Lemonade is an insurance company that's adapted itself to better suit the habits and behaviors of a Millennial population with an increasing need for insurance coverage. While older generations were simply accustomed to how old insurance giants did business, Lemonade uses machine learning algorithms and familiar payment plans to appeal to Millennials.
The fact that Millennials need insurance is itself a relatively new idea. To purchase insurance, one needs to own something valuable enough to need insuring. As Millennials move up in the workplace, earn more money and make larger purchases, their need for insurance rises in kind.
Lemonade has responded by offering intuitive insurance packages that work in a way young people are familiar with. The low-cost monthly subscriptions are just like a subscription for a Netflix or Spotify account -- things that many Millennials are comfortable paying for.
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