Lemonade (NYSE:LMND), the insurance firm that’s powered by AI and behavioral economics, announced on Tuesday (April 20, 2021) that it’s “readying ‘Lemonade Car’ for launch within the year.”
As mentioned in a release shared with CI, early registration is “now open at www.lemonade.com/car.”
The announcement further noted:
“Today’s news marks the company’s third expansion into a major new insurance category in less than 12 months. The company started with homeowners products, adding pet insurance in the second half of 2020, and term life insurance in the first half of 2021. The launch of Lemonade Car will allow both existing and new customers to bundle their home, pet, and life policies with their car insurance.”
The US car insurance sector is valued at approximatley $300 billion—”70 times the size of both the renters and the pet insurance markets,” the release revealed while adding that “a large majority of Lemonade’s existing customers are car owners, and they already spend about $1 billion on car insurance each year.”
Shai Wininger, Lemonade COO and co-founder, stated:
“We’re seeing an overwhelming demand for a Lemonade car insurance product from our customers. And so, since last year, a large part of our team has been working on what we believe will become one of the best car insurance products on the market. Lemonade Car will use technology to handle emergencies and pay claims fast, will offer great prices to safe drivers, and will be especially attractive to drivers of EVs and environment-friendly cars.”
Interested Lemonade Car customers may sign up to receive the latest product updates and “a sneak peek” behind-the-scenes here.
Lemonade offers renters, homeowners, pet, and life insurance. Powered by AI and behavioral economics, Lemonade’s “full stack” insurance carriers in the United States and the European Union aim to “replace brokers and bureaucracy with bots and machine learning, aiming for zero paperwork and instant everything. ”
A Certified B-Corp, Lemonade “gives unused premiums to nonprofits selected by its community during its annual Giveback.” At present, Lemonade’s services are being offered to clients based in the US, Germany, the Netherlands, and France, and the company remains focused on expandings its operations globally.