Recently, Lemonade reported a claim-handling world record. The insurer reported a claim settlement speed record—three seconds and no paperwork.
According to the insurer, a policyholder submitted a theft claim for a $979 Canada Goose Langford Parka on Dec. 23, 2016. Within seconds, AI Jim, Lemonade’s artificial intelligence claims bot, reviewed the claim, cross-referenced it with the policy, ran 18 anti-fraud algorithms on it, approved it and sent wiring instructions to the bank, informing the policyholder the claim was paid at replacement cost and closed.
In an effort to learn more about the claims process at Lemonade, our sister publication Claims Journal set out to interview AI Jim. Here’s what we found out:
Read the interview:
Lemonade customers buy homeowners and renters insurance through an app and pay a flat fee for coverage. Any unclaimed money is donated to charities favored by policyholders.