The product is ready. The bottleneck is that the customer cannot buy it and the team cannot administer it at scale.

Issuing a policy involves 15 to 30 manual steps. Sixty to seventy per cent of renewals require human review even when the risk has not materially changed. Drop-off rates in non-optimised online purchase journeys range from 40 to 68 per cent. Meanwhile, administration teams spend 70 per cent of their time on repetitive tasks: endorsements, certificates, data changes. Lemonade issues policies in 90 seconds; the industry average is 3-7 days.

CheckFile.ai, Lemonade, MAPFRE