Lemonade launched open source insurance policy
Rental and home insurance provider Lemonade announced last week the upcoming launch of an open source insurance policy.
Lemonade announced via press release this project is called Policy 2.0. In the press release Lemonade called out the ‘industry standard’ of overcomplicated policy documents and suggested that the best solution would be to build policy using the wisdom of the crowd, as this can help reduce the word count and time it takes to read policies.
With this in mind Lemonade has decided to put its insurance policy documents on GitHub, where users can contribute to the wording and general structure of its policies. The first policy that Lemonade has opened up to contributors is its ‘Renters Insurance Policy 2.0’.
Policy 2.0 builds upon Lemonade’s live document functionality that launched last year, which enables applicants to update the writing of their digital policy application in real time without having to use an agent. Each innovation made by Lemonade helps empower its customers to take more control of the policy process, by making it more relevant to their needs and easier to read.
Viewed as a potential disruptor in the market, Lemonade poses a clear challenge by positioning itself as a provider that truly puts its customers first. The insurer is backed by Softbank, Allianz, Sequoia Capital and Google Ventures.
For more information about this announcement please click here.
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