The insurance company powered by AI and
behavioral economics announces plans to enter its third European
country, offering French consumers the ability to instantly protect
their homes and belongings
Lemonade, the insurance company powered by artificial
intelligence and behavioral economics, announced today that France
will be its next European market.
Lemonade plans to make its new multi-risk insurance available in
France by the end of 2020, but French residents can already sign up
for the waitlist now.
This marks the third European country to get Lemonade, following
the Netherlands’ launch earlier this year, and Germany in June
2019. Upon launch, French consumers will be able to get insurance
instantly, anytime, and from any device – as well as file claims
and get paid in seconds through the Lemonade app.
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.
Unlike the traditional insurance model, Lemonade takes a flat
fee for its operations, and through its annual Giveback program,
donates unused premiums to charities its customers choose. 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.
“Home insurance is often legally required in France, which
automatically 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, from the comfort of any phone.”
The Lemonade product in France is being crafted specifically for
the French customer, 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 will have 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 is a short, easy to understand, and transparent
insurance document designed for ordinary people (and not lawyers) -
a consumer-friendly departure from the dense and dated policies
that dominate the market.
Lemonade is licensed and supervised by the Dutch Central Bank
(DNB), and has its European headquarters in Amsterdam.
Residents of France can now sign up to be the first to know when
Lemonade is live in France here: lemonade.com/fr.
Get updates on where Lemonade is launching next here.
About Lemonade
Lemonade offers renters, homeowners, and pet health insurance in
the United States, and contents and liability insurance in Germany
and the Netherlands, through its full-stack insurance carriers.
Powered by artificial intelligence and behavioral economics,
Lemonade set out 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. Lemonade is
currently available for most of the United States, Germany and the
Netherlands, and continues to expand globally.
Follow @lemonade_inc on Twitter for updates.
Forward-Looking statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including statements about the
anticipated launch and success of Lemonade’s new multi-risk
insurance in France. These statements are neither promises nor
guarantees, but involve known and unknown risks, uncertainties and
other important factors that may cause our actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements, including, but not limited to, the
following: our history of losses and the fact that we may not
achieve or maintain profitability in the future; our ability to
retain and expand our customer base; the fact that the “Lemonade”
brand may not become as widely known as incumbents’ brands or the
brand may become tarnished; the denial of claims or our failure to
accurately and timely pay claims; our ability to attain greater
value from each user; the novelty of our business model and its
unpredictable efficacy and susceptibility to unintended
consequences; the possibility that we could be forced to modify or
eliminate our Giveback, which could undermine our business model;
the results of examinations by our primary state insurance
regulator that could result in adverse examinations findings and
necessitate remedial actions or give rise to regulatory orders
requiring remedial, injunctive, or other corrective action; our
limited operating history; our ability to manage our growth
effectively; the impact of intense competition in the segments of
the insurance industry in which we operate on our ability to attain
or increase profitability; the unavailability of reinsurance at
current levels and prices, which could limit our ability to write
new business; our ability to renew reinsurance contracts on
comparable duration and terms to those currently in effect; our
exposure to counterparty risks as a result of reinsurance; the loss
of personal customer information, damage to our reputation and
brand, or harm to our business and operating results as a result of
security incidents or real or perceived errors, failures or bugs in
our systems, website or app; our actual or perceived failure to
protect customer information and other data, respect customers’
privacy, or comply with data privacy and security laws and
regulations; our ability to comply with extensive insurance
industry regulations and the need to incur additional costs or
devote additional resources to comply with changes to existing
regulations; our exposure to additional regulatory requirements
specific to other vertical markets that we enter or have entered,
including auto, pet and life insurance, and the need to devote
additional resources to comply with these regulations; and our
inability to predict the lasting impacts of COVID-19 to our
business in particular, and the global economy generally. These and
other important factors are discussed under the caption “Risk
Factors” in our Quarterly Report on Form 10-Q for the period ended
June 30, 2020 and our other filings with the SEC could cause actual
results to differ materially from those indicated by the
forward-looking statements made in this press release. Any such
forward-looking statements represent management’s beliefs as of the
date of this press release. While we may elect to update such
forward-looking statements at some point in the future, we disclaim
any obligation to do so, even if subsequent events cause our views
to change.
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Lisa Horton lemonade@astrskpr.com
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