Is this an opportunity for UK insurers to steal a march on Lemonade?
In the US, policy wording is highly regulated and standard wordings prevai. In the UK not so much.
If I was a UK insurer, I might want to take a look at this work and bring out my own policy wording before Lemonade's planned release date of 2019, at the earliest.
Make UK insurance douments simple too?
For decades, insurance companies have been held to long, tedious legalese in their insurance contracts. In Lemonade’s case, the document is more than 40 pages long and incredibly difficult to understand. For a company that wants to make buying insurance as easy and as consumer-centric as possible, the very product they sell is in complete opposition to that. Which is why Lemonade is re-writing the policy from scratch. “I’m a recovering attorney, and I’ve been clean for 20 years,” said Lemonade CEO and cofounder Daniel Schreiber. “I think my English is pretty good, and I have a passing familiarity with insurance and generally I can’t understand this insurance policy. To do the next big thing in insurance means changing insurance. It’s not been done in generations. This is a historic document that’s been optimized around lawyers.”