Lemonade has built a reputation for leveraging advanced technology to enhance customer experiences and has now taken a major step forward in streamlining and revolutionizing the insurance claim process.
Reports say that Lemonade through their proprietary claims resolution system, the insurtech managed to settle a legitimate insurance claim within an astonishing two seconds, a feat that was previously considered unattainable.
According to executives, within the two-second timeframe, their chatbot named AI Jim evaluated the claim, checked the policy conditions, performed numerous anti-fraud algorithms, and ultimately approved the claim. The chatbot then swiftly sent the payment instructions to the bank and notified the policyholder of the accepted claim.
“My experience with Lemonade was great! The claim was processed in a few seconds. There is nothing more that I could have hoped for. Thanks again for the support and great service!” wrote Federico F. the customer in question.
“As of today, the time to beat is two seconds. We hope that others will rise to the challenge,” said Daniel Schreiber, CEO and co-founder of Lemonade. “Our #1 job is to be there for our customers in times of need, and being powered by AI lets our claims bot, Jim, review and approve claims fast and with zero hassle for our customers, 24/7. This is what 21st century insurance feels like.”
Currently, the company handles almost half of its claims using AI technology.
