InsurTech firm Lemonade has broken a world record by settling an insurance claim within two seconds by using AI and machine learning.
Renowned for leveraging AI and machine learning technology to enhance and improve customer experiences, Lemonade has developed cutting-edge technology to streamline and arguably revolutionize the insurance claim process.
Through their proprietary claims resolution system, Lemonade has manged to settle a genuine insurance claim in just two seconds, a feat that was previously deemed as unachievable.
Today, the company handles nearly half of it’s claims by using AI.
According to Lemonade, within two seconds, AI Jim – Lemonade’s chatbot – assessed the claim and checked the policy conditions, then went on to perform dozens of anti-fraud algorithms, and then approved the claim. The chatbot then sent the payment instructions to the bank, and informed the policyholder that the claim had been accepted.
In what is clearly a “game-changing breakthrough” within claims processing, this clearly highlights Lemonade’s commitment to customer-centricity, but at the same time, it also addresses the huge potential that technology has to reshape the entire landscape of the insurance industry.