Daniel Schreiber, CEO and co-founder of Lemonade, discusses the insurance app's $120 million Series C funding round. Lemonade is planning on expanding globally with the new round of cash.

Schreiber says Lemonade is trying to reinvent insurance. Lemonade wants to make customers happy, not make money by denying claims.

Schreiber explains distrust is endemic in the insurance agency, calling it a "trillion dollar problem." He also touches on Lemonade's decision to stop insuring assault rifles after the Las Vegas massacre in October, saying it was a common sense choice to make.