Lemonade, the insurance company powered by artificial intelligence and behavioral economics, has launched in both Pennsylvania and Washington D.C. It announced the expansion on social media.
These mark the sixth and seventh states in which the company currently offers renters, condo and homeowners insurance, joining New York, California, New Jersey, Nevada and Georgia in its national expansion strategy.
Lemonade also offers renters and condo insurance in Texas and Rhode Island, as well as renters insurance in Illinois and Ohio. The company is continuing to roll out Lemonade in states as it is licensed, with a goal to be nationwide by the end of this year, a company spokesperson told Insurance Journal.
Lemonade is a licensed insurance carrier working to digitize the insurance process by aiming for zero paperwork.
It is also a Certified B-Corp, in which its underwriting profits go to nonprofits. The company takes a flat 20% fee, treating premiums as belonging to the insured rather than 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, according to a company press release.
- Startup Lemonade Enters California Homeowners, Renters Insurance Markets
- Peer-to-Peer Personal Lines Insurer Lemonade Opens for Business in New York
- Startup P2P Insurer Lemonade Reveals How First 48 Hours of Business Went
- Liberty Mutual’s Peters Joins Startup Lemonade as Chief Underwriting Officer
- Startup Lemonade Bets Behavioral Science Can Help Insurance Not Suck
- Insurance Execs’ Midlife Crisis Cure: Four AIG, ACE Veterans Join Startup P2P Insurer Lemonade
- Lemonade Launches in New Jersey, Marks Fourth State in National Expansion
Was this article valuable?
Here are more articles you may enjoy.