
“Also, I co-founded Lemonade some four years ago with Shai Winenker. And while we've been for 20 years entrepreneurs in the tech space, we were both newcomers to insurance. And we really tried to take advantage of that outsider's perspective to think about ways in which we could reinvent the category. And what we ended up doing is building a new kind of insurance company, one that's built from scratch using an entirely digital substrate. And it replaces brokers with bots. It promises zero paperwork, instant everything. But we also try to reimagine not only the technology stack, but also the business model. We establish lemonade as a certified B core, and we tried to solve one of the most troubling facets of insurance, which is that insurance companies don't trust the insurers and they return the favor in kind. 25% of Americans when surveyed say it's fine to embellish claims for insurance.”
2020-06-01 · Decoder with Nilay Patel · Recode Decode: Daniel Schreiber · IDENTIFIED FROM THE TRANSCRIPT
“Hi, I'm Kara Swisher, editor at large of Recode. You may know me as someone who doesn't trust artificial intelligence. I only buy organic free-range intelligence. Thank you very much, but in my spare time, I'm just a reporter, and you're listening to Ricode Decode, a podcast about power change and the people you need to know. We're part of the Vox Media Podcast Network. Today, joining us from Tel Aviv is Daniel Schreiber, the CEO of Lemonade. It's an AI-driven insurance company that says it can resolve home and renters insurance claims almost instantly and do so without human bias. He co-founded the company in 2015. Daniel, welcome to recode Decode.”
2020-06-01 · Decoder with Nilay Patel · Recode Decode: Daniel Schreiber · IDENTIFIED FROM THE TRANSCRIPT
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2020-06-01 · Decoder with Nilay Patel · Recode Decode: Daniel Schreiber · IDENTIFIED FROM THE TRANSCRIPT