Lemonade, an AI-powered insurance company, has launched what it calls the world’s first open-sourced insurance policy.
According to a news release, the policy is open to editing from the ‘wisdom of the crowd’, turning the traditional way of crafting an insurance policy on its head. Because the policy is open source, it’s not copyrighted, which means the community can edit it on Github and all of Lemonade’s competitors have access to it, too. The policy is also written in English and is intended for US renters, but the company plans to expand it to cover other lines, languages, and legal jurisdictions.
The insurance industry should expect nothing less from a company that’s made disruption its mission.
“When we set out to create an unconflicted insurance company, we had to rethink the very business model of insurance,” commented Daniel Schreiber, Lemonade’s CEO and co-founder. “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.”
The goal is to make insurance “simple, fair, and approachable to everyone,” said Shai Wininger, Chief Lemonade Maker and co-founder in a release, adding, “As avid open source evangelists, we believe that bringing consumers and professionals together in an effort to co-create an insurance policy, will result in a better and fairer insurance product for the 21st century.”
Lemonade’s also been active lately on other fronts, raising $120 million in Series C funding, which was led by Japanese telecom corporation SoftBank Group, the aim of which is to take the company global.