{"id":1506,"date":"2017-08-24T07:33:18","date_gmt":"2017-08-24T07:33:18","guid":{"rendered":"\/blog\/?p=1506"},"modified":"2023-01-25T06:29:34","modified_gmt":"2023-01-25T06:29:34","slug":"worlds-first-live-insurance-policy","status":"publish","type":"post","link":"https:\/\/www.lemonade.com\/blog\/worlds-first-live-insurance-policy\/","title":{"rendered":"Introducing the World\u2019s First Live Insurance Policy"},"content":{"rendered":"
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Today, we\u2019re announcing a first of its kind insurance policy. One that puts the power formerly reserved to brokers and agents in the hands of all Lemonade customers!<\/p>\n

When we first entered the insurance industry, we knew one of the biggest problems with traditional insurers<\/a> was the endless amounts of red tape and long wait times. That\u2019s why we committed to \u2018instant everything\u2019 since day one.<\/p>\n

From the world\u2019s first 90 second sign-up to our world-record-setting claims process<\/a>, we\u2019ve hit some pretty exciting milestones, but that\u2019s just a preview of what we\u2019ve got cooking.<\/p>\n

The old paper policy<\/strong><\/h3>\n

Up until today, if a customer wanted to change their deductible amount, update their coverage, or add a new valuable<\/a> they just bought, they\u2019d have to contact their insurer\u2019s customer support and explain their issue. Then, they would need to pay for some changes, and probably get a new policy<\/a> sent to them in the mail (snail mail, of course). That\u2019s where the red tape and long wait times come in, and where the industry, new or old, startup or multi-billion dollar big corp, is at right now.<\/p>\n

As far as we know, no other insurance company allows their customers to modify their insurance coverage<\/a> or even cancel their policy on their own.<\/p>\n

Today’s release is a great example of the reason behind our decision to take the longer, harder path in becoming a full stack insurance carrier, rather than a reseller. It also explains why we bet on building our own technology<\/a> instead of taking the easy path of buying old-school IT systems (the ones that run most insurance companies in America today, and the startups that resell their insurance).<\/p>\n

Introducing Lemonade\u2019s Live\u00a0Policy\u2122<\/h3>\n

Even if you buy renters (HO4<\/a>) insurance directly from the likes of GEICO or Progressive, the only part that\u2019s direct is taking your money and sending you a policy. Everything else requires customers to contact customer service, which we all know can be\u2026 painful.<\/p>\n

That sucks.<\/strong>\u00a0So in the last couple of months we\u2019ve been working hard on the second phase of our policy, turning it into a \u2018live\u2019 document that can easily be modified without involving an agent!<\/p>\n

With Live Policy, Lemonade customers (existing and new) can now make changes to their coverages and more, whenever and wherever they are! It\u2019s actually easier to change your Lemonade coverages than it is to pay for your latte. Just open the Lemonade app, go to your policy and start playing with stuff!<\/p>\n