Solve Insurance Problems with the Push of This Button This app-based insurance provider is making it easier to get approved and paid.
By Entrepreneur Store Edited by Jason Fell
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Everyone knows that bad things come in threes. That's why the week you get the flu, your clients will move up a deadline, and a pipe will break in your apartment. Wouldn't it be great if a magic button could take away problems with the snap of a finger?
That's what Lemonade is trying to do, the app-based insurance company that puts control over your policy right in your pocket. It's not a magic button, but it's just about the closest thing you'll get from an insurance company. Get renters or homeowners insurance that will work for you when that pipe bursts.
With policy approvals in as little as 90 seconds and as little as three minutes to claims payouts via the app, Lemonade helps you solve all the bad things that fall under your policy. You won't wait on claims payouts when you've got to replace your belongings. Instead, you've got a safety net that will actually catch things when they fall.
In the interest of making things even easier, Lemonade also offers reduced policy prices, with renters insurance starting from as low as $5 a month and homeowners starting at $25. Protect yourself from damage to your living space, theft, and liability for someone's injuries on your property when you enroll in affordable insurance.
Those prices might sound a little too good to be true, especially if you've been shopping around for similar property insurance. That's thanks to Lemonade's novel approach to profits. The insurance company takes a fixed fee from premium payments. The remainder is used to pay out claims over the rest of the year.
Whatever is left over at the end of each year is given to charities through Lemonade's Giveback program—donations that can be directed by Lemonade policy holders' votes. This means Lemonade isn't scrounging for every penny from its customers. Instead, it knows how much it wants to make and what it needs to charge you to make it. Turns out, in some cases, that's just $5.
Lemonade can't do anything about the flu or your client's deadline, but it can make sure you get your payout quickly and hassle-free through the app. Apply online and get insured in as little as 90 seconds to begin benefitting from a different kind of insurance.
