There’s no question the image and operating structure of the insurance industry needs to change. Its reputation is as tarnished as Grandma’s silverware in the attic, and its IT infrastructure is creaking like Grandpa’s knees. But are traditional insurers and brokers bound to end up in the same heap as taxicab companies, record stores, video rental businesses and travel agencies?

Not by a long shot. There’s just more competition, something the industry has dealt with since the days of Lloyd and his London coffee shop. In the near term, insurers and brokers can even bide their time, thanks to Lemonade’s conservative “test and learn” approach.

There’s even the risk that, once Lemonade and other P2P startups grow, their social, communal aspects will fade. “While digital and social media have enabled Lemonade and others to re-create these types of peer groups, as they grow they, too, face a very similar future,” warns McKinsey’s Patiath.

If this happens, the sleek, fashionable insurer may become just as dowdy as the companies it decries.

Put that in your lemonade and stir it.