Lemonade reveals insurance for four-legged friends

Digital insurance platform Lemonade has revealed its new pet coverage line which will launch in the coming months.

Its pet insurance products are pending regulatory approval and if it meets the standards, it will offer protections to cats and dogs.

The policies will be based on the same principles as Lemonade’s homeowners and renters products. Its service will also include easy claim payments, customer service support and donations of leftover premiums to charitable causes picked by the policyholder.

Lemonade is a US-based insurance platform which provides consumers with access to contents and liability cover. The business is looking to expand across Europe, but is currently only available in Germany.

Lemonade COO and co-founder Shai Wininger said, “Many at Team Lemonade, myself included, are devoted pet parents, so we decided to build the dream pet health insurance product for our best friends.

“Many of us think of our pets as family members, yet so few of us take the important step of getting them health insurance. We challenged ourselves to create a product that will close this gap and make pet health insurance affordable and accessible.”

Consumers can apply for early access to see the product details.

Lemonade was pitched for an initial public offering last year which could have valued it at $12bn; however, it held off on the sale due to a turbulent market. The company, which is backed by Softbank, postponed the IPO having seen the difficulty WeWork saw with its sale which saw its valuation plummet from $50bn to $8bn.

Copyright © 2020 FinTech Global

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