Problem: Dental insurance is known to have pretty confusing policies and infrastructure.
Solution: A dental insurance company that had a good UI and easy to understand policies that had “good” intentions (was a B-corp). This dental insurance company would take a similar brand strategy to Lemonade. A company started in 2015 with a current market capitalization of over $4 billion (and some arguing it can be worth over $8 billion by 2023). Below is a short description of their business:
Lemonade Insurance Company is an American property and casualty insurance company headquartered in New York City offering renters and home insurance policies for homes, apartments, co-ops and condos in many US states in addition to content and liability policies in Germany and the Netherlands.
Lemonade Inc. which is registered as a public benefit corporation, has a stated mission of “transforming insurance from a necessary evil into a social good." Upon signing up for Lemonade, users select a nonprofit or charity that will receive payouts on an annual basis from the unclaimed premiums (also known as underwriting profit) of their respective cohort. In May 2016, Lemonade became one of the only insurance companies to receive B-Corporation certification.
I just haven’t heard of any sort of dental insurance that’s as user friendly as Lemonade. Just in the US, the dental insurance market is estimated to be worth $82 billion.
Monetization: I think monetization is pretty easy to understand here (premiums and float investing), but could go into over avenues as well such as managing user data to share with hospitals/dentists/etc.
Contributed by: Oliver Collins