Jun 11, 2021
Insurance is important. We all know that we need it. But how many people like their insurer? How many find the signup and claims processes to be anything other than tedious?
The EY Global Insurance Consumer Survey found that consumers rank insurers below supermarkets and banks when it comes to trustworthiness. A YouGov survey found that 68% of UK consumers believe insurers will do “whatever it takes” to avoid paying out.
There is clearly room for improvement! But there is no strong incentive for big insurance companies to make the costly upgrades that consumers are craving. When a customer is dependent on their service provider, the latter can grow complacent.
And when incumbents grow complacent, disruptors sense opportunity.
Enter Lemonade Inc., with its refreshing take on an essential service: a service it bills as “Insurance built for the 21st century.”
Since its inception in 2015, New York-based Lemonade has attracted over one million customers, it’s been listed on the New York Stock Exchange, and expanded into international markets including Germany and France. Through a combination of Artificial Intelligence (AI), transparency, and low prices, Lemonade has shaken up a stuffy industry and raised customer expectations.
Lemonade’s story provides a lesson in modern business and marketing for all brands. The company’s principles are manifest in everything from their content strategy to their business model, and they have brought a charitable element to an industry not typically known for its benevolence.
Let’s get a taste of the Lemonade story.
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