Lemonade Is Open-Sourcing Its Insurance Policy
By Natalie Daher
Lemonade, the New York based insurance startup inclined to call out traditional insurance's problems, wants help in trimming its insurance policy.
Lemonade announced Policy 2.0, which it’s uploading to Github so anyone can offer edits to the dense, convoluted legalese of the document. Because the policy will face regulators that vary by state, it’s unlikely to be for sale until 2019, TechCrunch reports.
CEO Daniel Schreiber told TechCrunch: “We sold you a policy on your phone.“We want a policy that makes sense on a five-inch screen.”
In a blog post, Schrieber co-opts the strategy of media websites by enumerating the amount of time it will take to read Lemonade’s policy versus a traditional policy. The difference is stark: over an hour versus eleven minutes.
The two-year-old company has already attracted large investments from SoftBank and is licensed across the U.S.
Writer & journalist based in NY.