Lemonade's AI-native insurance at ITCVegas, a decade of innovation | Lemonade posted on the topic

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Ten years ago we bet on AI-native insurance before it was obvious. Today it’s defining the future of the industry. Walking the floor at #ITCVegas, that evolution was impossible to miss. At Lemonade we’ve never stopped asking how can this be better. That mindset of testing, adapting, and moving fast is what keeps us building for what’s next. Thank you InsureTech Connect for having our Chief Business Officer, Maya Prosor, share the stage with Contessa Brewer, Richard L. McCathron, and Kyle Nakatsuji to reflect on how far Insurtech has come and how much is still ahead. And thank you to Miguel Edwards, NACD.DC for catching this moment on film.

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You are about to go out and address thousands of insurance professionals here at day three. No pressure, no pressure, no pressure at all. What's gonna be your key message? I think it's a it's really exciting being here 10 years after the ITC was founded, but also the insure tech kind of industry and phenomena was founded and Lemonade is so proud to be founded at the exact same year, 2015. We're also celebrating 10 years of innovation and walking around these halls and seeing the amount of innovation that is happening across the board. And the adoption of AI, which is something that we've talked about 10 years ago and people really didn't fully understand, I think what we were talking about 10 years ago is really moving and exciting for us. And I think we're just getting started. I think what we've seen in the past year is that companies who have understood this and have built the right infrastructure that is going to enable you to fully monetize the innovation and disruption that is happening right now, you know are going to see dramatic efficiency. Lemonade in the past few years have doubled our top line, yeah, and have remained completely flat on our OpEx. So Ave. yeah. And haven't hired a single employee to support that growth. And that is only feasible by using AI and using these tools. And so happy to see kind of the excitement and the full adoption of, you know what we've been talking about for so many years. Yeah, I've seen some of those metrics. I think I, I was actually seeing, I saw it in your 10K where you actually track your, your, I guess premium per employee and just seeing that. An incredible and, and as a as a former CIO of a legacy carrier, I gotta admit a little envious at the fact that you guys are not constrained by the same technical deck right here to start from scratch, right like always. So how so how have you capitalized all of that that opportunity? And just give us some examples of where that technology has really enabled you to kind of just just leapfrog ahead. I think what's really special about Lemonade is that it's everywhere. Yeah, there isn't a corner in our company that is not being looked at in terms of how can we do this better and how can we. Otherwise, I make it more efficient. It's the culture and I talk a lot about that as well, which is it's if everybody in your organization is excited and thrilled about what's happening, or are they afraid and concerned about what's coming, is it going to replace their jobs? I think that makes a whole difference in terms of your ability to move. And we've made changes from claims, which you can see here a lot, underwriting, which you can see here a lot, but also in terms of how we do employee reviews and how we manage HR and you know, really every single corner. Organization is going to become autonomous. Amazing. One last question, can you crystal ball the next three years for us? Like what do you, what do you see kind of developing in the future? I was sitting with someone from the opening Eye a week ago and they can't even plan the next quarter. So the only thing I would say is make plans, but also be very ready to change your plans because I think the pace at which we're seeing innovation happening right now, it's going to force all of us to be agile and really make sure that we're able to capitalize on the innovation that's coming. But also. Be OK with plans changing because things are moving at a really rapid pace right now. Amen. Agility is key.

Miguel Edwards, NACD.DC 5mo

Appreciate the tag and Maya Prosor for the conversation. Watching a company that committed early to an AI-native model now help shape where the industry’s heading is a reminder of what long-game innovation really looks like.

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Yotam Cohen 5mo

👑

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Roy Confino 5mo

🫶🏻

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James L. 5mo

Cool

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Ron Gura 5mo

Queen.

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Jim Hageman 4mo

Go, Maya, go!

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