Lemonade, the insurance company powered by artificial intelligence and behavioral economics, launched in another European market today. Residents of France can now get renters insurance instantly, anytime, and from any device – as well as file claims and get paid in seconds through the Lemonade app.
Today’s launch marks the third EU country Lemonade has entered, following the Netherlands’ launch earlier this year, and Germany in June 2019.
Unlike the traditional insurance model, Lemonade keeps a flat fee for its operations, and gives unused remaining money to nonprofits, as part of its annual Giveback. The company launched its homeowners and renters insurance in New York in late 2016, and has been one of the fastest growing insurance companies ever since. The company went public on July 2, 2020, and is listed on the New York Stock Exchange under the ticker LMND.
Consumers rate Lemonade #1 for its insurance products across multiple platforms, citing the hassle-free digital experience with lightning-fast claim payments, best-in-class customer service, and an unconflicted business model.
“Home insurance is often legally required in France, which makes it a compelling opportunity for Lemonade’s next European country launch,” said Daniel Schreiber, Lemonade CEO and co-founder. “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 crafted specifically with the French customer in mind, but will also embody what’s loved by Lemonade’s consumers elsewhere: a simple and delightful experience powered by artificial intelligence, instant claims, and the ability to support local and global charities through the company’s annual Giveback. Additionally, and 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.
Policy 2.0, currently available in France, the Netherlands and Germany, is a short, easy-to-understand, and transparent document designed for ordinary people (and not only for lawyers) – a consumer-friendly departure from the dense and dated policies that dominate the market.
Lemonade’s renters policy, which can be stopped and started at any time through the app, will start at just 4 € a month, and include features that provide more extensive coverage than the typical industry standard policy. For example, Lemonade’s policy will offer 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 is licensed and supervised by the Dutch Central Bank (DNB), and has its European headquarters in Amsterdam.