It’s no secret that the millennial generation has disrupted global trends, shifted the world of branding, and even made a dent in the political space, but no one has thought to pair the subject of millennials with insurance. After all, insurance has historically been marketed as a luxury, and industry leaders have traditionally steered clear of the millennial generation in their branding efforts.
That’s why rising insurance carrier Lemonade—one of the Interbrand Breakthrough Brands this year—wants you to forget everything you know about insurance. Powered by artificial intelligence and behavioral economics, the groundbreaking company is redefining the traditional business model and singlehandedly transforming the insurance industry by doing so.
Using breakthrough technology, client transparency and a non-conflicting social good, Lemonade was created in order to reverse the traditional insurance model with a new agenda and new corporate structures.
“Most Americans view insurance as a necessary evil,” says Shai Wininger, co-founder of Lemonade, “rather than a social good.”
Not only does the company’s machine technology allow for a zero paperwork and instantaneous process, but its business model is also designed for social impact, as the company gives all unclaimed money to the local communities and global causes of the policy owner’s choice.
“Lemonade goes much deeper than technology,” explained co-founder and CEO Daniel Schreiber at the 2017 Wired Money conference. “A lot of the root causes of the frustrations with insurance are the basic underpinnings of the business model of insurance. That’s why we’ve taken a different approach.”
Lemonade was built based on the belief that there is a better method for insurance—one that is more simple, immediate and trustworthy.
“We’re using technology to gather people with a shared cause,” Schreiber says in a company video, “realigning incentives to bring out the best in us all.”
By cutting out the fine print, using cutting-edge technologies and rebuilding insurance from the ground up, Lemonade is drawing in millennials and making sure that by buying insurance, everyone wins.
The post Lemonade Wants You To Forget Everything You Know About Insurance appeared first on brandchannel:.
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