How artificial intelligence could help make the insurance industry trustworthy

With its complex rules, fine print and lengthy processes, it's little wonder that the $1.2tn insurance industry has a poor reputation for trust and customer service. In a recent global survey from accounting firm EY, consumers ranked insurance below banks, car manufacturers, online shopping sites and supermarkets for trustworthiness. A newcomer to the field, New York City-based Lemonade hopes to reverse that reputation by using technology and behavioral science to create a faster and more transparent service. The company is working with Dan Ariely, a professor of psychology and behavioral economics at Duke University, to take antagonism out of its relationship with customers. Lemonade set out to create algorithms that make it easy and quick to sign up and approve claims – in minutes rather than days.