AI insurtech unicorn Lemonade enters ‘under-served’ UK market with Aviva backing
AI-powered unicorn insurtech Lemonade is entering the UK market through a long-term, strategic partnership with insurer Aviva.
Lemonade will offer contents insurance, including worldwide coverage for individual personal items and extra protection for theft and loss-related incidents, accidental damage to mobile devices as well as expert help through legal protection, to the UK market.
The move follows previous launches in France, Germany, and the Netherlands. Lemonade Insurance NV will be regulated by the Financial Conduct Authority (FCA) and subject to limited regulation by the Prudential Regulatory Authority (PRA) in the UK.
Founded in 2015, Lemonade launched its flagship renters insurance in the US in 2016, where it is now ranked one of the top renters insurance products in the market. The company went public in early July 2020.
“Insurance as we know it hails from the UK, as do I. So both professionally and personally bringing Lemonade to the UK is a homecoming of sorts,” said Daniel Schreiber, (pictured) Lemonade co-CEO and co-founder. “We believe the millions of local renters will appreciate what Lemonade has to offer. After all, who doesn’t want instant, transparent, personalised, and mission-driven insurance?”
Schreiber added: “Pairing Lemonade’s strengths with Aviva's promises to deliver an insurance that is digitally native, yet rooted in the birth of modern statistics in the 1700s. It’s the best of both worlds, giving people a refreshing experience backed by a company they’ve known and trusted for years.”
Adam Winslow, CEO of Aviva UK & Ireland General Insurance, said: “We’re excited to be appointed as the long-term partner for Lemonade in the UK. We share a common outlook for how digital, AI and data can transform customer experiences, and the role insurers can play in building stronger communities.
“By joining forces we can ensure compelling propositions reach a broader range of customers, including renters, an under-served yet growing segment of the UK insurance market. In our 325 year history we have adapted and thrived in a changing world and our partnership with Lemonade is a marker of our intent to continue just this.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
