A really interesting analysis and poses some tough questions on Lemonade and their performance to date. 

Their use of reinsurance (91%) and early stage ratios makes some eye watering reading.  However, we shouldn't be surprised. If you look at what a start-up often needs beyond distribution/customer acquisition it's: 

1. Access to capital

2. Regulator access

It's early days still, Lemonade have convinced the right investors and incumbents to do something different, customer satisfaction is good and they have everyone's attention. 

As Yoda would say, there is no try, just do or do not.  Lemonade is doing!