AI insurtech Lemonade enters European market backed by AXA Germany
AI-powered insurtech company Lemonade has entered the European market with the launch of its contents and liability insurance product in Germany – its first major market outside of the US.
Lemonade forays into the German market in partnership with AXA Germany, having entered into a multi-year reinsurance agreement to share insurance-related risk.
Germany is the first country to offer Lemonade's new insurance cover, Policy 2.0, that the company claims is a "short, easy to understand, and transparent document designed for ordinary people".
Earlier in April, the insurtech secured $300 million in Series D funding round led by Japanese conglomerate SoftBank Group, with participation from Allianz, General Catalyst, and Google Ventures, among others.
The company was first launched in September 2016, by Daniel Schreiber and Shai Wininger, as a licensed insurance carrier offering homeowners and renters insurance.
Lemonade is licensed and supervised by the Dutch Central Bank (DNB), and has established its European headquarters in Amsterdam.
“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 Wininger, chief Lemonade Maker and 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, CEO 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.”
