Lemonade, the New York-based insurance company based on artificial intelligence and behavioral economics, has launched in France.
The launch marks the third EU country that Lemonade has entered, following the launch in the Netherlands earlier this year, and Germany in June 2019.
French residents can now purchase tenant insurance instantly, anytime, and from any device, as well as file claims and get paid in seconds via lemonade.
Unlike the traditional insurance model, Lemonade maintains a fixed fee for its operations and donates the unused money to nonprofits, as part of its annual reimbursement program.
The company launched home and tenant insurance in New York at the end of 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 symbol LMND.
“Home insurance is often legally compulsory in France, which makes it an essential opportunity for the next launch of Lemonade in European countries,” said Daniel Schreiber, CEO and co-founder of Lemonade. “While the French insurance market is one of the most developed in the world, we believe that Lemonade’s unique combination of value, values and technology will set itself apart from the French consumer, offering the possibility of obtaining insurance. fast, personalized and mission-oriented, all in just a few clicks. ”
Similar to German and Dutch products, the French product has the added benefit of being based on the company’s 2.0 policy, a new type of insurance policy designed for the 21st century, Lemonade said in a statement.
Policy 2.0 is a short, easy-to-understand, transparent document designed for ordinary people (not just lawyers) – a friendly break from the dense and dated policies that dominate the market.
Lemonade’s tenant policy, which can be stopped and started at any time through the app, will start at just 4 euros ($ 4.84) per month and will include features that provide more coverage than the industry standard policy. , the company said.
For example, Lemonade’s policy will offer optional coverage to cover theft both inside and outside your home, worldwide – so if a customer’s locked bike is stolen on the street. , the customer can claim the full replacement value of the bike within minutes in comfort. of the Lemonade application.
Lemonade is authorized and supervised in Europe by the Dutch Central Bank (DNB) and has its European headquarters in Amsterdam.
Lemonade offers tenants, owners and pets health insurance in the United States, content and liability insurance in Germany and the Netherlands, and tenant insurance in France, through its full-stack insurers. 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 all snapshots. The company said it will continue to expand globally.