Clearsurance Names Lemonade the Most Innovative Insurer of 2019 Based on Customer Review Data

NORTH ANDOVER, Mass., July 29, 2019 /PRNewswire/ -- Clearsurance, the insurance industry's first unbiased peer review marketplace for consumers, today announced its 2019 Most Innovative Insurance Company, based on customer review data submitted to the Clearsurance website. Lemonade Insurance Company has earned the distinction of 2019 Most Innovative Insurer, after analysis of all aspects of its customer value chain. Other finalists include Progressive, Metromile, Hippo and Root.

Clearsurance's annual Most Innovative Insurance Company rankings are determined by the following factors:

• The total number of customer reviews for a company
• The average rating of a company based on customer reviews
• Each company's Net Promoter Score® (NPS)
• The average percentage of reviews where a customer references terms associated with "ease" or "easy," as well as the percentage of reviews referencing "speed" or words associated with speed. Clearsurance reviewers use words associated with ease at an average of 15%. Lemonade reviews used words describing ease at an average of 44.5%. Additionally, about twice as many Lemonade reviewers, 28%, mention speed, compared to an average of 16% for all other insurance companies.

Each of the finalists deliver technological and cultural innovations that reinvent the customer experience. However, Lemonade's customer data, especially its NPS score, stood out among the companies considered for the "2019 Most Innovative" designation.

Founded in April 2015 by Daniel Schreiber and Shai Wininger, Lemonade entered the market with an intense and well-publicized focus on the customer service experience. This focus, enabled by an easy-to-use, front-end quoting technology interface, has given Lemonade an edge in winning customers over established, multi-billion dollar insurance brands.

According to customers, Lemonade is on a path to creating the insurance industry's first "easy button" for buying and servicing insurance. Unencumbered by legacy systems and technical debt, Lemonade has reimagined and created what customers report to be a pleasant insurance experience, enabling consumers to quickly and easily purchase insurance.

Lemonade's NPS of 79% is the second-highest of the 67 companies with a minimum of 100 reviews on Clearsurance. Only perennial customer choice award winner USAA, at 80%, has a higher NPS. Customers rate Lemonade as the No. 1 ranked renters insurance company in the U.S. out of 300-plus rated renters insurance companies.

Of the more than 200 Lemonade reviews on Clearsurance, 92% of policyholders have said they are likely to renew their policies, 95% would recommend to a friend, and 94% report a positive claim experience. These customer satisfaction metrics are remarkable for an upstart insurance company that has been in business for less than five years.

"Seldom does a new market entrant come into a massive and entrenched industry to achieve customer satisfaction scores on par with a leading and perennial customer favorite like USAA," said Clearsurance CEO Mike Crowe.

"While no one can predict whether Lemonade will become the next Amazon or Uber of insurance, customer review feedback reflects its ability to wow its customers and execute a world class customer service experience in a complex industry, in a stunningly short period of time," Crowe said. "As a result, Lemonade has already elevated the service experience for all insurance consumers."

Disclosures: Lemonade is a Basic (Free) Subscriber, along with 149 other insurance providers, to Clearsurance. Lemonade is also a Clearsurance affiliate, which simply means that users can click a link to obtain a quote directly from Lemonade. Clearsurance gets paid if a user clicks through to obtain a quote. Every free Clearsurance subscriber has the ability to publish links to get quotes or find a local agent.

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About Clearsurance
At Clearsurance, we are developing a true, customer-first insurance marketplace where people can find the best insurance companies and products to meet their needs and unique buying preferences. Everything we do at Clearsurance is governed by our core values: 1) we are transparent; 2) we are authentic; 3) we are optimists; and 4) we are scrappy. Founded in 2016 by insurance entrepreneur Michael Crowe, Clearsurance is simplifying insurance shopping powered by customer-generated reviews, ratings and data.

SOURCE Clearsurance

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