Technology

Lemonade’s chatbot dishes out homeowners insurance in 90 seconds

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What if you could buy homeowners insurance in 90 seconds and file claims in three minutes? Lemonade, an “insurtech” startup that’s raised $60 million to date, says it’s made this possible -- and at cheap rates. It uses artificial intelligence to sign up consumers for renters and homeowners insurance, along with a socially minded business model to bring consumer and insurer incentives into alignment. “We behave a little better. You behave a little better,” said Lemonade CEO Daniel Schreiber. The company, which enjoys backing from actor Ashton Kutcher, recently announced its expansion to California, earning a public endorsement from the state’s insurance regulator. Lemonade also operates in New York and Illinois, and is looking to partner with landlords and real estate brokerages. Consumers can purchase plans by communicating with a chatbot in Lemonade’s mobile app. They enter their name and address and field a handful of questions, such as whether their apartme...