Lemonade, the New York-based insurer that is powered by artificial intelligence, has launched in a second European country – the Netherlands.
Dutch consumers can now get contents and liability insurance instantly, anytime, and from any device – as well as file claims and get paid in seconds through the Lemonade app, the company said in a statement.
Last year, the Lemonade started operating in Germany, after first launching in New York in 2016 with homeowners and renters insurance.
Unlike the traditional insurance model, Lemonade takes a flat fee for its operations, and gives remaining underwriting profit to nonprofits.
“We chose the Netherlands for our next European launch due to the many requests we received from Dutch consumers asking us to come there next,” said Daniel Schreiber, co-founder and CEO, Lemonade. “Our unique insurance policy is not only the most transparent, affordable, and mission-driven in the market, but it’s also crafted specifically for Dutch consumers, with things such as bicycle theft coverage and more.”
The Lemonade product in the Netherlands is based on the company’s Policy 2.0, a new insurance policy that is currently available only in the Netherlands and Germany. Lemonade described the policy as “a short, easy to understand, and transparent document designed for ordinary people and not for lawyers, a consumer-friendly departure from the dense and dated policies that dominate the market.”
Lemonade is licensed and supervised by the Dutch Central Bank (DNB), and has its European headquarters in Amsterdam. The company said it chose to set up operations in the Netherlands for its collaborative and seasoned regulatory environment, coupled with a centralized hub of multilingual talent.
Lemonade offers homeowners and renters insurance in the United States, and contents and liability insurance in Germany and the Netherlands, through its full-stack insurance carriers. Powered by artificial intelligence and behavioral economics, Lemonade replaces brokers and bureaucracy with bots and machine learning, aiming for zero paperwork and instant everything. Lemonade gives unused funds to nonprofits selected by its community during its annual Giveback.
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