From the course: Artificial Intelligence and Business Strategy: Case Studies
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How Lemonade uses AI to reinvent insurance
From the course: Artificial Intelligence and Business Strategy: Case Studies
How Lemonade uses AI to reinvent insurance
- You're a young analyst who just rented an apartment in Manhattan. Your landlord wants you to have renter's insurance. Where do you buy the needed insurance quick and easy? At Lemonade. You open the Lemonade app. AI chatbot Maya will greet you and ask where you live, plus a few questions. Maya will immediately analyze your data. In a few seconds, her analysis appears on your screen. Lemonade's interaction with customers is 100% digital without any brokers or middlemen. The company relies on AI for everything, assessing risks, underwriting policies, offering payment terms, handling and assessing claims, and rooting out fraud. Founded in April 2015, Lemonade is perhaps the most prominent of the insurance startups founded in recent years, with digitization and AI as the core of their infrastructure. The company went public in mid-2020 and has a market value close to $3 billion. By December 2021, it had over one million…
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