The World’s First Live Insurance Policy – A Revolutionary Introduction for Consumers

Heard of a Live Insurance plan? Lemonade, a reputed insurance company has recently endorsed the policy, one of its kinds. The policy is designed in a fashion to give ample power of agents and brokers to customers!

The company realized one of the major issues faced by consumers with traditional insurance companies the moment it set its feet in the industry. This problem was the limitless amount of red tape and longer waiting times. This is one of the reasons the company committed to ‘instant everything’ right from day one.

So, this is how world’s first live 90 second sign-up insurance policy came into existence. Also claims process is one of its kinds. It has set a world-record by hitting thrilling milestones. And this is just the starting of what a live insurance policy has to offer its customers.

The Old Paper Policy

Until today, the process of making changes to an insurance policy was tough! Whether it is about changing coverage, deductibles, amounts, or even adding a new value, the only way out remained getting in touch with customer support branch of the insurance provider. Once you get through the number, it is time to clarify the issues. Thereafter, the consumer must also pay a specific amount for the service. A new policy will also be sent to them in the mail (also referred to as snail mail). This is precisely where the problem of longer wait times and red tape arises. The insurance industry and consumers are suffering with this issue.

Presently, no insurance company except Lemonade allows their consumers to modify their coverage. In fact, consumers are also not allowed to cancel their policy on their own. The release of Live Insurance facility has emerged as a boon for insurance buyers. It promises the flexibility to clients to make changes to insurance plans.

Live Policy is a Boon!

When buying a renter’s insurance from well-known insurance providers, the only thing they can promise direct is receiving consumer’s money and sending them a policy. For everything else, he customer needs to get in touch with the customer service. The process is painful and eats up a lot of time.

This is also the reason someone has taken pain to focus on the second phase of insurance policy. Lemonade has actually turned the entire thing into a ‘live’ document. It can also be modified easily without any involvement of an agent!

Live Policy gives ample power to customers so that they can make changes to their cover and a lot more. In fact, this can be done as and when needed. The process of changing cover is easier. All you need to do is open the app, reach the policy you have chosen for yourself and make the required changes!

Listed below are certain things you can do with the existing insurance policy:

– Change personal property limits
– Change deductible
– Change liability limits
– Change medical payments to others limits
– Add or remove your property manager
– Change loss of use limits
– Add or remove your landlord
– Add or remove your significant other
– Add or remove spouse from your policy

Why Live Insurance?

The company introducing this insurance plan has chosen the path with a reason. It wanted to emerge in the industry as a real insurance providing organization. It would have been nothing more than a waste of time for this company to impose legal obligation an insurance carrier dating centuries back.

This company went ahead and started from scratch. It started an insurance company from the start with an aim to address issues that make stay miles away from insurance. This is a revolutionary move on the part of the company which can change the way insurance policies are marketed. It is also believed that the move will change the business model of insurance. A dynamic focus on issues faced by customers daily is needed. An insurance company must stay focused and committed to tackling pain points even if it requires interrogating precedent.

At present, the electrifying new update is an integral part of a series of revolutionary new features the company looks forward to release in future to make insurance plans even more pleasant, reasonably priced, and instant.

In a Nutshell

To sum up, when you purchase an insurance policy from this company, there’s absolutely no need to get in touch with the team to make changes to your coverage. The same applies when you need to cancel the plan or add some valuable items to the existing one.

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