Lemonade (insurance)

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Lemonade Insurance Company

logo
legal form Public Benefit Corporation
ISIN US52567D1072
founding April 2015
New York City , United States
Seat 5 Crosby Street, New York City, United States

Weesperstraat 61-105, Amsterdam , The Netherlands

management Daniel Schreiber, CEO
Shai Wininger, President
Number of employees 250+ (2019)
Branch insurer
Website www.lemonade.com

Lemonade is an insurance company operated as a Public Benefit Corporation with headquarters in New York City and its European office in Amsterdam . Since its inception, it has raised approximately $ 480 million through venture capital funding .

history

Lemonade was launched in 2015 by co-founders Daniel Schreiber and Shai Wininger. The company sold its first insurance policies in New York in September of the following year. At that time it had around 15 employees. In December 2015, Lemonade announced that it had received $ 13 million in seed capital. In 2016, Lemonade completed a Series A funding round that raised an additional $ 13 million.

Additional venture capital funding followed in which Lemonade received $ 34 million in 2016, $ 120 million in 2017, and $ 300 million in April 2019. By 2019, Lemonade had grown to 160 employees and sold 500,000 insurance policies.

Lemonade came to Germany in 2019 as the first planned expansion into the European market. Shortly thereafter, Deutsche Telekom sued Lemonade for alleged trademark infringement through the use of the color magenta in the Lemonade logo. Lemonade then initiated a legal battle and a social media campaign with the title #freethepink.

In June 2020, Lemonade started the process for an IPO with the SEC .

Services

Lemonade offers digital home and liability insurance policies (in Germany), as well as policies for tenants and homeowners (in the US). Lemonade's business model is based on the fact that Lemonade withholds a fixed share of 25 percent of the insurance premiums. Unused contributions that remain after claimants have been paid as well as the reinsurance fee will be donated to charitable organizations of the client's choice. Any deficit due to claims payments that exceeds the sum of the premiums received is covered by reinsurers.

Lemonade makes use of chatbots when creating insurance offers, handling new insurance contracts and handling claims.

Individual evidence

  1. ^ A b Alison Moodie: How artificial intelligence could help make the insurance industry trustworthy. In: the Guardian. January 28, 2017, accessed December 17, 2019 .
  2. ↑ a b c d e f g Herbert Fromme: Insurance: "Hey! I'm Maya" - SZ.de. In: Economy. June 11, 2019, accessed December 18, 2019 .
  3. ↑ a b James Covert: Peer-to-peer insurer lemonade launches in New York. In: New York Post. September 21, 2016, accessed February 9, 2020 .
  4. ↑ a b Jonathan Shieber: Sequoia Invests $ 13 Million In A Seed Round For Lemonade, Which Is Looking To Transform Insurance. In: TechCrunch. December 8, 2015, accessed December 16, 2019 .
  5. ↑ a b Milken Institute: Center For Financial Markets: Lemonade. (PDF) In: InsurTech Market Overview. P. 19 , accessed on February 9, 2020 .
  6. ^ Peer-to-Peer Personal Lines Insurer Lemonade Opens for Business in New York. In: Insurance Journal. September 21, 2016, accessed December 16, 2019 .
  7. ↑ Jonathan Shieber: SoftBank leads a $ 120 million round for insurance startup Lemonade. In: TechCrunch. December 19, 2017. Retrieved December 17, 2019 .
  8. ^ A b Frankfurter Allgemeine Zeitung: Together with Axa: Largest American insurance start-up starts in Germany. In: FAZ.NET. June 11, 2019, accessed December 18, 2019 .
  9. ↑ Anna Irrera: Insurance startup Lemonade raises $ 300 million to fuel expansion. In: Reuters. April 11, 2019, accessed December 17, 2019 .
  10. ↑ Ingrid Lunden: Lemonade gets a nastygram from Deutsche Telekom over its use of magenta, says it will fight. In: TechCrunch. November 4, 2019, accessed December 17, 2019 .
  11. ↑ Dakin Campbell: SoftBank-backed insurance startup Lemonade has postponed IPO plans ... In: Business Insider. November 12, 2019, accessed December 17, 2019 .
  12. ^ Form S-1 Lemonade, Inc. General form for registration of securities under the Securities Act of 1933. United States Securities and Exchange Commission , June 8, 2020, accessed June 16, 2020 .
  13. ^ Lemonade aims takes its digital fizz to German insurance. In: Financial Times. June 11, 2019, accessed December 26, 2019 .
  14. ↑ a b Oliver Ralph: Lemonade aims to shake up insurance with charity promise. In: Financial Times. September 21, 2016, accessed December 16, 2019 .
  15. ↑ Jeff Kauflin: First, Fire All The Brokers: How Lemonade, A Millennial-Loved Fintech Unicorn, Is Disrupting The Insurance Business. In: Forbes. May 2, 2019, accessed December 26, 2019 .
  16. ^ Lemonade reinvents the insurance industry with machine learning - Technology and Operations Management. In: digital.hbs.edu. November 13, 2018, accessed December 30, 2019 .
  17. ^ Lemonade aims takes its digital fizz to German insurance. In: Financial Times. June 11, 2019, accessed December 30, 2019 .
  18. ↑ Kevin J. Ryan: An Insurance Company That Homeowners Actually Might Love (Seriously). In: Inc.com. June 13, 2017. Retrieved December 17, 2019 .
  19. ^ Ainsley Harris: Lemonade Is Using Behavioral Science To Onboard Customers And Keep Them Honest. In: Fast Company. March 17, 2017. Retrieved December 17, 2019 .
  20. ↑ Julie Bort: How Lemonade's founders raised a massive seed round just by talking. In: Business Insider Nederland. October 10, 2016, accessed December 16, 2019 (Dutch).
  21. ^ A New York startup shakes up the insurance business. In: The Economist. March 9, 2017, accessed December 26, 2019 .
  22. ↑ Juliette van Winden: Love At Chat, With Lemonade's AI Chatbot Maya. In: Medium. December 2, 2019, accessed January 12, 2020 .

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