Lemonade Launches a New Pet Health Insurance Offering Designed for Puppies and Kittens
September 13 2021 - 8:00AM
Business Wire
The insurance company powered by tech
launches a new preventative care package for dogs and cats under
two years old
Lemonade, the insurance company powered by AI and driven by
social good, announced a new addition to Lemonade Pet, its pet
health insurance product with super fast everything. Today,
Lemonade Pet launched a new preventative care package designed
specifically for the youngest furry family members: puppies and
kittens under two years old.
Pet adoption is on the rise, with approximately 70% of US
households that have a pet, according to the American Pet Products
Association’s 2021-2022 survey, up from 67% in their 2019-2020
survey. Furthermore, one in four pet parents surveyed in May 2021
said they’re “worried about being able to afford vet care” (source:
ASPCA).
“In the year since we launched Lemonade Pet, we continued to
expand our product, and today, we’re bringing it to pet parents of
young cats and dogs,” said Shai Wininger, Lemonade CEO and
cofounder. “With the pandemic-driven surge in pet adoption, it
became even more obvious Lemonade should offer these pet parents
peace of mind around the healthcare of their puppies and
kittens.”
The new package offers coverage for important procedures like
spay and neuter, microchipping, flea medication, and up to six
vaccines or boosters. The $2 billion US pet health insurance
industry tends to focus on coverage for accidents and illness,
rather than preventative care for young pets, making Lemonade’s new
package especially appealing for parents of young pets.
“Lemonade’s new offering showcases a commitment to provide pets
with quality health care by making preventative care more
affordable,” said Dr. Stephanie Liff, Lemonade’s vet health expert.
“Offering a preventative care package for puppies and kittens
transforms the way pet parents think about going to the vet.
Instead of rushing over when something bad happens, or as the dog
or cat grows old, people should bring pets in when they’re young,
to keep them healthy as they mature.”
The package is available for new Lemonade Pet customers in 33
states across the US, and for existing Lemonade Pet customers upon
their policy’s renewal. Interested pet parents can enroll here.
About Lemonade
Lemonade offers renters, homeowners, pet, and life insurance.
Powered by artificial intelligence and driven by social good,
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.
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 regarding the
anticipated success of our new pet health insurance offering. 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, discussed
under the caption “Risk Factors” in our Annual Report on Form 10-K
for the period ended December 30, 2020 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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Lisa Horton Lemonade@astrskpr.com
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