Very few people would suggest that insurance is an innovative, disruptive industry. If not for creative television ads, we may not even think about insurance companies at all except as an occasionally necessary pain point in our lives. From applying for coverage to filing a claim after suffering an accident, dealing with insurance companies is typically a long-winded, exhausting, frustrating affair.
And yet, it’s all wholly necessary to protect yourself and the people you love from financial ruin in the event of an unforeseeable accident. Fortunately, there are some changes coming to the renters’ and homeowners’ insurance industry, thanks to the pioneering spirit of companies like Lemonade.
Lemonade is a technology-powered platform that aims to reduce the red tape and bureaucracy typically associated with insurance. Lemonade simplifies your interactions with insurance companies, from getting insured in the first place to receiving reimbursement.
At launch, Lemonade set out to understand why insurance companies have a hard time providing quality claims services. They discovered that insurance companies, by and large, are driven by manual labor, with tens of thousands of people simply filling out forms, faxing documents, and making phone calls. Worse yet, the companies themselves are committed to paying out less for claims. Lemonade turned that model on its head.
Instead of feeding off of premiums, Lemonade charges a flat fee off the top, using the rest of your premiums to fund reinsurance, surplus payments, taxes, and their Giveback program. Better yet, by creating their AI bot Jim, they’ve made a claims system that is available 24/7/365 and that automates the process. With Lemonade, you can get insured in as little as 90 seconds and get paid out for a claim in just three minutes. If for any reason, Jim’s algorithms can’t help you, the algorithm is programmed to alert a human who will give you a call ASAP.
Lemonade is using technology to make renters’ and homeowners’ insurance more affordable and more accessible than ever. Policies start as low as $5/month for renters and $25/month for homeowners. Get a quote today to see how much you could be saving.
Read the full article: Lemonade Is Using Technology to Bring Insurance Into This Century, and You Need to Try It
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