Lemonade gears up for entry into car insurance market

Written by on April 21, 2021

“Lemonade Automobile will use know-how to deal with emergencies and pay claims quick, will supply nice costs to secure drivers, and might be particularly enticing to drivers of EVs and environment-friendly vehicles,” mentioned Shai Wininger, Lemonade COO and co-founder, in a press launch. (Picture: Lemonade)

The startup insurance coverage firm Lemonade is churning up the recipe for its newest market enlargement — automobile insurance coverage.

On April 20, the corporate introduced its plans to launch Lemonade Automobile inside the yr. clients can register on-line now for updates as the corporate rolls out the protection at a later date.

“We’re seeing an amazing demand for a Lemonade automobile insurance coverage product from our clients. And so, since final yr, a big a part of our crew has been engaged on what we imagine will turn into among the best automobile insurance coverage merchandise available on the market,” mentioned Lemonade COO and co-founder Shai Wininger in an announcement.

Lemonade Automobile will leverage know-how to pay claims rapidly and reply to emergencies whereas providing secure drivers aggressive costs, Wininger famous, including that house owners of electric and environment-friendly cars will discover this system particularly enticing.

In line with Lemonade’s press launch, its present policyholders spend about $1 billion on automobile insurance coverage yearly, and Lemonade Automobile will permit present and new clients to bundle their residence, pet, and life insurance policies with their automobile insurance coverage.

This newest information comes lower than 12months after Lemonade added pet insurance to its portfolio in July 2020. The corporate additionally launched a time period life insurance coverage product earlier this yr. The corporate first made a reputation for itself within the householders insurance coverage market and has positioned itself as a disruptor difficult customers to “Neglect all the pieces you understand about insurance coverage.”

The InsurTech’s mannequin of utilizing synthetic intelligence and behavioral economics to underwrite insurance policies and pay claims has confirmed to be a profitable one. When Lemonade went public final summer season, it recorded the best IPO debut so far in 2020 with shares greater than doubling on their first day of buying and selling, MarketWatch reported.

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