Lemonade (LMND) is a pioneer of the rapidly growing insurtech industry. The company is leveraging technology to improve efficiencies and reduce bureaucracy in insurance. Lemonade, which is built upon an entirely digital substrate, is looking to upend the traditional insurance industry with the use of bots and machine learning.
Changing the Insurance Paradigm
Technology is having an increasingly large influence on the insurance industry. Lemonade is capitalizing on this trend and attempting to completely upending the traditional insurance business model. Although the traditional insurance industry has long been resistant to rapid technological change, this is likely to change.
The emergence of AI and increasingly powerful computer technologies has the potential to change the paradigm of insurance. Lemonade is one of the first insurance companies to successfully use AI and machine learning as a basis for their business model. This relatively new approach to insurance could dramatically change the landscape of