Lemonade’s Post

Name: Lemonade on LinkedIn: Lemonade Pet might be young, but in just over four years we’ve been able…
Uploaded: 2024-12-12T15:18:12.343Z
Duration: 3 min 37 s
Channel: Lemonade

Lemonade

136,496 followers

Lemonade Pet might be young, but in just over four years we’ve been able to: ⭐ 20x our book of business—going from $12M to $250M+ in IFP ⭐ Drop 40 points off the loss ratio ⭐ Increase efficiencies by 70%, driving down the cost per claim from $65 to $19 COO Adina Eckstein demo’d the magical customer experience, and all the AI that goes on behind the scenes, when filing a pet claim with Lemonade ⤵️

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20 exiting the business. 40 points knocking off the loss ratio and 70% more efficient. How did we do this? I'm going to demonstrate the answer to you. I'm going to show you a single customer filing a PIT claim PIT claim through our app. Coupled. With a visual abstraction of our technology working in the background. Beforehand I showed you how bent Blender system the back office operating the brain. What I'm going to do now is attempt to show you the brain activity itself. Let's take a look. This is our app. Here's where our customer Emily is going to submit a claim on behalf of her dog Rufus. She's gonna go ahead and do that. At this point. Our AI Dim starts having a conversation with Emily to gather basic data about the claim. And Emily tells us that Rufus has been sick. But luckily he's feeling a bit better now, so we're all very relieved. Emily tells us that Rufus has been coughing. Now we need to assess whether or not we can cover the condition called coughing. We need to make sure that there isn't any pre-existing condition in Rufus's history that would mean prior to the purchase of the policy that would prevent us from covering for this condition under this existing policy. In order to do this, our AI gym takes a look at all the medical records we have at hand. Up to 12 months long of medical records, which can be extremely long, 100 pages long of documents in doing this. Our AI needs to decipher vet summaries, take a look at medical prescriptions, test results. This is an extremely tedious process that Jim can do quite easily. For a human, this could take hours if not days. Other insurance companies charge for this service, but here our AI is able to do so in a matter of seconds. Jim hasn't found any pre-existing conditions in Rufus's medical history, so we're able to move into the next phase of the workflow. Now Jim wants to make sure that all the dates check out, so he asks Emily for some additional information and starts placing it on the calendar. When did Rufus get sick? When did Emily take him to the vet? When did we file a claim that we know? We're also able to place the policy purchase date because we have that in our system. Still no humans in the loop. All the dates check out so we're able to move on to the next phase. We ask Emily to upload a copy of her invoice. So that we're able to see what you'd like to claim for. This is classic doctor's handwriting. Imagine trying to decipher this yourself. But our AI can decipher all of it. First of all, our AI determines that it is indeed an invoice. Then it extracts only the relevant information from the invoice and matches it one by one with coverage that we have in our Blender system Only once every single invoice item finds a match of a coverage within our Blender platform, and only within the limits of payout that are defined only then. And Jim, go ahead and approve this claim. It checks out fantastic. Claim approved At this point, Jim can communicate to Emily that the claim has been approved and that the money is already on the way. This is obviously a great experience for Emily and she's over the moon. As she's managed to receive payout for her claim just within a matter of seconds.

Lemonade

Check out our full Investor Day here: https://www.youtube.com/watch?v=eNMB4a3_H9o

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