Lemonade Insurance Company is changing the way insurers pay claims and is setting a new speed record at the same time.
|Zero paperwork
The company, which promises policyholders zero paperwork and almost instantaneous service due to its use of artificial intelligence, has announced that it "set a world record for the speed and ease of paying a claim" when it settled a claim in three seconds with no paperwork involved.
Policyholder Brandon Pharm submitted a claim for a Canada Goose Langford Parka, which was stolen on very cold Saturday night. He had purchased the coat at Saks Fifth Avenue for $979.
By using his Lemonade app and speaking into the camera, he described what had transpired and then hit "submit" for his claim.
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Patricia L. Harman
Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to PropertyCasualty360.com, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]
