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Jan 2019

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US start-up Lemonade looking to make European push

Source: Asia Insurance Review | Jan 2019

Lemonade, a US home and renters’ insurance start-up, is making Europe its first global expansion target.
 
The New York-based firm uses AI and chatbots to tailor insurance products for homeowners and tenants on its platform. In an announcement, the company said the move abroad will come ‘soon’, but did not specify what date that would take place or which country it was stretching its reach into first.
 
Lemonade was launched in September 2016 by Schreiber and Mr Shai Wininger. It banks on its digital offering as a way of speeding up the process of applying for coverage, removing the paperwork and human agents often involved in the process.
 
The company made headlines last year after resolving a claim of a stolen coat in three seconds – greatly assisted by its in-built claims AI, Jim.
 
In those three seconds, Jim reviewed the policyholder’s claim, cross-referenced it against his policy, ran 18 anti-fraud algorithms on it, approved it, sent wiring instructions to the bank for the transfer, and informed the policyholder of the good news. A 
 
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