Lemonade's "A.I. Jim" Claims World Record for Fastest Claim Paid

Lemonade is "A rated and reinsured by some of the most trusted names on the planet including Lloyds of London"

Seems to be a fair number of articles (and hype) for a company operating in stealth mode until recently.



Entrepreneurs Daniel Schreiber and Shai Wininger (also company president) co-founded Lemonade. They’ve attracted veteran insurance executives from AIG and ACE for Lemonade’s executive team. Among them: Lemonade Chief Insurance Officer Ty Sagalow, a veteran executive from American International Group.

Everest Re, Hiscox, Lloyd’s of London, XL Catlin and Berkshire Hathaway’s National Indemnity are among Lemonade’s global reinsurance partners.
Peer-to-Peer Personal Lines Insurer Lemonade Opens for Business in New York


Lemonade uses software, called bots, to deliver insurance through its app and at lemonade.com. Consumers also file claims with the bot, which can pay claims instantly and without human intervention. Lemonade takes a flat fee for insurance and gives back any unclaimed money to causes policyholders care about.

“Staffing Lemonade with bots instead of brokers allows for rapid expansion,” said Wininger. “The cloud is accessible from anywhere, our datasets are nationwide, and our network of contractors span all 50 states. The reception in New York has been remarkable, and we can’t wait to be live across the nation.”
Startup Insurer Lemonade Is Going National; Files for Licenses Countrywide


Most of the big companies, like State Farm, Allstate, Guico, etc. will live on in Brand Name only.

In fact the Personal Auto insurance market may have all but imploded when we look 10 years out, due to the impact of auto-pilot cars, and Millennials deciding not to spend 25–30% of their gross income on owning a personal auto. Choosing to subscribe to a transportation network service offering, like on-demand driverless Ubers.
https://www.quora.com/How-does-Lemonade-P2P-Insurance-work


Lemonade Insurance Company is a licensed insurance carrier, offering homeowners and renters insurance powered by artificial intelligence and behavioral economics. By replacing brokers and bureaucracy with bots and machine learning, Lemonade promises zero paperwork and instant everything. And as a Certified B-Corp, where underwriting profits go to nonprofits, Lemonade is remaking insurance as a social good, rather than a necessary evil.
https://www.linkedin.com/company/lemonade-inc-


Lemonade is also setting out to combat existing models through an annual “giveback,” where it donates unclaimed money to good causes. Through the app, users select a cause that they care about, and this cause-creation process generates virtual groups of like-minded people — or “peers.”

Premiums from each group cover any claims made by individuals, with leftover money going to their common cause. And Lemonade makes money by taking a 20 percent flat fee from monthly policy payments.
P2P insurance firm Lemonade launches out of stealth, powered by chatbots, morals, and big bucks | VentureBeat | Apps | by Paul Sawers


“Technology drives everything at Lemonade” Shai Wininger, the company’s president and co-founder, said in a press release about the launch. “From signing up to submitting a claim, the entire experience is mobile, simple and remarkably fast. What used to take weeks or months now happens in minutes or seconds.”


Lemonade says its mobile technology can provide consumers with policies at a fraction of the cost of what competitors offer. Homeowners’ policies start at $35 a month, and renters' insurance starts at $5 a month.
http://www.lifehealthpro.com/2016/09/21/3-reasons-lemonades-ceo-wants-to-disrupt-the-insur
 
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