Online insurance company Lemonade has launched its services into Germany – the first European country it has released in.
German consumers can use Lemonade to access contents and liability insurance from any device, instantly. Claims filed through the app can also be paid off within seconds, it said.
The launch was made in conjunction with a partnership with AXA Germany which connects the InsurTech with its market expertise and network. This deal is a multi-year reinsurance agreement to share insurance-related risk.
New York-based Lemonade leverages AI and behavioural economics to supply better homeowner and renter’s insurance. Its platform charges a flat fee which covers everything, and if after paying claims there is money left over, it is donated to a charity of the policyholder’s choice.
Consumers can take out renter’s Insurance from as little as $5 each month and homeowners’ insurance from $25 a month.
Lemonade cofounder Shai Wininger said, “We chose Germany for our first international launch because it combines a very traditional insurance industry, with a very forward thinking, digital-first consumer.
“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.”
This launch into Germany has come hot off the heels of its $300m Series D round which was led by SoftBank Group. The capital was raised to support its aim of expanded into the European market – plans are also set for new product lines.
The company is licensed and supervised by the Dutch Central Bank (DNB), and has established its European headquarters in Amsterdam.
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