Lemonade is a new peer-to-peer insurance startup that launched in September 2016 selling home and renters policies in New York and Illinois. Set to reinvent the insurance business model, Lemonade leverages technology and transparency to create a simple, seamless customer experience. The firm takes a 20% flat fee from premiums and gives back any unclaimed money to various non-profit organizations.
To learn more about Lemonade, Corporate Insight’s P&C Insurance Monitor went through the shopping experience as a prospective new client. Below is a walkthrough of Lemonade’s online renters quote tool.
The quick and easy-to-use renters quote tool consists of seven basic questions about the prospect and insured property. The renters quote tool features a simplistic design that walks prospects through the process one question at a time. First, users are introduced to Maya, the personal insurance virtual assistant, which includes a picture for a personal touch. The first step asks for the prospect’s name, and subsequent questions include:
- What is the address you would like to insure?
- Are you a renter or a homeowner?
- Do you have any of the following: roommates, fire alarm or burglar alarm?
- Do you currently have an active renters policy?
- Do you happen to own any jewelry items worth more than $1,000?
- What is your email address and date of birth?
Lemonade Renters Quote Tool
Lemonade provides a single quoted price with the monthly premium amount highlighted in a pink bubble. Coverage information is grouped into three main sections: Coverage Amounts, What’s Covered and What’s Not Covered. Users can edit coverages, the deductible and the start date on the final quote screen and can continue to purchase the policy online by entering credit card payment information.
Renters Quote Results
Lemonade’s no-frills renters quote tool provides a simple quoted price. Users cannot customize their quote with additional coverages, discounts or payment plans. The tool’s structure is more aligned with a live chat tool than a traditional quote tool. The quote tool is ideal for urban-living millennials looking to easily obtain a quote and purchase a policy within a few minutes, with the added bonus of giving back to the community.