Lemonade is an actual insurance company (not just an AI) that removes human agents from both insurance policy creation and claims and replaces them all with an AI chatbot that you can easily message. They claim that by removing the need for claims agents and others that can make for big overhead costs, they are able to give customers low rates and still be a very profitable business
Unlike other bot startups which are just a technology arm of an established company, Lemonade is funded and operated as one that just happens to have AI as it’s driving core. They’ve announced that they have filed for licenses to operate in 46 states across the US as well as Washington DC and are both backed by other insurers and are paying out claims themselves.
You can see more of how it all works below
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