The German firm has announced that it has raised fresh funding from huge financial backers. Wefox, an insurtech company from Germany, has announced that it recently raised $110 million in new funding from big-name backers that included Barclays and JPMorgan. This reveals a notable confidence boost in the rapidly growing insurance technology sector. The insurtech company is based in Berlin and has a primary focus on personal insurance products such as auto, home, and personal liability policies. Instead of underwriting claims, the firm links users with brokers and partner insurers…
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Lemonade insurance accused of discrimination from its AI comments
The popular insuretech faced backlash from social media users in response to a tweet. Last week, Lemonade insurance company tweeted that its AI technology could “pick up on non-verbal cues” in the analysis of videos its policyholders submit to explain their claim details. Social media users quickly spotted the tweet and asked whether the AI would spot certain minorities. The Twitter users asked Lemonade insurance whether that AI technology would flag people from minority backgrounds or individuals with conditions such as autism. Later that week in a Forbes report, the…
Read MoreOpen source insurance policy becomes Lemonade’s new way to stand out
This unique new form of coverage allows anyone to be able to edit the wording and design. AI-powered insurer, Lemonade, has launched a new open source insurance policy. This represents a first in the world. Lemonade is known for its innovative strategies and is often associated with world’s firsts. The policy is meant to be open to the “wisdom of the crowd” in its writing and creation. The insurance company has launched what it calls Policy 2.0, according to a Lemonade press release. The idea behind this new open source…
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