Case Study: Lemonade
Photo credit: Lemonade
Lemonade, Public Benefit Corporation, is a Delaware Public Benefit Corporation and provider of property and casualty insurance in the United States. Lemonade employs technology and behavioral economics to streamline the entire insurance process without the need for insurance brokers. Using an atypical business model for insurance companies, Lemonade keeps a flat 25% fee of a customer’s premium while setting aside the remaining 75% to pay claims and purchase reinsurance. Unclaimed premiums are donated to a non-profit of customer’s choosing.
For more information, please visit http://www.lemonade.com
Next steps
Now that you have an overview of what structures may be most suitable for your social venture, you should seek legal advice to ensure the structure meets all your organization’s needs.
TrustLaw, the Thomson Reuters Foundation global pro bono legal program, connects social enterprises with leading law firms to provide free legal assistance on issues such as a structuring. In the US alone, TrustLaw supports over 175 social enterprises with free legal assistance.
Apply to join TrustLaw to request free legal advice for your social venture.