Insurtech startup Lemonade gets $34M from GV & General Catalyst | Geektime.com
Summary
“We believe in replacing brokers and paperwork with bots and machine learning, and we now have the backing to unleash this formula across new products and geographies,” Lemonade CEO and Co-founder Daniel Schreiber asserted in a press release. “I think that’s why it was so hard to break in because you had so many people in the business already.” Lemonade also uses bots to chat with customers and facilitate transactions instantly, a model embraced by Trov for their system. That type of speed runs laps around current wait times for claim approvals and is seen as a substantial threat to established insurance companies by people in the tech sector. They are harnessing a compelling mix of behavioural economics, artificial intelligence, and great design,” said Tom Hulme, GV general partner. “Lemonade’s full-stack approach gives it flexibility to keep iterating on that customer experience, and to expand fast in 2017.” What that expansion might entail is not clear, but it will likely mean applying for operation licenses in more US states.