Lemonade unveils open source policies
AI-powered insurtech firm Lemonade Insurance Company is planning to create open source policies with an aim to make them simple, approachable, relevant, and digital, according to CEO and co-founder Daniel Schreiber.
Each so-called Policy 2.0 will be unique and dynamically-generated, based on the choices the user made, Schreiber wrote in a blog. “While people can print Policy 2.0, it’ll be at its most powerful on a screen,” he said.
“When the policy says that $20,000 of property is covered, for example, our Live Policy technology makes that sentence clickable, so the user can instantly change that to $30,000. If the user wants to add earthquake coverage, to take another example, they can initiate that from within the policy itself, and the policy will morph to include earthquake coverage,” Schreiber noted.
Lemonade is inviting consumers, advocacy groups, regulators, insurance enthusiasts, data scientists, designers, competitors, and techies, to help designing the new policies.
“We’re big believers in ‘wisdom of the crowd,’ and hope broad participation will make Policy 2.0 all it can be,” Schreiber said.
The first Policy 2.0 Lemonade is publishing is ‘Renters Insurance Policy 2.0’, but more lines, countries and languages are expected to follow.
“Weighing in at 2,300 words, this Policy 2.0 is almost 90 percent lighter than its predecessor, and hopefully far simpler, more approachable and more relevant too,” Schreiber said.
The draft was created in consultation with state regulators, and will be submitted to all states once the community has had its say. Until the approvals are in, Lemonade will continue to offer an industry-standard policy, with a view to letting users switch to Policy 2.0 once its available in their state.
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