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  • Why are we so willing to lie to insurers?
  • Why are we so willing to lie to insurers?
    Samuel Yoo, Creative Commons (2014) ©
CASE STUDY

Lemonade: proving honesty is the best policy

How many cigarettes do you smoke? How long have you owned your smartphone? Honesty may be the best policy, but many people scrimp when it comes to insurance. Lemonade is a fintech platform that aims to inspire trust from both the insurer and customer through behavioural economics.

Location United States

Scope
How many cigarettes do you smoke? How long have you owned your smartphone? And how much are the valuables in your house really worth? The insurance industry is antiquated, and compared with the possibilities offered by today’s technology, its processes are inefficient for providers and frustrating for consumers. “If you tried to create a system to bring out the worst in humans, it would look a lot like the insurance of today,” notes Dan Ariely, chief behavioural officer at insurance start-up Lemonade. [1]

Because while the industry might be on the cusp of a fintech revolution – ...

Canvas8

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