Rapidly expanding insurtech Lemonade has launched in Europe.
Lemonade, which supplies homeowners and renters’ insurance, chose Germany as its initial European jurisdiction, with expansion into the UK, Ireland and other countries of Europe planned.
Consumers in Germany can now secure contents and liability insurance instantly, anytime, and on any device, through Lemonade’s platform, which also offers claims notification and quick payment.
Lemonade has entered the German market in partnership with AXA Germany, having struck a multi-year reinsurance agreement to share insurance-related risk.
“We chose Germany for our first international launch because it combines a very traditional insurance industry, with a very forward thinking, digital-first consumer,” said Shai Wininger, co-founder of Lemonade. “Insurance that is instant, transparent, affordable, and mission-driven has universal appeal, which is why we look forward to launching in many more countries in the months and years to come.”
Alexander Vollert, chief executive officer of AXA Germany, added: “Rethinking insurance from a customer’s perspective is key to our mission. Therefore, AXA fosters self-driven innovation and partnerships more than ever. Our cooperation with Lemonade is strategically oriented, with reinsurance representing a first step in this direction.”
Founded by Daniel Schreiber and Shai Wininger, Lemonade uses artificial intelligence to provide an alternative insurance model.
The company launched its homeowners and renters’ insurance in New York in late 2016, and has been one of the fastest growing insurance companies ever since.