Abstract

The insurance sector has undergone a transformative shift with the emergence of Insurtech, integrating technological innovations into the industry. This review aims to provide a comprehensive overview of the impact of Insurtech on the insurance sector, focusing on the case study of Lemonade. By placing the study in the context of the broader insurance landscape, the review explores the significance and relevance of this transformation. The paper analyzes Lemonade's unique business model and its departure from traditional insurance practices. Furthermore, it examines the implications of Lemonade's approach on the industry and the challenges it faces. Through this analysis, the review sheds light on how Insurtech and the transformation of the insurance sector are redefining insurance services and consumer experiences. The future implications of these trends for insurance companies, consumers, and the industry as a whole are also explored. In summary, this review provides valuable insights into the transformative power of Insurtech, emphasizing the importance of technological advancements and innovative approaches in shaping the future of the insurance sector.

Keywords: Insurtech, Insurance, Digital Transformation