He’s talking about Full Self-Driving.

And he’s right.

If FSD reduces accidents, injuries, and fatalities by 90%+, auto insurance doesn’t just get cheaper.

It gets structurally repriced.

Insurance is math:
loss frequency × loss severity.

FSD attacks both.

Fewer crashes.
Less bodily injury.
Lower litigation.
Cleaner data.
Faster claims resolution.

That collapses loss ratios.

Here’s what the market still hasn’t internalized:
Legacy insurers are built on human driving behavior and backward-looking data.

AI-driven driving + AI-native underwriting breaks that model.

This is exactly the environment Lemonade has been positioning for:
• Dynamic pricing
• Real-time risk adjustment
• Software-first cost structure
• Lower fraud and friction

When risk falls faster than pricing adjusts, the insurer with the best data wins.

This isn’t bearish for insurance.

It’s bearish for legacy insurance.

And it’s one of the many reasons why $LMND remains the #1 position in the portfolio.

This position — including sizing and portfolio-level exposure — is tracked in the live Savvy portfolio. Access is reserved for subscribers.

— Connor
Alpha Before It Prints

You’ve seen the receipts. If you want the same framework applied to the Alpha 40K Portfolio each week. Upgrade to Alpha Premium — Founding Members keep $14.99/mo or $150/yr permanently.

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