Industries, Innovation and Infrastructure
SDG 9 -Meet Lemonade: Much More Than An Insurance Company
Who is Lemonade insurance and what makes them so innovative?
Lemonade is an Israeli American insurtech B-corporate company, that offers renter’s, homeowner’s car or pet owners, insurance policies including life policies. The company is known for using cutting-edge artificial intelligence and chatbots technology, to make the process of purchasing and managing insurance policies more convenient and efficient for customers.
Reinventing the wheel, Lemonade is literally changing the world of insurance dramatically. Why? because upon signing-in, every new customer who gets new Lemonade policy of any kind, is asked to choose a certain charity, or select a non profit he/she/them care about, then once a year Lemonade collects all unclaimed money (up to 40%!) and give it to the nonprofit its customers chose.
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 Lemonade Giveback has grown over 3000% since their launch on 2017. As of December 2022 Lemonade’s giveback donations are : $6,164,548
The innovative social impact of Lemonade and its insurtech 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
Lemonade is more than life insurance company . As Team 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.
It’s clear Lemonade is a role model for what’s possible and why implementing cutting edge technology , societal giveback mechanism, values and sustainability into a businesses core, is not only beneficial for society and the planet but also for business itself.
Read more about Lemonda’s Give Back program here: https://www.lemonade.com/giveback
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