Insurance company Lemonade (LMND) reported second quarter results, posting a net loss of $0.81 per share. However, the company saw growth in premiums, rising 8% year over year. Lemonade CEO Daniel Schreiber joins Wealth" to discuss the report.

Schreiber describes the quarter as "spectacular" on "every metric that matters." He highlights their AI initiatives that have led to 22% business growth, reduced operating expenses, and improved efficiency within the company.

Regarding insurance premiums, Schreiber acknowledges they are higher for customers, but emphasizes this isn't "driven by corporate greed." Instead, he attributes the increase to inflation, which was "disproportionately pronounced in the auto space" and home repairs, which impact "the two most crucial insurance products." As a result, when accidents or damages occurred, insurance companies were paying significantly more than usual, leading to rising premiums for consumers.

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This post was written by Angel Smith