Lemonade Opens Early Registration for Lemonade Car
April 20 2021 - 7:00AM
Business Wire
Insurance company to add car insurance to its
growing line of products, including homeowners, pet, term life, and
renters policies
Lemonade, the insurance company powered by artificial
intelligence and behavioral economics, announced it is readying
‘Lemonade Car’ for launch within the year. Early registration is
now open at www.lemonade.com/car.
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 industry is estimated to be about $300
billion—70 times the size of both the renters and the pet insurance
markets. A large majority of Lemonade’s existing customers are car
owners, and they already spend about $1 billion on car insurance
each year.
“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,” said
Shai Wininger, Lemonade COO and co-founder. “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 can sign up to get product
updates and a sneak peek behind-the-scenes here.
About Lemonade
Lemonade offers renters, homeowners, pet, and life insurance.
Powered by artificial intelligence and behavioral economics,
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, and
France, and continues to expand globally.
Stay in touch at @lemonade_inc or press@lemonade.com
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, including
regarding the anticipated launch and success of Lemonade Car, that
do not relate to matters of historical fact should be considered
forward-looking statements. 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 examination 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 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 Annual Report on Form 10-K filed March 8, 2021 and our other
filings with the Securities and Exchange Commission 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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version on businesswire.com: https://www.businesswire.com/news/home/20210420005231/en/
Lisa Horton, lemonade@astrskpr.com
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