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.”
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
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