Japanese insurer Tokio Marine has reportedly partnered with online insurance company Lemonade to enhance its own operations.
By working with Lemonade, Tokio hopes to create a range of new products and services which meet the changing expectations of customers, according to a report from Intelligent Insurer.
It will also explore ways to reinvent its business model to better handle the Covid-19 environment.
Finally, Tokio will work with Lemonade to explore additional areas for collaboration, including technology, third-party data usage and efficient claims processing.
Tokio recently formed another partnership with an InsurTech, teaming up with AI-powered auto insurance claims technology developer Tractable. The insurer is using Tractable to accelerate its claims processing. The AI solution leverages computer vision to assess photos of vehicle damage in near real-time, enabling the insurer to quickly understand the extent of the repairs needed.
Lemonade launched its IPO earlier in the year, with its shares soaring by 138% on its first day of trading, giving it a market cap of $3bn.
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