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 insurance policy is to provide an alternative way to create coverage. The thought is that because the policy is open source, it is also not copyrighted. As a result, the Github community can edit it, and any insurer can use it; even the competition.
The insurance policy is written in English. It is designed to provide U.S. renters insurance. That said, Lemonade has stated that it intends to broaden this offering to additional languages, lines and even legal jurisdictions.
This new Lemonade open source insurance policy does not shock the industry.
After all, Lemonade has made its name based on providing insurance coverage from a unique perspective. It is on a mission to disrupt the insurance industry, as has been reported by Live Insurance News.
“When we set out to create an unconflicted insurance company, we had to rethink the very business model of insurance,” said Lemonade co-founder and CEO Daniel Schreiber. “Today, we’re taking a run at its foundational document: the policy itself. Policy 2.0 reflects our determination to drag insurance into the 21st century, kicking and screaming if needs be.”
According to Chief Lemonade Maker, Shai Wininger, another co-founder of the company, the purpose of the open source insurance policy is to ensure it will be “simple, fair and approachable to everyone.” Wininger went on to say that since the Lemonade is composed of “avid open source evangelists” they feel that professionals and consumers need to work together.
Lemonade has also been actively pursuing other areas of innovation in the insurance industry. This involved raising $120 million in Series C funding, headed by SoftBank Group, a Japanese telecom corporation.