Lemonade Essay

549 Words3 Pages

Since Lemonade first made a splash, its founders have been vocal about their mission to be different from industry traditionalists. Three rounds of funding, including a recent investment from Google Ventures, later and Lemonade doesn’t seem to be losing any momentum. After a fall launch, and two weeks into the New Year, Lemonade has already released a series of announcements which could significantly increase awareness among consumers, expand Lemonade's market share, and grow overall attention from an industry ready for change. At the beginning of January, Lemonade shared a customer experience that quickly made the rounds and set a new precedent for claims filing. According to the company’s blog, Lemonade was able to review and pay a claim …show more content…

Brands hoping to compete in the new world of AI and automation must be able to minimize this gap and pay claims in an efficient amount of time. Mintel found that 83% of consumers emphasized that quality of claims handling is important when choosing to work with an insurance company. Furthermore, the user experience, the ease of filing the claim and handling the process through an app, is significant on its own. Too often innovations that attract the most attention focus on the user experience, up to purchase, with little emphasis on the back-end systems that trip up so many customers. Claims improvements like video claims processing may speed up the process, but mostly focus on the ease of filing the claim and less on the payment portion of the claims process. Lemonade has made the entire claims process part of the discussion, demonstrating that it can be as easy as sending a text. Finally, the story that Lemonade used to showcase AI claims capabilities cleverly addresses that renters and homeowners insurance can cover more than just property while it is at the insured address. Lemonade tells the story of an individual who lost their Canadian Goose coat on a Saturday night, clearly showing just how expansive coverage can actually

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