For me it would be Lemonade. I think what's going on is a textbook example of innovator's dilemma. Lemonade at first entered a very underserved market (renter's insurance) to build brand value and recognition. They're now releasing new insurance products every 6-8 months.
Meanwhile the incumbents have the luxury of a huge customer set but high expectations of yearly sales. They are still relying on a lot of legacy systems and core capabilities (broker based systems, software that's still running on COBOL). Many shareholders still expect yearly dividends. And so on.
One interesting quote by the CEO of Lemonade “Ironically you have a better chance of creating a product that’s 10x better than 10% better. And in order to do so you have to throw away everything you know and reason from first principles”. Right now lemonade is ranked #1 in customer satisfaction for insurance, and they can give out and process claims in 1/10th the time as traditional insurance.
Submitted February 27, 2021 at 11:45PM by Okmanl https://ift.tt/3dZrIL7
