FinTech Magazine March 2020 | Page 48

WHERE WE ’ RE GOING WE DON ’ T NEED ROADS …
INSURANCE
48

“ We aspire to create the 21st century incarnation of the successful insurance company ”

— Daniel Schreiber , CEO and co-founder , Lemonade
by our community , and fundamentally changed how a new generation of consumers interacts with insurance ,” said Daniel Schreiber , CEO and cofounder , Lemonade . “ Looking forward , we aspire to create the 21st century incarnation of the successful insurance company : a loved global brand that can endure for generations ; an organisation built on a digital substrate , enabling ever faster and more efficient operations , and ever more delighted consumers .”
Lemonade ’ s selling point is the level of personalisation and flexibility it can offer its customers . To achieve this , it heavily relies on its app-based chatbots . Powered by AI , these bots can craft personalised insurance policies and quotes for customers right in the Lemonade app , and respond quickly to a variety of customer queries and process claims .
These claims bots are so good that , on December 23 , 2016 , it set a world record for the fastest processed insurance claim in history , receiving a claim for a $ 979 coat , checking the claim against the policy , running 18 anti-fraud algorithms and making the payment — all in just three seconds .
WHERE WE ’ RE GOING WE DON ’ T NEED ROADS …
From bringing medical supplies to remote villages in Africa to dropping off an ounce of weed to a frat house in San Francisco , drones have become an integral part of the modern logistics pipeline . They ’ re also finding a less obvious niche in the burgeoning insurtech market .
As the global climate crisis worsens , natural disasters ranging from fire to flash flooding are becoming more and more common . After one of these disasters , it ’ s important that insurance companies are on the scene quickly to assess the damage and start paying out claims to affected people . This
MARCH 2020