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The industry can sura over the sweet formula of citronad insurance



Since our first report last year, Lemonade Insurance, a technology reboot scheduled to offer peer-to-peer insurance products, has launched in four states, offering landlords and tenants insurance in New York, California, Illinois and New Jersey. Lemonada's groundbreaking use of technology and its alternative business model can prove disruptive to the insurance industry.

Lemonade uses artificial intelligence, including a chatbot, to help manage claims. Policyholders submit claims using Lemonade's mobile app. The process includes recording a video of yourself describing the requirement. Due to the use of AI, Lemonade can process and approve claims in seconds. According to Lemonade, it puts an unofficial world record at the end of 201

6 by approving a claim for a stolen jacket in three seconds.

The Lemonade's business model also differs from the traditional insurance company. Most insurers deduct the difference between the premium amount and the amount paid out for claims. Lemonade winnings by taking a premium deduction of premium. The company uses another part of the premium for reinsurance and other expenses. Any remaining premiums that are not used to pay claims are then donated to charities. Policyholders can choose from several charities where Lemonade donates the remaining grant. The policyholders who choose the same charities are grouped together and the remaining premiums for each group are given to the selected charity of that group. In the first year, the total remaining premium to charities amounted to about $ 53,000, which was about 10% of Lemonade's revenue from September 2016 to June 2017.


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