Lemonade, an artificial intelligence-focused insurtech company, has revealed a strategic investment by Allianz.
Although details of the investment have not been disclosed, Lemonade hopes to benefit from Allianz’s reach in its expansion in the US and internationally.
"Allianz is committed to staying at the cutting edge of insurance," said Solmaz Altin, chief digital officer at Allianz SE. "We follow the insurtech space closely and globally, and have seen nothing to match Lemonade in terms of technology, user experience and business model innovation.
“We're thrilled to become a stakeholder in Lemonade, and will do what we can to accelerate their rapid expansion throughout the US and beyond."
Daniel Schreiber, cofounder and CEO at Lemonade, added: "Allianz is rightly regarded as one of the most forward thinking companies in our industry.
“Despite their unparalleled reach and resources, Allianz has no competitive business with Lemonade, and we look forward to deepening our relationship with them in the years to come."
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Allianz, Insurtech, Artificial intelligence, Lemonade