Industries, Innovation and Infrastructure
Meet Lemonade: Much More Than An Insurance Company
Reinventing the wheel, the Israeli-based company called Lemonade is on a mission to change the world of insurance. By asking customers to choose a certain charity, Lemonade gives back to society by donating leftover money to organisations doing good.
With charities such as Citymeals on Wheels, New Story, Robin Hood and American Red Cross, customers are empowered to make a difference and use their agency for good thanks to Lemonade’s business model.
The innovative social impact of Lemonade and its insutech values benefit its customers and society as a collective but also brings great financial benefits to the company itself. As consumers increasingly choose brands with a social purpose and insurtech drive, Lemonade is an exemplar of offering the right value proposition to the right market.
A Sustainable Business Model
As Lemonade explains, “We’ve designed Lemonade to bring out the best in people, while giving society a push for the better.”
Considering the incredible power and financial agency the industry of insurance holds, it’s great to see an insurtech company challenge the status quo and choose to focus on societal benefits rather than the pursuit of profit.
With sustainability at its core, and in particular a focus on empowering society through financial support, Lemonade is paving the way for the new future of insurance.
The Sustainable Development Goals in Practice
Lemonade’s business model actively implements the United Nations Sustainable Development Goals (SDGs) within its core. In doing so, the insurance company extends itself and its market attractiveness. Lemonade stands out regarding SDG 9 promotion: “Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation”.Lemonade is doing so by cutting the cost of many offices in downtown high rises as it is using AI technology instead of using brick and mortar and human bierocracy.
What’s more, Lemonade realizes SDG 1 that aims to eliminate poverty, whilst SDG 11 looks to create sustainable cities and communities. By giving back to charities and supporting underprivileged communities, Lemonade’s business model implements both these goals.
Lemonade is also helping to address SDG 10 which focuses on reducing inequalities. In supporting lower socio-economic groups, Lemonade is helping to empower disadvantaged groups. By using the SDGs as a guide, addressing a variety of goals, Lemonade has founded itself on a sustainable framework.
In exploring this insurtech company, it’s clear Lemonade is a role model for what’s possible and why implementing sustainability into a businesses core is not only beneficial for society and the planet but also for business itself.