Lemonade Launches in New Jersey, Marks Fourth State in National Expansion

August 2, 2017

Lemonade, the insurance company powered by artificial intelligence and behavioral economics, is now available throughout New Jersey, marking the fourth state in its nationwide expansion strategy.

Residents of New Jersey can now buy homeowners and renters insurance at lemonade.com or through the Lemonade app, joining New York, California and Illinois. The insurance company has received a total of 13 state licenses and plans to continue to launch state-by-state in the coming months, according to a company press release.

“As Lemonade continues its nationwide rollout, we have a special place in our heart for New Jersey,” said Lemonade Cofounder Shai Wininger in the release. “We received endless requests to launch there after our New York launch from consumers who work in New York but live across the Hudson, and many of our own team are native Jersey residents. So [this] launch feels like a natural next step.”

Photo Source: Lemonade Insurance Company

Lemonade is a licensed insurance carrier, offering homeowners and renters insurance powered by artificial intelligence and behavioral economics. It works to digitize the insurance process and aims for zero paperwork. It is also a Certified B-Corp, where underwriting profits go to nonprofits.

The company takes a flat 20% fee, treating premiums as belonging to the insured, not the insurer. It then returns unclaimed money during its annual Giveback. Giveback is a feature of Lemonade in which leftover money each year is donated to a cause customers care about. The 2017 Giveback saw more than 10% of Lemonade’s revenue go to 14 different causes chosen by the Lemonade community.

Source: Lemonade Insurance Company

Related:

Interested in Insurance Tech?
Get automatic alerts for this topic.

Latest Comments

  • August 8, 2017 at 12:37 pm
    Agent says:
    California, New York, Illinois and now New Jersey. What part of dysfunction do you not understand?
  • August 7, 2017 at 1:20 pm
    Doug Fisher says:
    In what ways do you mean?
  • August 7, 2017 at 12:40 pm
    Agent says:
    Anyone notice the states they are in and where they are expanding? These states are the poster children for dysfunction.
See all comments

Add a Comment

Your email address will not be published. Required fields are marked *

*

More News
More News Features