Insurance sector set for digital revolution: Lemonade CEO - Business Insurance

Insurtech companies have already changed the way some insurance products are sold but "you ain't seen nothing yet," said Daniel Schreiber, CEO of Lemonade Insurance Co. Start-up insurers using digital technology and artificial intelligence are gathering vast amounts of data that will revolutionize the way risks are assessed and priced, he said at the InsureTech Connect conference Wednesday in Las Vegas. As a result, in 10 years, the insurance buying process will be very different than it is today, Mr. Schreiber said. "The next insurance leaders will use bots not brokers and AI not actuaries," he said. Insurance industry incumbents have in many cases dominated the sector for centuries, but they will have a much harder time going forward, said Mr. Schreiber. Lemonade, which was established two years ago, offers renters insurance and has a highly digitized underwriting and claims system.