Lemonade Insurance Company is a licensed insurance carrier, offering homeowners and renters insurance powered by artificial intelligence and behavioral economics. By replacing brokers and bureaucracy with bots and machine learning, Lemonade aims for zero paperwork and instant everything. And as a Certified B-Corp, where underwriting profits go to nonprofits, Lemonade is remaking insurance as a social good, rather than a necessary evil. Lemonade is reinsured by some of the leading reinsurance companies in the world including Lloyd’s of London, and has been assigned a Financial Stability Rating® of A, Exceptional, from Demotech, Inc.
By injecting technology and transparency into an industry that often lacks both, Lemonade has created an insurance experience that is fast, affordable and hassle free. Unlike any other insurance company, the company gains nothing by delaying or denying claims (they take a flat fee), so Lemonade can handle and pay some claims instantly. Recently, the company proclaimed a “world record” in claims payments by its claims bot analyzing a claim submission, deciding that the loss was covered and paying the claim – all in three seconds!
After expenses and losses, unclaimed monies are donated to the charity or cause selected by the policyholder through a program the Company calls the “Giveback”.
The Giveback is a unique feature of Lemonade, where each year leftover money is donated to causes our policyholders care about. The Company treats policyholders who care about the same causes as virtual groups of ‘peers’ – hence. Lemonade uses the premiums collected from each peer group to pay for the group’s claims, giving back any leftover money to their common cause. This way, customers enjoy the value of solid insurance, and society gets a little push for the better.