We believe we’ve found a way to do just that by creating what we call Synthetic Agents. After approximately 2–3 years, the stream of synthetic ‘commissions’ from any one cohort will tally to the Synthetic Agents’ Spend on that cohort plus a fixed return (16% IRR). Synthetic Agents have two important things in common with the garden-variety kind:Synthetic Agents collapse Lemonade’s CAC payback time, enabling us to unlock rapid growth without tapping our cash reserves. Synthetic Agents are doing this specifically, and solely, for the exposure to ‘commissions,’ or Lemonade’s customer lifetime value. In fact, thanks to our Synthetic Agents, we estimate the IRR on our CAC spend will jump to ~90%!