INSUBCONTINENT EXCLUSIVE:
Lemonade has made some big moves in the world of insurance
The company uses AI and bots to sell insurance, and has flipped the business model to ensure that Lemonade is never in conflict with
For decades, insurance companies have been held to long, tedious legalese in their insurance contracts
insurance as easy and as consumer-centric as possible, the very product they sell is in complete opposition to that
and cofounder Daniel Schreiber
To do the next big thing in insurance means changing insurance
Policy 2.0, according to Schreiber, is meant to give consumers a clear and easy way to understand what is and what is not covered in their
insurance policy.But, in a little bit of a twist, Lemonade is open-sourcing the policy on GitHub
Anyone, from state regulators to consumer advocacy groups to Lemonade competitors or even interested customers can make edits and
contributions to the policy
more plain language when historically, lawyers use specific language to stay within the realms of legal precedent and remove any grey areas
A good deal of the language in that 10,000 word-long insurance policy is legally required to be in the document
This change from Lemonade requires the company to work with regulators to allow the new policy to be sold, and that conversation differs
willingness to be flexible on this.When Policy 2.0 does come to the main stage, current Lemonade subscribers will be able to immediately
change over to the new policy or keep their original policy.Lemonade has raised a total of $180 million, including a whopping $120 million
round led by SoftBank from December.
