New York-based peer to peer insurance start-upLemonade has hired behavioural economist expert Dan Ariely as the chief behavioural officer to resist the business battle faced by the growing insurance industry in the states. Ariely will help design Lemonade’s upcoming peer to peer offering. He has joined the board with many insurance industry veterans. Airily said on a statement that. “We’ve spent recent years deepening our understanding… our conclusion is that insurance is crying out for a makeover”. Arielyhas been brought onto the board of Lemonade to reconstruct the whole notion of insurance and also to provide a new outlook for the company in its future endeavours with his impeccable qualifications.

Lemonade in the insurance field

Lemonade is founded by ShaiWininger and Daniel Schreiber with a net seed funding of $13 million from investors like capital funds, Sequoia Capital and Aleph. Lemonade in a release expressed that, “If you tried to create a system to bring out the worst in humans, it would look a lot like the insurance of today.” With the very little details provide by Lemonade about the services provided by Lemonade, it can be assumed that they are trying to bring together all those people who are in need of insurance and the investors who has the money to back them up.  Lemonade who is hitting the market this year is expected to to make a “full roll-out” of insurance service with experts like Dan Ariely on its team.