Digital insurer Lemonade reports that more than 400 businesses applied to sell its insurance within the first 24 hours after it offered to make its sales platform widely available.
On October 12, Lemonade announced it launched a public API (application programming interface), allowing anyone to offer its renters and home insurance policies through their apps or websites.
Within the first day, Lemonade said more than 400 businesses applied for early access. Writing on the company blog, CEO and Co-Founder Daniel Schreiber provided a breakdown of those applying:
- 43% real estate and property management firms
- 28% financial services
- 21% e-commerce
- 8% home security and IoT
The company told Insurance Journal that it is rolling out the API program slowly, using an automated system to distinguish among applicants. It is using various criteria to determine which businesses to work with including the target markets of the businesses applying, whether they are in the seven states where Lemonade currently sells insurance and whether offering renters and home insurance is compatible with their focus.
“Our natural first step is to look towards real estate partners and financial services, but the beauty of the API is that it will grow as Lemonade expands its product line as well, expanding its relevancy for other businesses,” the company said in an email reply to an inquiry.
Lemonade currently offer renters, condo and home insurance in New York, California, New Jersey and Nevada; renters and condo insurance in Texas and Rhode Island; and renters insurance in Illinois. It plans to enter additional states in the coming year.