Insurtech firm Lemonade has announced the launch of Policy 2.0, which the AI-driven insurance company is calling the first ‘open-source’ insurance policy.
The company, which has made no secret of its wish to fundamentally disrupt the traditional insurance industry, has not copyrighted its new policy; being open-source, not only can it be edited online, but the company’s competitors also have access to it. The stated goal, according to co-founder Shai Wininger, is to make insurance ‘simple, fair and approachable to everyone’: “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.”
“There are good reasons why policies use lingo that requires a law degree and a broker’s license to understand,” said Lemonade in a news release, “but Policy 2.0 is about using contemporary English that everyone understands. And the policy has to be way shorter. No document is ‘readable’ if it’s so long that no-one actually reads it.”
Each version of Policy 2.0 will be unique, tailored to user choices; before it is brought to market, Lemonade is eager for contributions from ‘consumers, advocacy groups, regulators, insurance enthusiasts, data scientists, designers, competitors and techies’.
A glimpse into the future? Or merely a quirky experiment? Rest assured, ITIJ will be keeping a close eye on how this develops.