The three P&C venture-backed US InsurTech start-ups - Lemonade, Metromile, and Root - finished 2018 with pretty good results. Quarterly growth was the slowest ever, but all three paid out in claims less than they collected in premium. However all three start-up carriers still have more work to do to achieve sustainable financials.
A year ago, when I started with my friend Adrian a public conversation about InsurTech statutory results, the picture was ugly - loss ratios well over 100%, an aggressive focus on price, and promotional messages on company blogs that dismissed traditional measures of success in insurance.
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