INSURTECH
DID YOU KNOW ? Lemonade ’ s world record
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All the way back in 2016 , personal insurtech firm Lemonade set the world record for processing an insurance claim . At seven seconds past 5:47pm on December 23 , 2016 , Brandon Pham , a Lemonade customer , hit ' Submit ' on a claim for a $ 979 Canada Goose Langford Parka . By 10 seconds past the minute , AI Jim , Lemonade ' s claims bot , had reviewed the claim , cross referenced it with the policy , ran 18 anti-fraud algorithms on it , approved the claim , sent wiring instructions to the bank , and informed Brandon the claim was closed .
By accessing and analysing vast datasets , insurers can use AI and ML to deliver their services with unprecedented speed and accuracy .
MAY 2020