This article discusses several books on innovation. While writing Business Model Hacking I realized a book on innovation is never an ”standalone” thing. Many books on the topic innovation refer to each other, reinforce each other and have all influenced each other. I would like to share some books that have inspired me.
Explanation: Artificial intelligence (AI) are devices that respond to data or impulses from their environment and make independent decisions based on this.
Lemonade: 90% of the claims handled by a bot
The first Artificial Intelligence example is Lemonade Inc. Lemonade Inc is an innovative American insurance company that offers liability and contents insurance. Lemonade uses as much AI as possible in the form of chatbots and machine learning in its policy offering, issuance and claims handling. 90% of claims are settled in 3 seconds using a set of anti-fraud algorithms. Due to the high automation of the processes, Lemonade has a lower cost structure than the competition, which uses a lot of human labor.
Ocado: one of the largest online supermarkets in the world
The second Artificial Intelligence example is Ocado. Ocado receives thousands of e-mails from customers every day: one e-mail very urgent and important and the other less important. Ocado uses AI to filter the important emails from the less important ones. The emails are sorted by extracting the sentiment from the emails. This enables Ocado to respond to urgent emails up to four times faster.