Lemonade (NYSE: LMND), the digital insurance company powered by AI and social impact, today announced the welcoming of its two millionth customer.
The pace to achieve the second million customers “was 35% faster than the first million, which was achieved in late 2020, while premium per customer increased approximately 70% over the same period.”
As noted in the update from Lemonade, net operating loss, “as compared to gross earned premium, roughly halved over the same period.” Taken together, these improvements “are a testament to Lemonade’s structural technological advantage and overall scalability.”
A few highlights achieved as Lemonade scaled from 1 to 2 million customers:
- Lemonade Car launched with telematics-enabled auto insurance in the United States and continues rolling out across the country
- Lemonade expanded across the pond, offering contents insurance in the UK in addition to other markets in Europe
- Metromile joined the family as the company’s first acquisition
Lemonade added that it continued its “work with AI, implementing large language models trained to interact with customers, creating a seamless and delightful experience along the way
and so much more.”
Shai Wininger, cofounder and co-CEO of Lemonade, said:
“Reaching two million customers around the world is an exciting milestone, and one we achieved much faster than our first million and with significant expansions, of both product and geography, along the way. We’ve doubled our customers while increasing our premium by 3.5x. This is indicative of the strong progression of the business in recent years, and outlines a clear path to profitability.”
More information about Lemonade’s business and progress “can be found in the Q3 2023 Shareholder Letter and statutory financial statement.”
Lemonade explains that it “offers renters, homeowners, car, pet, and life insurance.”
Powered by artificial intelligence and social impact, Lemonade’s full stack insurance carriers in the US and the EU 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.”
Lemonade is currently available “in the United States, Germany, the Netherlands, France, and the UK, and continues to expand globally.”