Look at the progress being made by Lemonade as the numbers of customers and claims increase. Loss Ratio is now below a 100, and settlement times improving. NPS high. There are lessons here for incumbent insurers.

Take the simple one of routing the right claim to the right adjuster/claims handler by: -

• Skill set, 
• Complexity, 
• Availability, 
• and more.....

If incumbent insurers are not doing that automatically today they are behind in the digital transformation stakes. Should be a "must deliver" of any digital claims platform. 

Can you act with the speed of Lemonade as they describe with the Californian Fires?

"The Woolsey Fire and Camp Fire were the deadliest in California’s recorded history, as they together scorched through more than 250,000 acres of land, leaving 89 dead and destroying tens of thousands of structures. Our hearts go out to the families who lost their loved ones, the injured, and individuals who lost their homes.

As soon as we detected the fires, our claims team switched on our Catastrophe Response Procedure and formed a war room, focusing most of our energy on that area. The team ended up relocating 71 families to safety."

Shay Wininger Co-Fonder Lemonade

 I know you are constrained by legacy core systems and even more modern platforms can be very structured, costly and slow to change. But that is not an excuse as modern digital platforms let you do the same without having to throw out the core systems.

See how Florida Peninsular Edison Insurance did just that to anticipate hurricanes with agile digital claims.

Lemonade should not be a threat but a catalyst to fast and effective digital transformation. You just need the vision, strategy and best digital claims technology partner.