There are some possible channel conflicts in insurance industry. Especially speaking about Lemonade, there could be many conflicts that may occur. Since the company is completely online, it could cause many of its consumers with some doubt while working with them. Since they’re working only online it could worry some possible customers since they do not have the reassurance of being able to go in person to speak with an employee. The company would have to truly show its customers that they have created multiple forms of communication to make sure the customers are being heard in the way that they like. Being fully online could also be very beneficial in today’s day and age because so much is being transitioned to online, it will show the company is moving toward the future.
I do believe that there will be more insurance companies like Lemonade in the very near future. So much of our daily lives have been switched over to technology and this would be another be leap for the insurance networks to also follow through with. Many people already work online, complete taxes, pay bills, and shop, why not add insurance shopping to that list as well. Being able to have insurance companies online it will help the consumer to easily shop through their options and be able to select the most appropriate option for them on their own time.
Do you agree or disagree and why? Give some explanation and specific cases / alternative strategies for the above.
Lemonade is an insurance company based in New York, the United States which facilitates term-life insurance to the people, insurance for renters, homeowners, c as car insurance, and other services which are relevant not only in the US but in European countries like France, Germany, and the Netherlands as well.
However, there is a tension observed in the channels linked with the company as there are reports of people not trusting Lemonade completely due to most of their operations and services being based online, as most of the times customer preferences are more inclined towards the physical offices in case any issue or concern arises.
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