Lemonade (NYSE:LMND), an Insurtech that offers various insurance products, is now live in France. According to the company, residents of France may now digitally access renters insurance as well as file claims and get paid immediately via the company’s app. Lemonade is licensed and supervised by the Dutch Central Bank (DNB) and has its European headquarters in Amsterdam.
The launch in France has been expected and is the 3rd country in Europe where Lemonade provides services. Lemonade previously launched in the Netherlands earlier this year, and in Germany in June 2019.
Launched in the US in 2016, Lemonade went public on July 2, 2020, and is listed on the New York Stock Exchange at an IPO price of $29/share. Lemonade grossed $319 million in the offering. Today, the company’s market cap is around $4.39 billion at a share price of around $96.
The company notes that consumers rate Lemonade #1 for its insurance products across multiple platforms, citing the hassle-free digital experience with fast claim payments, and strong customer service.
Daniel Schreiber, Lemonade CEO and co-founder, said that home insurance is often legally required in France which makes it a compelling country for their next launch:
“While the French insurance market is one of the most developed globally, we believe that Lemonade’s unique mix of value, values, and technology will stand out to the French consumer, offering the ability to get fast, personalized, and mission-driven insurance, with a few taps.”
The Lemonade product in France is said to be crafted specifically with the French customer in mind. Similar to the German and Dutch products, the French product has the added benefit of being based on the company’s Policy 2.0, a new kind of insurance policy made for the 21st century. The policy is a short, easy-to-understand, and transparent document designed for ordinary people described as a consumer-friendly departure from the dense and dated policies that dominate the market.
Lemonade’s renters’ policy will start at just €4 a month, and includes features that provide more extensive coverage than the typical industry standard policy. The company points to Lemonade offering an optional coverage to cover against theft both in and outside of your home, worldwide – so if a customer’s locked bike is stolen from the street, the customer could claim the bike’s full replacement value in minutes from the comfort of the Lemonade app.
Lemonade has a long list of countries that are said to be “coming soon.” The list includes: Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Norway, Poland, Portugal, Republic of Cyprus, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, and United Kingdom.