Israeli Digital Insurance Company Lemonade Expanding Into Car Insurance
It began in the real estate insurance field.
Lemonade is an Israeli digital insurance company powered by artificial intelligence and behavioral economics. Until now it has concentrated in the real estate / home owner’s field of insurance. But that is about to change as it prepares to move into a new area – car insurance.
Founded in 2015 by COO Shai Wininger and CEO Daniel Schreiber, Lemonade is a licensed insurance carrier offering renters, homeowners, and pet health insurance in the United States, and contents and liability insurance in Germany and the Netherlands. It is powered by artificial intelligence and behavioral economics and driven by social good. A certified B-Corp, Lemonade donates unused premiums to nonprofits selected by its community as part of its annual Giveback program. It only recently expanded into the area of pet insurance. It is also expanding into life insurance.
The company broke the one million customer mark at the end of 2020. Lemonade first went public on the NYSE last July, raising $319 million in the IPO. While the company’s stock currently trades at almost double its IPO price, its shares have lost more than 50% of their value since January 1. As of the end of Monday’s trading Lemonade has a market cap of $5.384 billion
According to Lemonade, the American car insurance market is worth as much as $300 billion annually. The company says that a large number of its customers are car owners who spend an estimated $1 billion on car insurance every year.
Everything you love about Lemonade is hitting the road. ⚡️ Sign up to join the inner circle and get behind-the-scenes updates about Lemonade Car: https://t.co/i983P5G25i
— Lemonade (@Lemonade_Inc) April 20, 2021
Lemonade cofounder and COO Shai Wininger said, “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.”