Lemonade prepares Europe launch

US-based Lemonade is coming to Europe – its first major market outside of the US, Daniel Schreiber, CEO and co-founder, announced in a November 29 blog.

“Europe, the birthplace of modern insurance, is one of the largest insurance markets globally, and is home to the two largest insurers worldwide – AXA and Allianz,” Schreiber wrote.

As both are investors in Lemonade, “we’re kinda hoping they’ll see our European launch as a boost to their investment, rather than as the challenge to their business we hope it becomes,” he added.

Earlier in September, Schreiber suggested that the insurer “turned a corner” as its loss ratio was improving.

Lemonade’s loss ratio improved to 130 percent in the first half of 2018 compared to 260 percent in the first half of 2017.

Lemonade, an artificial intelligence-focused insurtech company was first launched in September 2016 and offers renters and home insurance policies.

“For a whole bunch of reasons, we’re ecstatic to come to Europe, look forward to engaging consumers across its countries and languages, and can’t wait to work with European non-profits for the next Lemonade Giveback.

Lemonade takes a flat fee and uses it to pay claims and give what is left to charities chosen by its clients.

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