Lemonade partners with P2P marketplace Roomi

AI-powered insurtech firm Lemonade Insurance Company has partnered with peer to peer marketplace Roomi, which aims to make it safer and easier to find room rentals, sublets, and roommates.

Roomi is extending its offerings to ensure users' belongings are safely protected and is now allowing Lemonade to offer renters’ insurance. Lemonade, which is known for paying claims quickly takes a flat fee and gives back what's left to charities.

"Lemonade's ability to make renters insurance so simple is exactly what the Roomi user is looking for,” said Ajay Yadav, founder and CEO of Roomi.

"As studies continue to show, millennials are spending more of their income on electronics, hobbies and clothing than older generations, and since Roomi is dedicated to making renting safer, it was a natural decision to offer our users, who are mostly millennials, an easy solution to protect their belongings," Yadav added.

Roomi officially launched in 2015 and today has over 1.1 million registered users. Their website and app is available in major cities across the US and Canada. There are 32 million people living with roommates and the room rental market is conservatively estimated to be a $30 billion opportunity in the US alone, according to the company. Roomi helps users connect with verified listings and roommates with multiple safety features, like secure in-app messaging and optional background checks. Users complete detailed profiles and connect their social media accounts. The applications allow users to book a room and set up secure, online rent payments.

Lemonade is a licensed insurance carrier, offering homeowners and renters insurance powered by artificial intelligence and behavioral economics. By replacing brokers and bureaucracy with bots and machine learning, Lemonade aims for “zero paperwork and instant everything”.

Lemonade recently attracted $120 million in a funding round for global expansion. The insurtech firm currently operates in eleven US states and looks to expand globally.

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