Insurtech firm Lemonade has moved into the midwest by adding Illinois to the list of the states where it may offer insurance. Adding Illinois comes six months after launching in New York state by receiving regulatory approval to offer insurance.
Lemonade is an insurance company powered by artificial intelligence and behavioral economics. Lemonade seeks to dramatically lower cost to consumers while providing a superior service. Currently, Lemonade offers rental insurance but states it will offer homeowner policies in Illinois soon as well.
Bradley Tusk, CEO of Tusk Holdings, an investor in Lemonade, and former deputy governor of Illinois, stated;
“Lemonade’s forward thinking business model and incredible tech are now available for the Midwest, and that’s a good sign for both the tech industry and consumers. As a former Illinoisian and a current New Yorker, Lemonade’s rapid expansion to Illinois is fantastic, and I look forward to watching Lemonade grow nationwide throughout 2017.”
Daniel Schreiber, Lemonade CEO and co-founder, said they were excited with the expansion into Illinois following the successful launch in New York.
“Lemonade offers a unique combination of value, values and tech, and we’re on track to make these available across the nation,” added Schreiber.
Lemonade says their nationwide expansion is a top priority for the company. Lemonade has filed applications in 47 different states and expects to be available for 97% of the US population during 2017.