Case Studies Collection - IMD business school for management and leadership courses

Case Study

Lemonade: Is its “AI everywhere” strategy a competitive advantage?

The case examines how a New York-based 10-year-old start-up, Lemonade Inc., successfully disrupted the insurance industry. Powered by artificial intelligence, Lemonade’s mobile app replaced brokers and bureaucracy with bots and machine learning. The combination of simple product, no jargon, zero paperwork and an all-digital engagement allowed Le…

Customer Centricity Artificial Intelligence Disruption Start-up

By Goutam Challagalla and Ivy Buche

Lemonade: Is its “AI everywhere” strategy a competitive advantage?

By Goutam Challagalla and Ivy Buche
Case reference: IMD-2691 ©2025

Summary

The case examines how a New York-based 10-year-old start-up, Lemonade Inc., successfully disrupted the insurance industry. Powered by artificial intelligence, Lemonade’s mobile app replaced brokers and bureaucracy with bots and machine learning. The combination of simple product, no jargon, zero paperwork and an all-digital engagement allowed Lemonade to collapse costs, not at the expense of customer experience but to delight young customers with “instant everything” – from buying insurance in 90 seconds to getting claims paid in 3 seconds. Lemonade’s notable milestones include surpassing $1 billion in in-force premiums in March 2025, a net loss ratio improvement from 97% in 2022 to 75% in 2025, and its first full year of positive adjusted free cash flow in 2024. Despite strong top-line growth, the company was yet to turn a profit, and its stock performance had been rocky. Lemonade posted a $202.2 million net loss in 2024, and its market capitalization stood at $4.2 billion in August 2025, significantly below its $9.8 billion peak in January 2021. Looking ahead, Lemonade aimed to increase in-force premiums tenfold, to $10 billion, by aggressively acquiring customers without significantly raising costs. As the stock regained market attention, bullish analysts highlighted ongoing progress toward profitability and improving loss ratios, whereas bearish analysts questioned the fundamentals behind the highly positive narrative presented by CEO Daniel Schreiber. A key question was whether the company could sustain its data- and AI-enabled competitive advantage or whether incumbents with deep pockets and growing technological investments would catch up. Against a backdrop of geopolitical tensions, uncertain macroeconomic conditions and increased competition, should institutional investors continue to invest in Lemonade or not?

Reference IMD-2691

Copyright owner IMD Copyright

Organization Lemonade

Industry Finance and Insurance, Insurance

Available Languages English

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Related topics

Customer Centricity

Artificial Intelligence

Disruption

Start-up

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Case Study

The seven elements of adaptive advantage

This technical note presents a comprehensive framework for achieving adaptive advantage, which is the ability to consistently evolve at a speed that surpasses environmental and competitive change. In today’s rapidly changing business environment, characterized by technological advancement, AI disruption, geopolitical turbulence and climate shift…

Organizational Change Organizational Design Leadership

By Michael D. Watkins

The seven elements of adaptive advantage

By Michael D. Watkins
Case reference: IMD-2730 ©2025

Summary

This technical note presents a comprehensive framework for achieving adaptive advantage, which is the ability to consistently evolve at a speed that surpasses environmental and competitive change. In today’s rapidly changing business environment, characterized by technological advancement, AI disruption, geopolitical turbulence and climate shifts, organizations must adapt continuously rather than through periodic transformations. The note identifies seven essential elements that form an integrated system for adaptive advantage: capable growth-minded people; psychological safety and trust; small, semi-autonomous, cross-functional teams; clear mission ownership with outcome accountability; distributed decision-making authority; external and internal sensing with transparency; and lightweight coordination mechanisms. These elements are organized into three categories: foundation (people and culture prerequisites), operating model (how work gets done flexibly), and enabling systems (how information and coordination support adaptability). Through systematic analysis of six popular organizational models (Military Mission Command, Lean Startup, Agile/Scrum, DevOps, Team of Teams and Teal Organizations), the note reveals why existing frameworks fall short: Most address only three to five elements while leaving significant gaps, and organizations often implement them superficially without the deeper cultural foundations that make them work. The note explores the leadership and talent transformations required for implementation, emphasizing the shift from commanding to enabling leadership approaches. It also demonstrates why this framework is critical for successful AI integration, as adaptive organizations can evolve into human–AI hybrids that leverage the best of both intelligences. The note concludes with practical guidance for assessing organizational adaptive readiness and implementing the framework through a foundation-first approach.

Reference IMD-2730

Copyright owner IMD Copyright

Available Languages English

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Related topics

Organizational Change

Organizational Design

Leadership

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Case Study

Chugai (C): Navigating the next century of global innovation

Chugai C focuses on the company’s future as it celebrates its 100th anniversary in 2025. In 2021, Chugai launched its ambitious ‘TOP I 2030’ growth strategy, aiming to transition from Japan’s top innovator to a global leader. The strategy sets two primary targets: doubling RD output and launching one in-house global product annually by 2030. The…

Strategy Mergers and Acquisitions Organizational Culture Global Business

By Kazuo Ichijo and Yunfei Feng

Case Study

Chugai (B): Alliance with Roche to be among the best

Chugai B examines the pivotal strategic alliance formed in October 2002 between Chugai Pharmaceutical and Swiss giant Roche. Facing constraints in RD funding and global reach, Chugai’s President Osamu Nagayama sought a partnership to achieve the firm’s ambition of becoming Japan’s number one pharmaceutical enterprise while preserving its autonom…

Strategy Mergers and Acquisitions Organizational Culture Global Business

By Kazuo Ichijo and Yunfei Feng

Case Study

Chugai (A): Overcoming adversity with a transformative leap

Chugai A traces the transformative journey of a leading Japanese biopharmaceutical firm from its founding in 1925 to the early 2000s. Starting with founder Jz Ueno’s vision to ‘create medicines that benefit society,’ the case details the company’s evolution from an over-the-counter OTC drug importer to a research-driven enterprise. Key milestone…

Strategy Mergers and Acquisitions Organizational Culture Global Business

By Kazuo Ichijo and Yunfei Feng

Case Study

Building an IT ecosystem at Intertech

In April 2021, Sava oban, the newly appointed EVP of Intertech, faces a perfect storm of Turkey’s economic crisis and the global scramble for tech talent. This forces him to confront an operational meltdown at Intertech, the IT subsidiary of DenizBank. The massive talent exodus results in a 60 turnover rate, which threatens to derail critical pr…

Strategy Innovation Digital Talent Management

By Murat Tarakci

Building an IT ecosystem at Intertech

By Murat Tarakci
Case reference: IMD-2698 ©2025

Summary

In April 2021, Sava oban, the newly appointed EVP of Intertech, faces a perfect storm of Turkey’s economic crisis and the global scramble for tech talent. This forces him to confront an operational meltdown at Intertech, the IT subsidiary of DenizBank. The massive talent exodus results in a 60 turnover rate, which threatens to derail critical projects as Intertech is now competing with both local firms and global giants hiring remotely during the Covid-19 pandemic. With traditional solutions proving insufficient, Sava proposes a radical strategy: pivoting from being a direct IT provider to an orchestrator of a platform ecosystem. The case challenges participants to map the practical steps necessary to build the ecosystem from the ground up by learning how to create trust with skeptical clients, internal teams and wary partners in the high-stakes fintech sector.

Reference IMD-2698

Copyright owner IMD Copyright

Organization InterTech

Industry Information Technology;Finance and Insurance, Financial Services

Available Languages English

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Related topics

Strategy

Innovation

Digital

Talent Management

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Case Study

Ten principles for making better decisions

This Technical Note presents a comprehensive framework of ten evidence-based principles for improving decision-making effectiveness in leadership contexts. Drawing from cognitive science, behavioral economics and management theory, it addresses the critical challenge that leaders face in making sound decisions under pressure and uncertainty.The …

Decision Making General Management Leadership

By Michael D. Watkins

Case Study

DNB Bank: Embracing startups as a growth strategy

The case examines how DNB Bank, Norway’s largest financial services company, reshaped its growth strategy by focusing on startups and SMEs, a segment traditionally considered unprofitable. In 2013, DNB launched a bold SME strategy, deliberately choosing a gross approach to win new startups early in their life cycle rather than a net approach foc…

Strategy Customer Centricity Business to Business

By Goutam Challagalla, Francis D. Kim and Philip Charles Zerrillo

DNB Bank: Embracing startups as a growth strategy

By Goutam Challagalla Francis D. Kim and Philip Charles Zerrillo
Case reference: IMD-2706 ©2025

Summary

The case examines how DNB Bank, Norway’s largest financial services company, reshaped its growth strategy by focusing on startups and SMEs, a segment traditionally considered unprofitable. In 2013, DNB launched a bold SME strategy, deliberately choosing a gross approach to win new startups early in their life cycle rather than a net approach focused on the profitability of existing accounts. This strategy, enabled by a significant investment in digitalization and a cultural shift toward customer lifecycle engagement, generated exceptional results and by 2025, the SME segment delivered the highest return on allocated capital. The journey, however, was not linear. A European regulatory crackdown in 2019, following the Danske Bank money laundering scandal, forced DNB to shift its focus from growth to compliance. The bank reallocated 1,000 employees to KYC units, dismantling its startup-friendly onboarding process and causing customer acquisition to stall. As competitors advanced, DNB had to orchestrate a strategic Restart effort to rebuild its SME leadership. This involved launching superior digital tools, providing automated lending decisions within a minute, and renewing its customer-centric focus. By 2025, the recovery was well underway, with one in three Norwegian SMEs banking with DNB. The case challenges students to evaluate DNB’s past choices, the critical balance between growth and compliance, and the future of SME banking as AI and digital agents transform customer interactions.

Reference IMD-2706

Copyright owner IMD Copyright

Organization DNB Bank

Industry Finance and Insurance, Banking

Available Languages English

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Related topics

Strategy

Customer Centricity

Business to Business

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Case Study

Thermax: Four paths to succession in a family business

From its origins as a manufacturer of hospital equipment for the Indian market, Thermax has grown into a multinational corporation operating in 90 countries, offering integrated solutions in heating, cooling, power generation, water treatment and recycling, air pollution control, and chemicals with a focus on ensuring clean air, clean energy and…

Family Business

By Peter Vogel and Anouk Lavoie Orlick

Case Study

Confronting Elon Musk? Nia vs. Tesla

The case follows Kristin Hull, founder and CIO of Nia Impact Capital, a mission-driven investment firm in California, as she faces a pivotal decision in July 2025: Should she file a shareholder resolution against Tesla, Inc.? Hull and Nia have engaged Tesla for over five years on issues of human capital management, workplace equity and board ove…

Sustainability Corporate Governance Diversity and Equity and Inclusion Decision Making

By Vanina Farber and María Helena Jaén

Case Study

Kontor: When VR faces reality. An internal innovator’s dilemma

The case looks at the fundamental challenges, tensions and opportunities associated with an internally run venture as opposed to an externally funded startup or spin-off company. It discusses the genesis and context of Kontor, an internal venture funded by Resmed Inc. Resmed is an S&P 500 MedTech company. At the time of the case, May 2024, Konto…

Innovation Strategy

By Jim Pulcrano, Greg Knight, Liming Chen and Michael Pinczuk

Case Study

The Lifeline Exercise: A reflective tool for leadership and career development

This exercise provides a structured reflection tool designed to help individuals explore the significant events, emotional highs and lows, and patterns that have shaped their personal and professional journeys. Commonly used in executive education, leadership development programs and coaching contexts, the Lifeline Exercise enables participants …

Leadership Coaching Purpose

By Michael D. Watkins

Case Study

The power of brand-led differentiation: What Vanzetti Engineering learned from luxury brands (B) (Video case)

This case series explores what companies can learn from luxury brands without becoming luxury brands themselves. The video B case features interviews with three Vanzetti Engineering executives: the marketing director, the CEO and owner and the chief commercial officer. With the shrinking of the automobile industry, the company has had to reposit…

Luxury Marketing Strategy

By Stéphane J. G. Girod and Martin Králik

The power of brand-led differentiation: What Vanzetti Engineering learned from luxury brands (B) (Video case)

By Stéphane J. G. Girod and Martin Králik
Case reference: IMD-2696 ©2025

Summary

This case series explores what companies can learn from luxury brands without becoming luxury brands themselves. The video B case features interviews with three Vanzetti Engineering executives: the marketing director, the CEO and owner and the chief commercial officer. With the shrinking of the automobile industry, the company has had to reposition itself in other industrial sectors where it is significantly smaller than the customers. Vanzetti Engineering embraced some of the codes of luxury branding according to what suited it and ignored others. The company discovered that although it was focused mostly on creating functional value, it had to dwell much more on emotional and societal value creation. The process of brand elevation required a complete cultural transformation, and one of the lessons from the case is that a brand is not a slogan but a way of being and of delivering value.

Reference IMD-2696

Copyright owner IMD Copyright

Organization Vanzetti Engineering

Industry Construction and Engineering;Manufacturing

Available Languages English

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Related topics

Luxury

Marketing

Strategy

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Case Study

The power of brand-led differentiation: What Vanzetti Engineering learned from luxury brands (A)

Survey after survey shows that executives think their business is in danger of being commoditized. This means their company is not able to differentiate sufficiently to command higher market prices and profits. Luxury brands, by contrast, are the opposite of commodity. Their whole approach to branding is based on desirability. This case series e…

Luxury Marketing Strategy

By Stéphane J. G. Girod and Martin Králik

The power of brand-led differentiation: What Vanzetti Engineering learned from luxury brands (A)

By Stéphane J. G. Girod and Martin Králik
Case reference: IMD-2688 ©2025

Summary

Survey after survey shows that executives think their business is in danger of being commoditized. This means their company is not able to differentiate sufficiently to command higher market prices and profits. Luxury brands, by contrast, are the opposite of commodity. Their whole approach to branding is based on desirability. This case series explores what companies can learn from luxury brands without becoming luxury brands themselves. The written A case gives a short background on Vanzetti Engineering, which is facing intensifying competition in an evolving marketplace, and launches the first question for discussion.

Reference IMD-2688

Copyright owner IMD Copyright

Organization Vanzetti Engineering

Industry Construction and Engineering;Manufacturing

Available Languages English

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Related topics

Luxury

Marketing

Strategy

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Case Study

Evoco AG: Unlocking private equity potential

Michel Galeazzi and Felix Ackermann, founding partners of the private equity firm Evoco, sat with the rest of the team pondering the latest strategic issues. Evoco had evolved significantly as a fund manager since its creation in 2012, taking advantage of newly identified opportunities and developing novel competencies. Its first three funds ha…

Entrepreneurship Finance Venture Capital

By Benoit F. Leleux and Ricardo Rodriguez Plazas

Evoco AG: Unlocking private equity potential

By Benoit F. Leleux and Ricardo Rodriguez Plazas
Case reference: IMD-2689 ©2025

Summary

Michel Galeazzi and Felix Ackermann, founding partners of the private equity firm Evoco, sat with the rest of the team pondering the latest strategic issues. Evoco had evolved significantly as a fund manager since its creation in 2012, taking advantage of newly identified opportunities and developing novel competencies. Its first three funds had an excellent track record, which provided a strong platform to continue learning and to evolve the business models of its funds. Evoco’s founding premise was to develop business solutions for governance and liquidity issues that emerged in private equity, creating investment opportunities for its investors in the process. The first two funds, Evoco TSE I and II, focused primarily on developing secondary solutions for liquidity and governance issues in private equity, i.e. acquiring portfolios of positions in late-stage or undermanaged buyout funds, and creating value by accelerating exits and engineering a palette of value-creating, hands-on strategic initiatives. The sellers typically required liquidity for some reason, e.g. new investment paradigms, better allocation opportunities or team reorganization. With Evoco TSE III, the strategy was refined, opening the door to single-asset deals and ever more original value creation interventions facilitated by majority ownership positions. When US President Donald Trump announced a tsunami of new tariffs on ‘Liberation Day’ 2 April 2025, the world of trade and industry was thrown into disarray, and private equity with it. Would it make sense to capitalize on the upheaval by tweaking the firm’s strategy again to fine-tune an even more compelling investment proposition? Which direction should that take?

Reference IMD-2689

Copyright owner IMD Copyright

Organization Evoco

Industry Finance and Insurance, Private Equity

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Entrepreneurship

Finance

Venture Capital

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