Decisions in context

Lemonade Is Using Behavioral Science To Onboard Customers And Keep Them Honest

Insurance startup Lemonade won itself headlines in January with the boast that it had successfully approved a claim in just three seconds. In that time, Lemonade’s software had run 18 anti-fraud algorithms and sent a payment to the lucky customer’s bank account—a process that would have taken a traditional property and casualty insurer days, if not weeks. But it’s what happened before Lemonade’s artificial intelligence kicked into gear that makes the renegade insurer so potentially disruptive to this trillion-dollar industry, for which premiums alone comprise 7% of U.S. GDP. ….[READ]

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