Lemonade, the insurance company powered by artificial intelligence and behavioral economics, has launched what it claims to be the world’s first open source insurance policy.
The company has rewritten the generations-old insurance policy, making it simple, relevant, and in plain English.
The new insurance policy, called Policy 2.0, will be open for edits from the ‘wisdom of the crowd,’ in what is the world’s first open-sourced insurance policy.
Lemonade CEO and cofounder Daniel Schreiber said: “When we set out to create an ‘unconflicted’ insurance company we had to rethink the very ‘business model of insurance’.
“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.”
While most insurance companies copyright their policy, Lemonade has done the opposite – and made it open source. Lemonade’s new policy is not only open for the community to edit Github, it is also open to all of Lemonade’s competitors to use, under the GNU’s Free Documentation License.
Chief Lemonade Maker and cofounder Shai Wininger said: “Making insurance simple, fair, and approachable to everyone should be a shared goal of the entire industry.
“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 recently raised a $120m Series C round led by SoftBank. With the completion of the round, the company announced it would take Lemonade global. While Policy 2.0 is in English and aimed at US renters, this open-source initiative will expand to cover other lines, legal jurisdictions, and languages.
Source: Company Press Release