Is This Lemonade's Secret Weapon as a Fintech Stock?
Although Lemonade's (NYSE: LMND) stock is down a whopping 82% since its July 2020 initial public offering, this company is undoubtedly still a disruptive, innovative force in the gargantuan insurance industry. By focusing on its core capabilities in data, analytics, and technology, Lemonade is providing a superior user experience.
But besides the use of artificial intelligence (AI), which is fully integrated into Lemonade's business model, there's another interesting development happening with this popular fintech stock. And it might just be Lemonade's secret weapon in taking on the big boys in the insurance industry.
It's really hard to understate Lemonade's huge gains thus far. Existing customers can file claims and receive a payout in as little as three minutes. And new prospects can get a policy quote in as little as 90 seconds. Compare this to the traditional industry setup, which often requires a visit to a broker's office. This direct-to-consumer model has resulted in Lemonade growing its revenue 281% between 2019 and 2022, with its customer base now totaling 1.8 million, a near-tripling over the past three years.
Source Fool.com
