TMCnet - World's Largest Communications and Technology Community



April 16, 2019

How This Renters Insurance App Disrupts a Time-Tested Industry

Even though we live in a modern age where the latest and most advanced technology such as artificial intelligence is present in every sphere of our lives, there are still some industries that are slow to adopt some modern solutions that would allow them to change and re energize.

The situation is no different for the insurance industry. Since every industry will eventually adopt new technologies sooner or later, our focus is on the modern insurance industry.

Since most insurance companies practice processes of registration and claim that they are usually way too long and complicated, we'll take a look at how modern technology solutions, such as a simple but intuitive app, can go against these complicated procedures and simplify the process by using the power of artificial intelligence.

Lemonade app

Lemonade insurance app is quite a new player in a time-tested industry of insurance but it's already making a lot of noise and disturbing a lot of waters all over the world. Tens of thousands of users are already relying and depending on Lemonade for their homeowner and renters insurance coverage.

This is mainly and mostly because this new insurance app brings a lot of innovation to the insurance practices as we know them. By making insurance more straightforward for those who really need it and utilizing the latest technology to do so, Lemonade disrupts the entire insurance industry quite successfully.

In fact, what they offer is in stark contrast to their competition. That's perhaps the biggest reason why some of the giants in the industry are backing Lemonade up, as they see a bright future in this modern hybrid of a startup tech and insurance company.

Instead of making things complicated and focusing on profits, Lemonade takes the entire insurance thing to a whole new level. Lemonade is specialized in social good, transparent policies, and low premiums. Their main goal is aimed at simplifying insurance and providing help for policyholders.

An innovative business model

Traditional insurance companies follow their own agenda that isn't focused on the consumer. Contrary to that, Lemonade company takes quite a different approach that includes a peer-to-peer business model. Their services are more customer-centered and they aim to take care of their consumers in the best possible way.

Their innovative business model includes an insurance model that pays their insurance fees and premiums but the funds don't go directly to the company – they go to a communal account. Any claim incurred under Lemonade policies will be handled with these communal funds. That means that Lemonade allows their consumers to share the cost of claims.

This is exactly the opposite of what most insurance companies do, as these companies are known to take extreme measures in claim situations, in order to gain higher profits. Their only goal is to maximize profit and they will do anything to make that happen.

Paying out as little as possible while charging the highest premiums is the policy of most insurance companies. Go here to read more about how insurance companies confuse their consumers.

Technology to the rescue

Lemonade is nothing more than a mobile app, but it can also be a desktop experience, depending on the device a consumer is using. Every potential consumer looking for renters insurance can use this app to sign up and find the best and most suitable insurance coverage for their needs. Coverage and policy changes are also processed through this app, as well as all the claims.

This is all thanks to two extremely important and useful things: machine learning and artificial intelligence. These two things power this intuitive app and allow it to learn with every experience. This way every consumer gets fair customer service and the most enjoyable user experience they deserve.

By offering such a customer-centered service and streamlining the entire process, people can easily access any insurance coverage they need at the most affordable prices, quickly and without any complications.

On top of all that, all claims are now processed in a timely manner, which makes this Lemonade app worthy of the time and effort of each consumer. For those who are curious about machine learning and AI, all the necessary information can be found here.

For those who have concerns about any problems with fraud, there are safeguards that are making sure that each transaction and private data is completely safe, secure, and protected. Lemonade insurance company utilizes the power of the most innovative technology, and their automated fraud safety systems and algorithms keep everyone fully covered and protected.

» More TMCnet Feature Articles



» More TMCnet Feature Articles

Technology Marketing Corporation

35 Nutmeg Drive Suite 340, Trumbull, Connecticut 06611 USA
Ph: 800-243-6002, 203-852-6800
Fx: 203-866-3326

General comments:
Comments about this site:


© 2019 Technology Marketing Corporation. All rights reserved | Privacy Policy