Lemonade, the peer-to-peer insurance company powered by artificial intelligence and behavioural economics, has been licensed as a full insurance carrier by the State of Illinois.
Home renters in the state can now buy a Lemonade policy in seconds using the Lemonade app or by visiting lemonade.com. Homeowner policies will be available in the state soon.
Nationwide expansion is a top priority for Lemonade, which claims hundreds of thousands of requests from around the country, and the world.
The company has filed for licences in 47 states, aiming to reach 97% of the US population in 2017.
With Lemonade, buying insurance is done through an app and Lemonade takes a flat fee.
Ian Youngman, author of "Peer2Peer Insurance" comments, "It has huge national ambitions and the jury is out as to whether it will provide sweet refreshment for investors or a sour taste. Tech based health insurers have failed to capture market share and have lost investors huge amounts of money. But for other insurers for home owners and renters, Lemonade will have to drive down premiums in a market with thin margins as that is the only way it will grow big quickly. Customers may not grasp that money saved from not claiming does not go back to the customer, but to a charity chosen by the insurer and not by the customer-and like all insurers, the first to be paid is the insurer."
Learn all about P2P insurance, get the only dedicated market research report, Peer2Peer Insurance.
Peer To Peer Insurance the brand new market research report from insurance analyst Ian Youngman, is out now. The Peer To Peer Insurance report looks at the background, potential, problems, and regulation, as well as profiles of every known peer-to-peer platform.
Report author Ian Youngman comments, “Peer to peer insurance is very new and often misunderstood: with even many platform founders confused if they are an insurer, broker, techie idea - and whether they are legal or illegal. Regulators are taking notice - with some being very supportive and others preparing to close platforms they consider to be illegal. Peer to peer will stimulate change and make insurance quicker, simpler and more transparent. As in direct insurance decades ago, one or two of the newcomers will become national or international successes; while others will be taken over by existing insurers, and those insurers who ignore the lessons will die."
About The Author
Ian Youngman is an insurance writer and researcher who has published many market reports.
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