Lemonade, the digital insurance company that leverages AI technology has sold Metromile’s Enterprise Business Solutions (EBS) to digital insurance platform EIS.
Lemonade recently closed its acquisition of car insurer Metromile.
EBS was Metromile’s SaaS claims automation and fraud detection platform which it licensed to large insurance carriers.
Terms of the deal were not disclosed.
Lemonade deploys AI to offer renters, homeowners, pet, car, and life insurance. While Metromile offers real-time, personalised car insurance policies by the mile.
Metromile’s car-mounted precision sensors took over 400 million road trips in recent years, sending real-time streams to the Metromile cloud. These were cross referenced with actual claims data, yielding precise predictions for losses per mile driven. These algorithms, according to Lemonade, hold the promise of propelling Lemonade Car from a newcomer in the car insurance space to its vanguard.
Shortly after the take-over, Lemonade laid off about 20% of the Metromile staff in an unexpected move.
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