Luko (company)

Luko is a European digital home insurance company based out of Paris, France. It charges a flat fee of 30% of the insured party's premium. It has one of the lowest operation rates on the home insurance market and Luko is able to do this due to its use of artificial intelligence in place of administrative staff.

Product

Luko provides insured parties with artificial intelligence sensors that can monitor water, electric, and door disturbances to aid in preventing a disaster in insured parties' homes. The stated goal of the use of these devices is to identify and prevent disasters.

In the event that an insured party does need to file a home insurance claim, the company has streamlined the process in order to do so. According to the website, the insured person can digitally become insured prior to any incidents in two minutes, get paid in two hours in the event of a plausible home insurance claim, and have a repair person to their home to clean and fix the damages in two days.

Social Impact

At the end of each year, Luko takes any money remaining from the insured parties (minus the flat fee of 30% that Luko takes out of the premium and any claims that have been filed over the year) and donates it to a charity of each insured person's choice, such as Simplon or Terre and Humanisme.