Lemonade has launched in its first European country: Germany.
Founded by Daniel Schreiber and Shai Wininger, Lemonade is powered by artificial intelligence. It takes a flat fee for its operations, and gives remaining underwriting profit to nonprofits as part of its annual giveback.
The company launched its homeowners and renters insurance in New York in late 2016.
Lemondae's launch in Germany came with a new insurance policy the company calls “Policy 2.0” and describes as “a short, easy to understand, and transparent document that was designed for ordinary people and not for lawyers.”
“We chose Germany for our first international launch because it combines a very traditional insurance industry, with a very forward thinking, digital-first consumer,” said Shai Wininger. “Insurance that is instant, transparent, affordable, and mission-driven has universal appeal, which is why we look forward to launching in many more countries in the months and years to come.”
Lemonade entered the German market in partnership with AXA Germany pursuant to a multi-year reinsurance agreement to share insurance-related risk.
“Rethinking insurance from a customer's perspective is key to our mission. Therefore, AXA fosters self-driven innovation and partnerships more than ever. Our cooperation with Lemonade is strategically oriented, with reinsurance representing a first step in this direction,” said Alexander Vollert, the chief executive officer of AXA Germany.
Lemonade is licensed and supervised by the Dutch Central Bank, and has established its European headquarters in Amsterdam.
Learn more: www.lemonade.com/de.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].