A licensed home insurance carrier that powered by artificial intelligence.
Founders: Daniel Schreiber (CEO), Shai Wininger
Equity Raised: $180 million
Estimated 2018 Revenue: $50 million
Lead Investors: Aleph, AXA, General Catalyst, GV, Sequoia Capital Israel, Softbank Group
Lemonade is a renters & home insurance company powered by artificial intelligence and behavioral economics and driven by social good. The New York-based company uses artificial intelligence and machine learning to improve underwriting and pay claims faster.
Lemonade Insurance Agency has a revenue of $50M and raised a total of $286.2M in funding. Lemonade’s main competitors are Sure, Trov and Slice.
Lemonade is a licensed insurance carrier that offers homeowners and renters insurance powered by artificial intelligence and behavioural economics. By replacing brokers and bureaucracy with bots and machine learning, Lemonade promises zero paperwork and instant everything.
What’s the Difference? Innovation:
As opposed to traditional insurers, Lemonade takes a fixed 20% fee out of your monthly payments, pays reinsurance and other unavoidable expenses, and uses the rest for paying claims. If there’s money leftover, Lemonade returns it in the annual Giveback. Giveback is a unique feature of Lemonade. Lemonade writes policies on your phone in seconds, pays claims in minutes, gives back money to nonprofits, all using AI and other tech that incumbents have not used.
Downside of this insurance model are that Lemonade isn’t available everywhere, yet. Coverage is a limited option only if you live in the covering states then you can experience this concise and helpful product.