Socially conscious insurance fintech Lemonade launches in California – Bankless Times
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Wave of IPOs creates new Israeli tech tycoons
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Gabby Jones/Bloomberg via Getty Images This story is part of a group of stories called Uncovering and explaining how our digital world is changing and changing us.
Lemonade, the fast-growing, machine learning-powered insurance app, put out a real lemon of a Twitter thread on Monday with a proud declaration that its AI analyzes videos of customers when determining if their claims are fraudulent. The company has been trying to explain itself and its business model and fend off serious accusations of bias, discrimination, and general creepiness ever since.
The prospect of being judged by AI for something as important as an insurance claim was alarming to many who saw the thread, and it should be. We’ve seen how AI can discriminate against certain races, genders, economic classes, and disabilities, among other categories, leading to those people being denied housing, jobs, education, or justice. Now we have an insurance company that prides itself on largely replacing
The insurance technology's new "annual dollar retention" rate raises more questions than it answers.