Lemonade is a new product designed to lighten the paperwork and provide instant, helpful service when needed

Insurance companies are not typically known for having great customer service. The fees are complicated and if something goes wrong, often customers feel like they have to jump through hoops for the service and protection paid for. A new insurance provider called Lemonade is the first full-stack insurance company that is peer-to-peer and powered by bots. Saying goodbye to agents and paperwork, Lemonade provides instant, smart and fast service.

Peer-to-peer insurance reverses the traditional insurance model, treating the premiums paid as the customer’s money, not that of the insurer. Lemonade takes a fixed fee out for monthly payments, buys reinsurance and then uses the rest for paying claims. By conducting business this way there is often money left over at the end of the year after paying claims. Instead of taking the money, Lemonade will paid it forward to charity.

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