05/10/2020
Lemonade
The average person who enters into a litigation over the receipt of an insurance premium can cover a variety of feelings - from absolute indifference to the most real fear. Applying for an insurance claim can take forever, with tons of paperwork, not to mention the time it takes to develop and actually pay off the claim.
Founded in 2015, Lemonade is “a fully-fledged insurance company powered by artificial intelligence and behavioral economics driven by the provision of public goods,” says Crunchbase. The young insurance company received financing for a total of 480 million and intends to transform the insurance process, making it simpler, more understandable and faster.
The idea for the company came from Daniel Schreiber, CEO and co-founder of Lemonade, who saw an extraordinary opportunity in the insurance field. According to Inc.com, Schreiber noticed that most insurance companies usually receive not very pleasant and flattering words in their address. He wants to change this and introduce a completely new approach to the insurance industry.
Lemonade is changing the traditional insurance model to a model where payments are made almost instantaneously and on better terms. “The premiums you pay are like your money, not ours,” says their website. The key point is that Lemonade does not gain any benefit if it defers or refuses to pay premiums, as traditional insurance companies usually do. This company receives its income in the form of a fixed amount that you pay for their services. With Lemonade, you choose a non-profit organization that receives a portion of the unclaimed funds that you left by the end of the year.