What Is The World’s First Open Source Insurance Policy?
What Is The World’s First Open Source Insurance Policy?: The world is rapidly changing and we owe all the appreciation to the advancements in technology, especially information technology. Every aspect of business including marketing, modeling, and trading have changed. Insurance, which is one of the oldest elements of business, is not lagging behind.
In this regard, Lemonade Insurance policy has come forth as the pioneer of open-source insurance policy. The idea of the world’s first open source insurance policy might seem absurd considering that most insurance companies are quick to copyright their insurance policies.
Lemonade, who?
Lemonade insurance company is committed to providing advanced insurance policy solutions to homeowners and renters alike. Lemonade is a licensed insurance carrier that has replaced brokers and excessive paperwork with bots and machine learning technology. This innovative approach makes use of artificial intelligence coupled with behavioral economics.
In the era of smartphones and internet when everything is so readily available, the company strives to provide instant policies using their innovative thinking and advanced technology. Currently, Lemonade insurance company is operating in the United States but is aiming to expand globally, soon.
Policy 2.0
Lemonade insurance company discarded the old insurance policy and introduced their new insurance policy, named “Policy 2.0”. According to the company heads, this policy aims to make insurance policy:
- Simple
- Approachable
- Relevant
- Digital
Making it Simpler
Everybody who has had something insured knows what a hectic ordeal it is to read and sign all the tedious and mundane documentation consisting of scores of pages. It is not merely the length of the documentation but also the problematic jargon that a person has difficulty understanding.
Apart from that, what add further spice to the already burning dish are exceptions. Current insurance policies are teeming with exceptions which are liable to become resentment shortly. Although, it is feasibly impossible to have a policy with no exception at all (due to its sky-high prices); we can get them to a feasible and acceptable level.
The Chief Lemonade Maker is ShaiWininger and is also the co-founder of the insurance company. According to her, the primary motive of the company is to make things easier, thus, approachable to the common man. In doing so, they have made their policy open source and invited not only the general community but also the professionals (competitors) to help in making it a reality.
Making it Digital
Although Lemonade Insurance policy can be printed on paper, it should be used on screen to get the best out of it. The digital nature of the policy makes it easier to mold it according to the user’s demands. That means it can be customized based on user preferences.
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