AI insurtech Lemonade enters pet health insurance space

Artificial intelligence-powered Lemonade, one of the best-funded insurtech startups backed by Japanese conglomerate SoftBank, has launched pet insurance in 33 US states.

The new insurance product is designed exclusively for cats and dogs. The coverage includes the costs of routine wellness exams and vaccines, while the extended accident and illness package covers the costs of more advanced treatments and veterinary care.

“Creating the dream pet health insurance from scratch has been a journey in design, customer experience, and empathy,” said Shai Wininger, COO and co-founder of Lemonade. “As pet parents ourselves, we found the existing options to be lacking, so we built a product for cats and dogs from the ground up. This means an insurance policy that’s short and easy to understand, and a user experience created with the pet, and their parent, at its core. We’re excited to make pet health insurance so affordable and accessible.”

Daniel Schreiber, Lemonade CEO and co-founder, added: “The US pet insurance market is valued at a couple of billion dollars, and with the increasing number of pet adoptions coupled with rising veterinary costs, we believe this market can grow rapidly. Lemonade’s unique take on pet health insurance couldn’t be easier, or faster. This includes getting claims paid in seconds, accessing preventative care, receiving live health and wellness recommendations, and supporting animal nonprofits all from the comfort of your phone. Few insurers offer any of these features, and none offers them all.”