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Lemonade Delighting Insurance Customers with AI and Behavioural Economics A Disruptive InsurTech Business Model for Outstanding Customer Experience and Cost Effective Service Excellence Case Solution
A unique selling point based on innovation and artificial intelligence is what Lemonade has to offer today. Using insurtech solutions that were superior to conventional insurance businesses in terms of transparency, reliability, and trustworthiness, they were able to develop a better and more favourable brand positioning in customers' minds. Speed and providing clients control are two factors that may have contributed to the company's success. The insurance concept improves the customer experience (Ulaga, Carmon, & Heely, 2020).
Following questions are answered in this case study solution
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How do you explain the phenomenal growth experienced by Lemonade?
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Is Lemonade’s business model sustainable over time? How can Lemonade continue to grow?
Case Analysis for Lemonade Delighting Insurance Customers with AI and Behavioural Economics A Disruptive InsurTech Business Model for Outstanding Customer Experience and Cost Effective Service Excellence
Home and renters’ insurance service Lemonade is cutting-edge. Every mobile phone user has access to a fast, easy, and trustworthy App for this service. As though you were talking to a real person, the enrollment procedure is as simple and straightforward as a phone call. Lemonade, on the other hand, gives off a warm, human vibe that is especially appealing to today's youth. The company also focuses on customer service and reaches out directly to clients through digital media (McKinsey & Company, 2018).
In light of behavioural economics and technological improvements, Lemonade's business model was reworked For the first time in their industry, they aspired to develop a cherished brand for their consumers while also having a positive influence on society. Restoring faith in insurance services was one of the firm's primary goals for its consumers, therefore the company created a new business plan that valued their comfort. AI, digital technologies, and blockchain were used to entice customers to the product. In order to better connect with its customers, Lemonade turned to digital communication rather than brokers, which resulted in more tailored services, reduced prices, and quicker automated answers. A website with millions of visitors, as well as an application that provided insurance solutions quicker and with less effort on the part of the customer, were established by them (Shieber, 2015). The company's chat engine included four chatbots that dealt with consumer complaints and provided customer service: CX, AI, AI Jim, and AI Maya. CX AI Claims provided a clear, speedy, and customised experience for customers. As a consequence of the service automation, they obtained a considerable number of new customers. The outcome was a more targeted consumer base and a strong brand identity in front of them, which allowed them to separate themselves from the competition. Digital touchpoints such as blogs, apps, social media accounts and websites helped them build a strong brand (Ulaga, Carmon, & Heely, 2020).
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