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New York insuretech company Lemonade Inc today launched in the UK market with a view to disrupting Britain’s centuries-old insurance sector with its socially-conscious, AI-driven business model.
The digital insurer aims to break the “cycle of distrust that plagues the insurance industry” with its pledge to cap its margins at 25 per cent by donating any extra income to charity, Lemonade co-chief executive Daniel Schreiber told media.
In capping its own profit margins, the firm aims to rebuild trust in the insurance sector by limiting the incentive it has to deny its policyholders’ claims.
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